Petroleum industry

The coronavirus epidemic has pushed the price of Brent crude on March 2 to its lowest in 31 months and on the same week that investors await the critical OPEC meeting that will be held in Vienna, Austria on March 5.

International benchmark Brent crude fell as low as $48.40 per barrel on March 2 to mark its lowest level since July 24, 2017, according to official data.

Crude oil prices were up on Feb. 5 as the global oil market and investors hope that the Organization of Petroleum Exporting Countries (OPEC) would make deeper cuts in crude production to support low prices.

The international benchmark Brent crude was trading at $54.20 per barrel at 0723 GMT for a 0.7 percent increase after closing on Feb. 4 at $53.81 a barrel.

In addition to receiving a bribe of € 10 million to hand over management rights to the Hungarians, the former Prime Minister is also accused of agreeing with Zsolt Herndi, CEO of the Hungarian MOL, to extract a non-profitable part of the Ina gas business, according to the portal index.hr.

The Competent Authority for Regulation of Offshore Oil Operations in the Black Sea (ACROPO) has sent Lukoil Overseas its greenlight so the latter may start oil drilling operations in the Trident perimeter of the Romanian Black Sea territorial waters, according to a Facebook post of the institution. "In accordance with the provisions of Law no.

Oil prices skyrocketed due to attacks on Saudi refineries. The increase is the largest in the last 30 years.

Oil prices have risen by more than 10% in Asian trade since the oil rig attack in Saudi Arabia. Amid fears of a surge in black gold prices, US President Donald Trump has allowed the release of oil from the United States Strategic Oil Reserve.

In Asian e-commerce, US light crude oil for delivery in October rose by nearly ten percent to $ 60.23 a barrel.

Israel-focused gas driller Energean said on Thursday it will buy Italian energy group Edison's oil and natural gas unit for an initial consideration of $750 million.
The acquisition would significantly expand Energean's operations in the growing eastern Mediterranean gas hub, with a significant presence in Egypt's offshore basin.

Russian Energy Minister Alexander Novak said on June 10 he could not rule out a scenario in which oil prices could fall to $30 per barrel if the global oil deal was not extended.
Novak said there were big risks of oversupply on the market and that Moscow needed to monitor the oil market more in order to be able to take a balanced decision in July.

STAR Refinery has processed 1.5 million tons of crude oil to date and total production will reach 8 million tons by the end of this year, Zaur Gahramanov, head of Socar Türkiye, has said.

Oil prices dipped on Apri 26 on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a hardening of sanctions on Tehran by the United States.