London: Energean, a British-Greek company, has discovered a large new gas reserve in the Hermes field located in Israeli maritime territory. The company claims that the newly explored Hermes field has the potential of at least 7 to 15 billion cubic meters of gas, which has eased exploration risks in the adjacent fields of Poseidon […]
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Washington: In the wake of rising fuel prices and rising inflation triggered by the Russia-Ukraine conflict, US President Joe Biden has decided to open the ‘Strategic Petroleum Reserves’. It has been revealed that these reserves, created to meet the United States’ fuel needs during an emergency, are rapidly depleting. The US Department of Energy reported […]
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Moscow: A significant fuel crisis is developing in the European countries given the Russia-Ukraine war. Fuel rates have skyrocketed and warnings are being issued that a country like Germany may face fuel shortages in the next few months. In this scenario, Russia has found a huge fuel reserve in the Arctic region. The Russian company […]
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Jerusalem: Lebanon government has been preparing to resolve the dispute regarding the oil deposits in the Mediterranean Sea through negotiations and mediation by the international community. However, Hezbollah’s actions have escalated the issue causing further tensions. Hezbollah sent three drones to the Karish gas field in the Mediterranean Sea. Israel security agencies which were already […]
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Dubai / London – Crude oil prices have increased due to a drone strike near the United Arab Emirates (UAE) fuel depot. Crude oil prices have jumped above $87 per barrel in the international market, the highest level in seven years. Earlier, in October 2014, crude oil prices were recorded at more than $87 per […]
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Washington: – A senior official at the international financial institution JP Morgan has warned that the OPEC or the affiliated countries cannot fulfil the demand while the crude oil rates are increasing. Therefore, the rates for crude oil could flare up to the $150 per barrel levels in the next two years. Fears of the […]
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Washington/Dubai: – US President Joe Biden has decided to open the Strategic Petroleum Reserves to bring down the fuel prices in the country. Along with the United States, China, Japan, Great Britain, South Korea and India will also open up some of their reserves. Fuel prices in the international market have been steadily rising for […]
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Colombo – Sri Lanka, which has borrowed heavily from China, faces a massive financial crisis. Sri Lanka’s foreign exchange reserves have fallen sharply, with only three months’ worth of foreign reserves remaining. This has led Sri Lanka to impose restrictions on imports of various commodities. According to some reports, Sri Lanka also has no money […]
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New Delhi: – The huge oil stocks in possession of ONGC and IOL will be auctioned to increase fuel manufacturing in India. The third state of auctions for the Discovered Small Field (DSF) started on Sunday. Union Petroleum and Natural Gas Minister Dharmendra Pradhan made this announcement at this time. The ONGC and IOL cannot indefinitely sit […]
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Damascus: A mysterious blast occurred onboard an oil tanker off the Syrian port of Banias on Sunday. Hours before the tanker exploded, a major fire erupted at the largest fuel refinery in Syria’s Homs province. The fires at both places were doused successfully, a Syrian news channel reported. A major fuel crisis has been triggered […]
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