ADNOC said that the new finds totalled 650 million barrels of oil
Investors have shunned equities and many commodities after Federal Reserve officials reaffirmed much tighter monetary policy lies ahead to cool an overheating economy and tame inflation
Oil has rallied by more than 50 per cent this year in extremely volatile trading
The boost was mainly driven by oil revenue, which rose 58 per cent compared to last year
Oil is up around 40 per cent this year following a strong economic rebound from the pandemic
West Texas Intermediate futures fell below $103 a barrel in early Asian trading
Saudi Arabia sends more than 60 per cent of its crude exports to Asia
OPEC and its allies rubber-stamped the standard 432,000 barrel-a-day increase for June
The IMF said it expects the bonanza “to improve fiscal and external balances” in a region that includes 13 exporters in total
The country will put $2 into the Future Generations Reserve Fund for each barrel of crude sold at over $80
US crude output will grow at a slower pace than previously expected
More than 60 per cent of Saudi Arabia’s oil shipments go to Asia, with China, Japan, South Korea and India
It is the third consecutive month that fuel prices have increased
West Texas Intermediate futures slid 5 per cent to trade near $102 a barrel, trimming a monthly advance
Brent futures briefly surged to a 13-year peak near $139 a barrel earlier this month
The International Monetary Fund estimates Bahrain needs oil prices of around $107 a barrel to balance its budget
The jump in oil is fanning inflation in economies around the world
OPEC+ is reviving supplies after its deep cuts at the start of the pandemic in 2020
Over 65 percent of the award value could flow back into the UAE economy under ADNOC’s In-Country Value programme
The kingdom’s real GDP grew by 6.7 per cent in the fourth quarter of 2021
The US Federal Reserve raised interest rates by a quarter percentage point
Bahrain produces about 200,000 barrels a day
Saudi Aramco has discovered the five fields that can produce over 100 million cubic feet per day of natural gas in total
Gas is a cleaner fuel than crude oil
Supply chain disruptions, government stimulus and adverse weather have all contributed to market tightness last year
Bullion’s appeal as a store of value is being burnished by risk aversion in markets and a surge in inflation worldwide
Crude surged to the highest since 2014 last week
Oil has rallied over the past seven weeks to the highest level since 2014
Oil futures have soared to the highest level in seven years in the opening weeks of 2022
Oil has rallied on improving demand and supply outages, putting $100 a barrel within reach