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Oil, gas occupy large part of global economy in '19

Saudi's Aramco acquired Shell Saudi Arabia's shares of 50 percent
Saudi's Aramco acquired Shell Saudi Arabia's shares of 50 percent

KUWAIT, Dec 27 (KUNA) -- Oil and gas are major commodities that many countries rely for export or import, and their prices are affected by geopolitical circumstances in different parts of the world.

Following are major events related to oil and gas in 2019.

Jan 3: Italy's Eni oil company announced acquisition of Oooguruk oil field in Alaska.

Jan 13: Egypt and Jordan signed agreement to provide Amman with half of its need of natural gas in 2019.

Jan. 31: OPEC crude reference basket stood at USD 52.14 per barrel, the lowest this year.

March 17: Iran launched new projects to increase natural gas production in Pars joint oil field with Qatar, with a cost of USD 11 billion.

April 21: Saudi's Aramco acquired Shell Saudi Arabia's shares of 50 percent in SASREF refinery project in Al-Jubail industrial area, worth USD 630 million.

April 30: OPEC crude reference basket stood at USD 70.78 pb, the highest this year.

June 3: The UK's Ineos company announced investing USD two billion in the chemicals sector in Saudi Arabia.

June 13: Oil prices in international stock markets jumped four percent after the attacks on two oil tankers in the Sea of Oman.

June 18: Saudi's Aramco launched first station to provide cars with hydrogen fuel in the kingdom, in cooperation with Air Products company.

June 19: The International Atomic Energy Agency (IAEA) and the international nuclear fusion research megaproject (ITER) signed a long-term cooperation agreement to produce clean energy.

July 1: Oil ministers of the Organization of the Petroleum Exporting Countries (OPEC) agreed on extending production limiting agreement for another nine months, ending in March 2020.

Sept 14: Saudi Arabia reduced oil and natural gas production by 5.7 million barrels a day after drones attack on oil facilities in Abqaiq city.

Sept 15: Oil prices jumped to its highest rates in four months after attack on two oil facilities in Saudi Arabia, cutting international oil supply by five percent.

Sept 25: International oil prices dropped after US President Donald Trump announced negative reports on his country's commercial talks with China.

Oct. 5: Turkish President Recep Tayyip Erdogan said his country began commercial shale oil production.

Oct. 11: Oil prices jumped two percent after a reported attack on an Iranian oil tanker in the Red Sea.

Oct. 20: Saudi Aramco oil company announced two percent decrease in fuel prices.

Dec. 2: Russia and China launched the Power of Siberia 3,000-kilometer-long pipeline project that would transport gas from eastern Siberia to China.

Dec. 3: Saudi Arabia raised light crude prices for January 2020 contracts for Asian consumers to USD 3.70 pb.

Dec. 6: OPEC and non-OPEC countries agreed further 500,000 bpd cuts.

Dec. 11: Chevron Corp. announced gas investments reduction.

Dec. 13: Oil prices rose to highest levels in three months following news of agreement between China and US, as well as outcome of Britain's parliamentary elections.

Dec. 14: A French Total refinery caught fire but no one was hurt.

Dec. 15: Sixty Jordanian MPs signed a motion to cancel a gas agreement with Israel, which was signed in 2014.

Dec. 17: Omani government announced merger of Oman Oil Company and Oman refinery and petroleum industry company to establish a single entity aimed at refining 1.1 million bpd.

Dec. 19: Oil prices increased following breakthrough in trade dispute between US and China.

Dec. 19: China announced new discovery in the Western Desert capable of producing 7,000 bpd of crude oil and 10 million cubic feet of gas

Dec. 21: US President Trump signed a law to impose sanctions on Russian maritime gas pipeline, which supplied gas to Germany.

Dec. 22: Organization of Arab Petroleum Countries (OAPEC) named, during their 103th meeting, Kuwaiti national Ali bin Al-Sabt as Secretary General of the organization.

Dec. 24: Kuwait and Saudi Arabia signed agreement and memo on onshore and offshore oil fields situated in the Partitioned Neutral Zone.

Dec 25: Egypt signed four agreement to excavate for oil and natural gas worth USD 155 million. Cairo also signed USD 10.5 million to excavate 30 oil wells. (end) eng