2023-08-13 05:17:02
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All eyes are on the arrival of the “Transocean Barents” drilling rig in Lebanon’s exclusive economic waters next week, with the aim of starting drilling and exploration work at the beginning of next September.
The International Energy Agency raised its forecast for global oil demand this year to the “highest level ever recorded” to reach 102.2 million barrels per day, according to its monthly report issued last Friday. Last June, the demand reached 103 million barrels per day, and this August it may set a new record. The records are being set due to summer air travel, the increasing use of oil in electricity production and the sharp increase in activity in the Chinese petrochemical sector. This encourages, according to economic observers, international oil companies to submit applications for participation in the second licensing round to award the remaining eight blocks in Lebanon, whose deadline has been extended to October 2.
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