Saudi Aramco Finds 14 New Small Oil and Gas Fields
Saudi Arabia’s big oil company, Aramco, found 14 new places with oil and natural gas. These are in the Eastern Province and the Empty Quarter, according to the state news agency SPA. The news came from the Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz.
Oil and Gas Discoveries
Saudi Arabia has found six new oil fields, two oil reservoirs, two gas fields, and four gas reservoirs. The new oil sites produce different types of Arabian oil, with a total of 8,126 barrels per day. The gas sites produce 80.5 million standard cubic feet of natural gas per day. Also, the oil sites give an extra 2.11 million standard cubic feet of natural gas per day as a byproduct.
The energy minister said these discoveries show that Saudi Arabia has strong oil and gas resources. This will help grow the economy and support the country in meeting energy needs locally and globally in a reliable and sustainable way for many years.
Oil Prices
On Wednesday, oil prices dropped to their lowest in over four years. This happened because people are worried that demand for oil is falling due to the growing trade war between the US and China.
Prices also fell after OPEC and its allies (called OPEC+) announced they would increase oil production more than expected. They plan to add 411,000 barrels per day in May, instead of the earlier planned 135,000 barrels.
As of 6:44 PM AST on Wednesday, West Texas Intermediate (WTI) crude oil fell by 3.93% to $57.20 per barrel, and Brent crude oil fell by 3.72% to $60.48 per barrel.
Published: 10th April 2025
For more article like this please follow our social media Facebook, Linkedin & Instagram
Also Read:
Egypt’s Trade Gap Shrinks to $3.4 Billion in January
Libya’s Mellitah to drill 8 offshore wells to boost gas output
Investcorp Capital Sells U.S. Assets for $360M in Abu Dhabi
