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United Arab Emirates- based Dragon Oil has made its first oil discovery in the Gulf of Suez, the Egyptian petroleum ministry said in a statement on Tuesday. In a statement from its headquarters in Dubai, Dragon Oil also estimated the field "s reserves at 100 million barrels. The post UAE’ s Dragon makes first oil discovery in Gulf of Suez- Egypt ministry appeared first… The post UAE’s Dragon makes first oil discovery in Gulf of Suez -Egypt ministry appeared first on African News Agency .

Feb 16 (Reuters) – Shares in the Gulf region rose on Wednesday, buoyed by global positive sentiment, as fears of a Russian invasion of Ukraine this week dissipated after Moscow indicated it was returning some troops to base in an apparent de-escalation. Oil prices lost marginally to $93.90 a barrel at 0722 GMT, as investors … The post Gulf bourses rise as Russia-Ukraine tensions ease appeared first on Egypt Independent .

Oil dropped the most since Black Friday in November when omicron spooked the market after Russia said some troops are starting to return to their permanent bases. Futures in New York fell close to $5 a barrel, the most since November 30, after touching $95 on Monday. Crude has swung wildly this week amid a […]

The NNPC says it has started running 24-hour operations at its depots and fuel stations to bridge the gap in the supply chain. In a bid to restore the normal supply of petrol across the country, the Nigerian National Petroleum Corporation Ltd (NNPC) said it over 1 billion litres of safe Premium Motor Spirit (PMS) in its stock for distribution nationwide. The NNPC announced this in a statement posted on its Twitter page on Tuesday, February 15, 2022. The corporation also promised that 2.3 billion litres of PMS would arrive in the country between now and the end of the month. twitter.com The statement reads, “NNPC Ltd wishes to reassure Nigerians that it has put adequate measures in place to accelerate the nationwide distribution of PMS earlier disrupted by the quarantine of methanol-blended petrol. “As of today, NNPC has over One (1) billion Litres of certified PMS stock that is safe for use in vehicles and machinery.” The corporation added that it had started running 24-hour operations at its depots and fuel stations to bridge the gap in the supply chain.

The report said daily infection rate in major cities have dropped sharply of late and states have been gradually removing restrictions

Oil prices recouped losses on Wednesday after slipping more than 3% in the previous session, as investors gauged the impact of easing Russia-Ukraine tension against a taut balance of tight global supplies and recovering fuel demand.

Crudes from Russia’s Far East are fetching higher premiums in the Asian physical spot market even as traders keep close tabs on the Ukraine crisis, underlining robust demand for oil across the key importing region.

NEW DELHI, Feb 16 (Reuters) - Fujairah Oil Industry Zone on Wednesday published the following weekly inventory data for oil products for the week ended Feb. 14, according to industry information service S&P Global Platts. Volumes are in thousands of…

Saudi Aramco''s trading arm expects to handle around 4 million b/d of crude and products in 2022, depending on market dynamics, the CEO told S&P Global Platts on Feb. 15. "Currently we are at 4 million b/d," Ibrahim al-Buainain, CEO of Aramco Trading Co., said on the sidelines of Egypt Petroleum Show in Cairo. "This year will depend on how…

Cash premiums for April-loading barrels of regional sweet crudes are likely to maintain an upbeat momentum on the month amid robust middle distillate cracks, despite a longer loading program seen for Malaysian crude, traders told S&P Global Platts Feb. 16. Traders'' sentiment were largely positive, pivoting towards another bullish trading cycle for April loading barrels as pockets of tender results…

Early Wednesday morning in Europe, Bloomberg quotes oil futures data to hint at the tightening in the market. “A vital corner of the crude market is f

Geopolitical tension in Eastern Europe has led to a jump in crude oil price, which is over $90 per barrel now. Some fear that it may touch the $100. What does it mean for the economy in India?

What does soaring crude oil price mean for the economy? What is Azad Moopen''s expansion plans for Aster? How will the Russia-Ukraine crisis, US Fed affect rupee? What is P2P network? All answers here

Crude oil futures were lower in mid-morning trade in Asia Feb. 16, extending a selloff from the overnight session amid an easing of tensions on the Russia-Ukraine border. At 9:54 am Singapore time (0154 GMT), the ICE April Brent futures contract was down 42 cents/b (0.45%) from the previous close at $92.86/b, while the NYMEX March light sweet crude contract…

Crude oil priced in Japanese Yen has been consistently appreciating of late despite elevated geopolitical risks. What does this say about the safe-haven status of the JPY?