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EIA Predicts Oil Prices Will Drop in 2022 and 2023

The US Energy Information Administration (EIA) warned in its January Short-Term Energy Outlook (STEO) that global inventory building owing to supply growth surpassing demand growth will push oil prices lower...
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Global Oil & Gas Investments to Increase by Over 4.3% to reach $628B in 2022 – Rystad Energy

The report pointed out that an “outstanding concern” in 2022 is execution challenges related to the pandemic and increased inflationary costs for steel and other input factors. “These are likely...
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Saudi Arabia’s Aramco Buys Stake in a Polish Refinery

Saudi Arabia has purchased a share in a Polish refinery to boost its downstream presence and crude consumers in Eastern Europe. Aramco has agreed to buy a 30% investment in...
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Egypt Awards Eight Natural Gas Licenses in First-Ever Auction

To develop natural gas exploration and production in Egypt, the Ministry of Petroleum and Mineral Resources has issued eight natural gas licences to Eni, BP, Apex International, Energy Egypt, United...
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Bad Weather Forces Libya to Shut Down Four Oil Ports as Exports Slump

Just as Libya's oil production began to recover, bad weather forced the closure of four (4) oil export terminals in the country's east, indicating that crude exports will be significantly...
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Mexican Government Reduces Pemex Debt By $3.2 Billion

According to Bloomberg, a refinancing operation has decreased the debt of Mexico's state-owned oil company Pemex by up to $3.2 billion. The process involved replacing debt that was about to...
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OPEC+ to Increase Oil Output by 400,000 bpd from February – Reports

According to reports, the Organization of Petroleum Exporting Countries (OPEC) and its allies have agreed to proceed with plans to increase oil output by 400,000 barrels per day (bpd) as...
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World’s First 2000-metre Depth Ultra-Deepwater FLNG Arrives Rovuma Basin, Offshore Mozambique

The Coral-Sul Floating Liquefied Natural Gas (FLNG) vessel has arrived at Area 4 in the Rovuma Basin, offshore Mozambique, led by the Mozambique Rovuma Venture (MRV). The project is the...
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Algeria’s Sonatrach to Return to Libya After Eight years

Toufik Hakkar, the Chief Executive Officer of the Algerian National Oil Company (NOC), Sonatrach, stated on Monday, January 3rd, 2022, that the company is preparing to resume its suspended oil...
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Special Meeting of the OPEC Conference appoints next Secretary General

A Special Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held via videoconference on Monday, 3 January 2022, under the Chairmanship of its President,...
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