Middle East Oil Refinery (MIDOR) raised its refining capacity by 109% in the 1st quarter of 2017 compared to the same period in 2016.
The increase adds pressure on the world’s biggest producers who just signaled they may extend production cuts amid a slump in oil.
Iraq plans to increase crude oil production to 5mb/d.
The new prices have increased from $3.16 to $3.26 for a gallon of gasoline, while the retail pump price for a gallon of diesel fuel has increased from US$3.13 to $3.26.
Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, met with Shell Country Chairman, Gasser Hanter, to discuss the company's plans for Egypt.
Saudi Arabia, the biggest member of the cartel, showed a surprising output jump, increasing production in February by 263,000b/d to 10mb/d.
Iranian Oil Minister, Bijan Zanganeh, indicated that Iran was closing in on its target of restoring output to the level of 4mb/d.
South Africa’s Department of Energy announced that a liter of petrol 93 ULP and LRP will rise by $0.04 a liter, while a liter of 95 ULP and LRP will increase by $0.03.
South Sudan is planning to increase its oil production from 130,000 to 350,000b/d despite the ongoing armed conflict.
Ecobank Research has revealed Ghana’s oil output will reach 190,000b/d by the end of 2016.
Indian state-run oil refiners have indicated interest to increase total crude oil consumption volume with additional 2m tons of crude oil import from Nigeria in 2017.
Congo Republic expects oil output to rise to some 300,000b/d in 2018, up from current volumes of around 250,000b/d.
Petrogas CEO, Adel Al Sheikh, stated that the company will increase the supply of butane gas by 100,000 tanks/d to reach 1.5m tanks/d.
Iran has started exporting 60,000b/d of crude oil to Greece, Director of International Affairs at National Iranian Oil Company Mohsen Qamsari said.
Algeria plans to increase natural gas output by 13% by 2019 to reverse a decline in energy production in recent years that has hit its export earnings and spending policy, the energy ministry said according to Reuters.
The United Arab Emirates (UAE) consists of seven emirates including Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain.