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On 1 January 2012, the Nigerian government headed by president Goodluck Ebele Jonathan, tried to cease the subsidy on petrol and deregulate the oil prices by announcing the new price for petrol as US$0.88/litre from the old subsidised price of US$0.406/litre (LAGOS), which in areas distant from Lagos petrol was priced at US$1.25/litre.
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
Top 5 oil-producing countries 1980–2022 World oil production. This is a list of countries by oil production (i.e., petroleum production), as compiled from the U.S. Energy Information Administration database for calendar year 2023, tabulating all countries on a comparable best-estimate basis.
Dubai Crude, also known as Fateh, is a heavy sour crude oil extracted from Dubai.It is produced in the Emirate of Dubai, part of the United Arab Emirates. [5] Dubai's only refinery, at Jebel Ali, takes condensates as feedstocks, and therefore all of Dubai's crude production is exported.
Dubai Crude is generally used for pricing Persian Gulf crude oil exports to Asia. The Dubai benchmark is also known as Fateh, used in the United Arab Emirates. [1] Forward trade of Dubai Crude is limited to one or two months. Dubai Crude is a medium oil. It has a gravity of 31° API (specific gravity of 0.871) and a sulfur content of 2%/weight. [2]
Oil reserves in the United Arab Emirates, according to its government, are about 107 billion barrels, almost as big as Kuwait's claimed reserves. [1] Of the emirates, the Emirate of Abu Dhabi has most of the oil with 92 billion barrels (14.6 × 10 ^ 9 m 3) while the Emirate of Dubai has 4 billion barrels (640 × 10 ^ 6 m 3) and the Emirate of Sharjah has 1.5 billion barrels (240 × 10 ^ 6 m 3 ...
India was able to resolve the crisis through policies that liberalised the economy. However, India continued to be impacted by the volatility of oil prices. In 1998, the Atal Bihari Vajpayee administration proposed building petroleum reserves as a long-term solution to managing the oil market. [9]
Established in 1993, ENOC is a wholly owned company of the Government of Dubai, through the Investment Corporation of Dubai. [1] In 1999 ENOC opened its first oil refinery, which produced 120,000 barrels per day (19,000 m 3 /d) and cost about AED 1.5 billion.