Middle East
ADNOC statement on potential Borouge-Borealis merger
Abu Dhabi National Oil Company P.J.S.C. is excited to confirm that, following initial exploratory discussions, it has entered into formal negotiations with OMV AG, about the potential creation of a new combined petrochemicals holding entity, through the proposed merger of their respective existing shareholdings in Borouge plc and Borealis AG.
Turkey increases fuel tax as it bolsters stretched budget
Turkey raised tax on petrol to help to fund a $42.2-B increase to its 2023 budget after February's earthquakes and the May presidential election sent spending soaring.
Iraq-Iran gas-for-oil barter would likely violate U.S. sanctions
A barter of Iranian natural gas for Iraqi oil as described by the Iraqi prime minister this week would likely violate U.S. sanctions on Tehran unless the U.S. issued a waiver permitting it, three former U.S. officials said.
Oil supply disruptions boost prices
A series of oil supply disruptions across the globe has helped push Brent crude prices above $81 a barrel for the first time since April.
Saudi Arabia imports record Russian fuel oil in June as trade grows
Saudi Arabia imported record volumes of discounted Russian fuel oil in June, a near 10-fold annual increase to meet summer power generation demand and maintain crude exports despite OPEC+ production cuts, according to traders, analysts and Kpler data.
IEA trims 2023 oil demand forecast on economic headwinds
Oil demand is set to hit a record high this year but economic headwinds and interest rate hikes mean the increase will be slightly less than anticipated, the International Energy Agency said.
H.E. Minister Saad Sherida Al-Kaabi stated that QatarEnergy will supply 40% of new LNG by 2029 at the LNG 2023 "Leadership Dialogue"
His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said “40% of all the new LNG that will come to the market by 2029, when all our projects are up and running, is going to be from QatarEnergy.”
Iraq to trade crude oil for Iranian gas to resolve power debt
Iraq will begin trading crude oil for Iranian gas to end the recurring issue of payment delays to Tehran due to the need for U.S. approval, Iraqi Prime Minister Mohammed Shia Sudani said.
Saudis to supply full oil volumes to Asia in August, China requests less again
Saudi Aramco has informed some clients in North Asia they will receive full nominated volumes of crude oil in August, several sources with knowledge of the matter said, while top buyer China once again requested for less supply.
Indonesia seizes Iranian-flagged tanker suspected of illegal oil transfer
Indonesia's coast guard said it seized an Iranian-flagged supertanker suspected of involvement in the illegal transshipment of crude oil and vowed to toughen maritime patrols.
- Indian Oil buys first Colombian oil under Ecopetrol contract 12/31
- Ukrainian drone attack sparks fire, damages equipment at Tuapse refinery 12/31
- Chile's $2.5-B Volta green ammonia project wins environmental permit 12/31
- China begins issuing second batch of 2026 crude import quotas to refiners 12/31
- EIA: U.S. crude, fuel inventories rose in the week ended December 19 12/30
- Ghana's Tema oil refinery restarts after 9-yr shutdown 12/30
