Economics
Oil prices steady as economic fears offset Saudi output cut
Oil prices were little changed after erasing earlier losses as worries over sluggish global economic growth that could reduce energy demand offset Saudi Arabia's pledge to deepen output cuts.
U.S. diesel demand is falling despite economic growth
U.S. diesel demand will drop through 2024 despite growing economic activity, extending a recent break from tradition where demand for the freight fuel grows with GDP, the Energy Information Administration forecast.
Kazakhstan’s oil output drops 3% in May vs April to 1.55 million bpd
Kazakhstan cut its oil production (excluding gas condensate) by 3% on a daily basis in May compared to April to 1.55 million barrels per day, Reuters calculations based on data from two sources familiar with preliminary data showed.
Saudi Arabia's 'icing on the cake' oil cut could feed U.S. producers
Saudi Arabia has crafted a complex OPEC+ deal with a view to punishing investors that have bet on falling oil prices but could inadvertently lend long-term support to the rival U.S. energy industry, OPEC+ insiders and market watchers said.
Ports in China's oil hub Shandong scrutinizing old tankers
Ports in China's Shandong province are demanding more detailed information about oil tankers that are more than 15 years old that call at their terminals potentially delaying the unloading of crude shipments in the world's biggest oil importer.
Russia fully enforces its oil output cuts
Russian is fulfilling its oil output cut obligations, Russian Deputy Prime Minister Alexander Novak told Rossiya-24 TV channel following a meeting of the OPEC+ group of leading oil producers.
Rio Tinto's California mine shifts trucks to run on renewable diesel
Rio Tinto Plc said it has converted trucks and other heavy equipment at its California mine to run on renewable diesel, reducing carbon dioxide emissions by 45,000 tons per year, or roughly the equivalent of 9,600 cars.
Nigeria's NNPC winding down crude oil swap contracts
Nigeria's state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month.
Global airlines target Europe over green policies
Airlines took aim at Europe over green fuel mandates and its failures to stem France's air traffic control strikes as they weigh on carrier capacities at a global airlines meeting in Istanbul.
Malaysia Aviation Group inks sustainable aviation fuel deal with Petronas Dagangan
Malaysia Aviation Group has signed a sustainable aviation fuel offtake agreement with Petronas Dagangan, as part of efforts to develop the green fuel on a commercial scale in Malaysia, the two firms said.
- KBR to provide technology for mega-scale ammonia plant in Angola 11/25
- Indian refiners' October crude processing up over 3% y/y 11/25
- Air Liquide strengthens partnership with TotalEnergies through renewable H2 project in France 11/25
- Hexagon collaborates with Microsoft to enhance industrial operations 11/25
- China issues extra crude oil import quota to teapot refineries 11/25
- McDermott achieves ISO 50001 Certification for energy management at four fabrication yards 11/25
