Saudi Arabia has decided that it is going to cut oil production by 500,000 barrels per day from May. According to the foreign news agency, this cut of oil production will continue until the end of this year. According to the report, the Saudi decision will make oil more expensive in the global market, while…
U.S. West Texas Intermediate crude futures were down $1.61 at $66.74 a barrel. Photo: File Lahore: Crude oil prices in the global market fell to $48 per barrel, which is the lowest level of oil prices in 15 months. According to the World News Agency, crude oil prices in the world market fell to a…
File photo Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has said that he will not sell oil to any country that imposes a price cap on our supplies. During an interview, the Saudi minister said that they are committed to maintaining the OPEC Plus agreement to cut production until the end of the year….
Aramco, Saudi Arabia’s largest state-owned oil company, made a record $161 billion profit during the Russia-Ukraine war. According to Aramco, the publicly listed company has achieved historic profits in 2022. Energy prices have surged since Russia launched a war against Ukraine in February 2022 as sanctions curtailed Moscow’s sales of oil and natural gas to…
The FSO Safer has been moored off the west coast of Yemen for over three decades but has not been properly maintained since war erupted across the country in 2015 between Government forces, backed by a Saudi-led coalition, and Houthi rebels. The decrepit ship has been described as a “time bomb” because it could leak,…
A Norwegian offshore oil rig setup, file photo Energy prices surged after the Ukraine war, with Norway earning record revenues from oil and gas. According to Statistics Norway, oil and gas sales generated $140 billion in revenue. This is Norway’s biggest revenue ever, bringing in three times as much revenue as in 2021. It should…
35 people were also injured in a fire at an oil depot in Indonesia; Photo: AFP Jakarta: A fire broke out suddenly in an oil depot in a residential area in Indonesia, killing 18 people and injuring many others. According to the world news agency, this terrible incident happened in the oil depot of a…
MANILA: An oil tanker sinking in the Philippines has spilled oil into the sea, prompting a fishing ban in 7 cities. According to the Associated Press, oil has spilled into the sea as a result of the sinking of an oil tanker in the Philippines. There were 800,000 liters of oil in the tanker. are…
Flames are rising after a fire in a refinery. Fires broke out at three separate refineries of Mexico’s state-owned oil company Pemex. On Thursday, there were separate fire incidents in the three refineries in which 5 employees were missing and 8 were injured. The company said in a statement that the fire occurred at an…
Washington: Oil prices remained stable in the global market, data showed the possibility of further increase in interest rates, which could reduce economic growth. Brent crude futures for April delivery on the international market were up 2 cents at $83.07 a barrel by 0242 GMT after falling 1.2 percent on Tuesday, according to foreign media…
