After Iraq's Oil Ministry approved Inpex, the big oil corporation of Japan, to sell its share of Iraq's biggest oil discovery, 'Block 10', Russia is set to take control of it for 20 years.
Although the use of renewable energy in making electricity has been steadily increasing in recent years, oil remains the most crucial energy source globally, especially for transportation and heating.
According to local sources that spoke with SANA, the US has resumed theft of Syrian oil hours after an attack. Tanker trucks were seen being taken out of Syria as part of a 148-vehicle convoy that crossed the border.
Regardless of falling global oil prices due to banking turmoil in the US, there is hardly any chance of a fall in petrol and diesel prices in India. It would take longer for the oil marketing companies to recover their losses accumulated due to high crude prices earlier.
According to Reuters, Russia has overtaken Saudi Arabia to become China’s top oil supplier after Chinese imports of crude from Russia jumped by 23.8% year over year to 1.94 million barrels per day (bpd) in January and February 2023.
The History of Oil One of the most important relationships was influenced the most by these 10 influential figures.
The world's largest supplier of crude oil, Saudi Arabia, is open to negotiating non-dollar oil trade settlements, according to Mohammed Al-Jadaan, the Saudi finance minister, in an interview with Bloomberg TV on Tuesday in Davos.
Xi Jinping calls for oil trade in Yuan. The Chinese leader declared that his visit marked the beginning of a new era in relations.
According to Bloomberg, China and India are buying Russian crude at a 40% discount, and Moscow may be losing $4 billion in energy earnings every month as a result of its war in Ukraine.
The Eurasia Economic Union (EAEU) is speeding up its design of a common payment system, which has been closely discussed for nearly a year with the Chinese under the stewardship of Sergey Glazyev, the EAEU’s minister in charge of Integration and Macro-economy.