Oil
- 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…
- World
Iran to sell oil, gas in local currency rather US dollars
Iran is likely to begin selling oil and gas in rials instead of US dollars, following the Russian example, which will most likely be bound to gold. The Iranian move would be…
- Middle East
Iraq’s oil export revenue hits monthly high since 1972: Ministry
Baghdad: Iraq exported more than 100.56 million barrels of crude oil in March, bringing in revenues of $11.07 billion, the highest monthly revenue since 1972, the Iraqi oil ministry has said. The average…
- Business
Jet fuel prices hiked, air fares to rise
New Delhi: High crude oil prices led India’s OMCs to hike aviation turbine fuel (ATF) price on Friday. Accordingly, in the national capital, the price of jet fuel was raised to Rs…
- India
India can play mediator’s role between Moscow and Kyiv: Russian FM Lavrov
New Delhi: Russian Foreign Minister Sergey Lavrov on Friday said that India can mediate between Moscow and Kyiv as the peace talks between the two counties failed to come up with solutions…
- World
US to release million barrels of oil per day from strategic reserve for 6 months to tame gas prices
Washington: The US will release 1 million barrels of oil per day from its strategic petroleum reserve for the next six months, President Joe Biden has announced, as he tried to keep…
- India
Recounting India’s upstream oil, gas journey
New Delhi: The immediate impact for India from Russia’s war on Ukraine will be inflation as the country imports nearly 80 per cent of its crude oil needs and the first indication…
