Today, crude oil prices rose after the Energy Information Administration (EIA) reported estimated inventory draws across fuels.
According to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman, an additional 15 trillion cubic feet (tcf) of gas has been confirmed at Saudi Aramco’s Jafurah gas field.
Crude oil prices went lower today, after the U.S. Energy Information Administration reported an estimated inventory increase of 4.2 million barrels for the week to February 23.
The price of a WTI barrel soared to heights not seen since November as the market braces for an OPEC+ decision on oil production levels in April and beyond.
The long-awaited Duqm Refinery Project (DRP), valued at US$8.5 billion and capable of processing 230,000 barrels per day (bpd), was officially inaugurated on 7 February, this project, along with ancillary projects costing approximately US$10 billion, enhances Oman's appeal to China and nearby Iran.
A North American company is preparing to drill two wells that could be crucial for a new phase of European energy.