Oil
- Middle East
Saudi Arabia to increase oil production: Mohammed bin Salman
Riyadh [Saudi Arabia]: Saudi Arabian Crown Prince Mohammed bin Salman Al Saud said on Saturday that the kingdom will increase oil production to 13 million barrels per day at most, the Saudi…
- World
SL crisis: Lankan IOC to maintain separate stockpile for ambulances
Colombo: Lanka IOC, the unit of India’s biggest oil firm, has asked all its 216 petrol pumps in Sri Lanka to maintain a separate fuel stockpile for supply to ambulances in the crisis-hit…
- World
China to subsidise refiners if global oil prices surpass 130 USD
Beijing: China, the world’s largest importer of oil, announced on Wednesday that it will subsidise its oil refiners and suspend the raising of domestic fuel prices if global oil prices surpass 130…
- World
G7 nations reach deal on Russian oil price cap
Moscow: The Group of Seven (G7) leading Western economies reached an agreement on Tuesday to set a price cap on Russian oil exports, Politico reported, citing unnamed officials. The details of the…
- World
Noticeable increase in exports of Russian oil to China, India: Putin
Moscow: Russian oil exports to China and India have noticeably increased and its presence in the BRICS countries is also growing, President Vladimir Putin said on Wednesday amid the Ukraine conflict that…
- World
Russia becomes biggest supplier of oil to China
London: Russia has become China’s biggest supplier of oil as the country sold discounted crude to Beijing amid sanctions over the Ukraine war, media reports said. Imports of Russian oil rose by…
- India
Russia overtakes Saudi Arabia to become India’s 2nd biggest oil supplier
New Delhi: Russia has overtaken Saudi Arabia to become India’s second-biggest supplier of oil behind Iraq as refiners snap up Russian crude available at a deep discount following the war in Ukraine,…
- Middle East
Hezbollah vows to protect Lebanon’s oil, gas in dispute with Israel
Beirut: Lebanon-based militant group Hezbollah vowed that it has the capabilities to prevent Israel from extracting oil and gas from a disputed offshore field in the Mediterranean. In a televised speech, Hezbollah…
- Middle East
Saudi Arabia’s GDP trumps estimate, grows by 9.9 in first quarter
Riyadh: Saudi Arabia’s Gross Domestic Product (GDP) grew by 9.9 percent in the first quarter of 2022, surpassing May’s estimate of 9.6 percent. Crude petroleum and natural gas activities were the contributor…
- Middle East
Jordan launches oil exploration project in southeastern region
Amman: Jordan will start an oil exploration project in the Sarhan well, southeastern of the country. Jordan’s Energy and Mineral Resources Minister, Saleh Kharabsheh said on Tuesday that the drilling operations of…
- Middle East
Saudi Arabia records $15 bn surplus in first quarter of 2022
Saudi Arabia has recorded a surplus of $15.3 billion in the first quarter, despite increased income from the oil sector, as the officials kept spendings restrained. The total government income for this…
- World
US announces new sanctions, G7 to phase out Russian oil imports
Washington: The US on Sunday announced new sanctions on Russia, targeting management consultancies and accounting services and media outlets funded directly or indirectly by the state. Also, among the new curbs, were…
- World
European Union proposes Russian oil ban
Brussels: The European Union (EU) has proposed its toughest measures yet against Russia, including a total ban on oil imports and sanctions on war crimes suspects, BBC reported. European Commission President Ursula…
- World
EU leader calls for Russian oil ban in a new set of sanctions
Brussels: The European Union’s leader on Wednesday called on the 27-nation bloc to ban oil imports from Russia in the sixth package of sanctions targeting Moscow for its war in Ukraine. European…
- Middle East
Iraq exports 101 mn barrels of crude oil in April
Baghdad: Iraq exported about 101 million barrels of crude oil in April, bringing in revenues of $10.55 billion, the Oil Ministry said. The average selling price for crude oil in April was…
