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Oil Updates — Crude fluctuates; Bahrain appoints new oil minister; Colombia will increase oil manufacturing

RIYADH: Oil costs seesawed in constructive and unfavorable territory on Tuesday, holding up regardless of recession fears and potential new COVID-19 curbs in China that might dampen demand because the market stays tightly provided.

US West Texas Intermediate crude eased 4 cents to $120.89 a barrel at 0156 GMT, whereas Brent crude futures dipped 6 cents to $122.21 a barrel.

Bahrain will get a brand new oil minister

Bahrain’s King Hamad bin Isa Al-Khalifa ordered a cupboard reshuffle on Monday that included appointing a brand new oil minister, state media reported.

Mohammed bin Mubarak Bin Dainah, who was the nation’s envoy for local weather affairs, was named minister of oil and atmosphere, changing Oil Minister Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa‮.‬

The reshuffle included appointing Sheikh Khalid bin Abdulla Al Khalifa as deputy prime minister and minister of infrastructure, Zayed bin Rashid Al Zayani as business and commerce minister and Fatima bint Jaafer al Sairafi as tourism minister.

Crown Prince and Prime Minister Salman bin Hamad Al-Khalifa mentioned the reshuffle “will convey new concepts and a renewed drive to proceed advancing the general public sector,” the state information company quoted him as saying on Monday.

“The reshuffle, the most important within the nation’s historical past, has resulted in a change of 17 out of twenty-two ministers, with the introduction of a giant proportion of younger ministers, together with 4 females,” a authorities spokesperson mentioned.

Colombia stepping up oil and coal manufacturing

Colombia is about to extend the manufacturing of coal and petroleum because it steps as much as fill the void created by sanctions towards Russia, Power Minister Diego Mesa mentioned on Monday.

The Andean county has restarted coal exports to Eire, Mesa mentioned on the sidelines of Canada’s PDAC convention in Toronto.

The European nation stopped shopping for Colombian coal in 2016 on human rights issues.

“Six years in the past Eire had changed Colombian coal with Russian coal … however at first of the struggle they got here knocking at our doorways once more,” Mesa mentioned.

The demand for coal is so excessive that mining firms like Drummond, one in every of Colombia’s largest producers, have managed to safe contracts for the following 18 months, Mesa mentioned.

Poland has signed for a million tons of coal from Drummond and is predicted to put a contract for an extra two million tons, he mentioned.

Colombia has additionally elevated its coal exports to the Netherlands, Spain, and Canada since Russia’s invasion of Ukraine, he added.

(With enter from Reuters)

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