Saudi Arabia to become world’s fastest-growing economy in 2022 as GDP likely to grow 7.5%: Report

RIYADH: Oil prices dropped on Thursday, as investors were worried that aggressive interest rate hikes from global policymakers would slow economies and dent fuel demand, while renewed restrictions to curb COVID-19 in China also added pressure.

Brent crude futures were down 1.62 percent to $94.09 a barrel by 11.45 a.m Saudi time. 

US West Texas Intermediate crude futures slid 1.61 percent to $88.11 a barrel.

Sonatrach makes new oil discovery

Algeria’s state-owned firm Sonatrach has made a new oil discovery at the Hassi Illatou well located in the Sbaa region of Adrar province, MEED reported. 

Sonatrach, in a statement, revealed that the new oil discovery is the first in 28 years, as the last finding happened in 1994. 

According to the statement, the new oil site has an expected volume that ranges between 48 and 150 million barrels. 

Russia’s Lukoil chairman dies after falling from hospital window

Ravil Maganov, chairman of Russia’s second-largest oil producer Lukoil, died on Thursday after falling from a hospital window in Moscow, a source familiar with the situation told Reuters.

Some Russian media also reported the death of Maganov, 67, who was also Lukoil’s vice president, citing unnamed sources.

No immediate comment was available from Lukoil.

Maganov had worked in Lukoil since 1993, shortly after the company’s inception, and had overseen its refining, production and exploration, becoming chairman in 2020. His brother Nail is the head of mid-sized Russian oil producer Tatneft. 

(With input from Reuters)