Crude oil stocks in Saudi Arabia rebound from record low, despite increase in exports

Saudi Arabia’s crude oil stockpiles rebounded in September after hitting their lowest on record in August, as the country boosted production while using much less for power generation and slightly reducing refinery runs, data from the Joint Organizations Data Initiative showed. Saudi Arabia exported 6.516 million barrels per day (b/d) of crude in September, its […]

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Oil prices likely to continue its bull run for years to come: Analysts

Rebounding global oil consumption amid tight supply—contrary to some forecasts last year that indicate demand may have peaked or was close to its peak—as well as years of underinvestment in new supply following the 2015 crash, have prompted Wall Street banks to raise significantly their projections for oil prices in the short and medium term.   […]

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Reliance Industries to aggressively pursue green hydrogen strategy

Stating that Reliance Industries (RIL) “will aggressively pursue” the target of bringing down the cost of green hydrogen to under $2 per kg “well before the turn of this decade”, chairman Mukesh Ambani said on Friday “India can set an even more aggressive target of achieving under $1 per kg within a decade”. Currently, the production cost of green […]

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OPEC+ to continue with agreed schedule for oil-production increases

OPEC and its allies, OPEC+, agreed to stick to their existing plan for gradual monthly oil-production increases after a brief video conference. Ministers ratified the 400,000 barrel-a-day supply hike scheduled for October after less than an hour of talks, one of the quickest meetings in recent times and a stark contrast to the drawn-out negotiations seen […]

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