Oil prices and global developments affecting the energy sector.
Oil prices witnessed a jump of over 1% during Wednesday, May 21 trading sessions, following media reports revealing Israel's readiness to carry out a potential strike against Iranian nuclear facilities.
Russian news agency "Interfax" reported today, Monday, citing Deputy Prime Minister Alexander Novak, that the Russian government supports extending the partial ban on gasoline exports, which is currently in effect until the end of August, to the months of September and October.
Oil markets witnessed a decline in prices during trading on Monday, May 19, as investors focused on the developments of the nuclear negotiations between the United States and Iran, in addition to awaiting key economic data from China.
Turkish President Recep Tayyip Erdogan said today, Saturday, that Turkey has discovered new natural gas reserves of 75 billion cubic meters during exploration in the Black Sea.
Oil prices witnessed a noticeable decline during today's trading on Thursday, May 15th, as Brent crude futures dropped by 2.5% to $64.44 per barrel, while U.S. crude fell by 2.6% to $61.51 per barrel.
The Egyptian Ministry of Petroleum and Mineral Resources has revealed the discovery of 3 new oil and natural gas findings in concession areas owned by "Khalda," "Petrobel," and "Gabco" companies, in the Western Desert and the Gulf of Suez.
Global oil markets witnessed a strong surge on Monday, May 12th, as prices jumped by over 2.5% following the announcement of a US-China agreement to reduce mutual tariffs.
Turkish Minister of Energy and Natural Resources, Alpaslan Bayraktar, announced a plan to export 6 million cubic meters of natural gas daily to Syria, equivalent to 2 billion cubic meters annually.
The American website "Oil Price" revealed in a recent report that Russia is providing clear support for Iraqi efforts to reactivate the oil pipeline connecting Kirkuk in Iraq to the port of Banias in Syria.
Oil prices witnessed a significant increase during trading on Wednesday, May 7, supported by various factors that helped offset some of the losses accumulated recently.
A document seen by Reuters today, Monday, showed that Saudi Arabia raised the official selling price of its Arab light crude to buyers in Asia in June, despite OPEC+ agreeing earlier in the week to a new acceleration in the pace of production increase.
Oil prices witnessed a sharp decline during Monday's trading, influenced by the decision of the "OPEC+" alliance to accelerate the pace of oil supply increase, in addition to escalating geopolitical concerns in the region.