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Oil and Gas Sector · Abu DhabiAs the global oil market eagerly anticipates the upcoming OPEC+ production decision—a potential shift in the current production cut strategy—most eyes are on Saudi Arabia or Aramco leaders. However, there's a big player in town who is already hinting at a dramatic strategy change without OPEC's approval. Sources in Abu Dhabi suggest the Emirate is no longer convinced of the necessity of OPEC+ production cuts, given the current volatile oil marke…See the Story
Not Saudi Arabia, but the UAE May Decide OPEC's Next Move
100% Center coverage: 1 sources
Digital Pound Could Be a Fiscal Game-Changer for the UK
100% Center coverage: 1 sources
G7 · RussiaUK-based International Group of P&I Clubs, a global insurance company, says a growing shadow fleet is making it less and less viable to police the G7 price cap on Russian oil, Bloomberg News reports, citing a briefing to the UK government. The UK-based insurance group notes that 800 oil tankers that it used to insure have switched over to the shadow fleet to transport sanctioned Russian oil being sold above the $60 price cap. Furthermore, the …See the Story
Growing Shadow Fleet Makes Oil Price Cap Impossible to Police
100% Center coverage: 1 sources
Battery Storage Is the No. 1 Energy Investment Playground
100% Center coverage: 1 sources
Chennai · ChennaiAs India is set to become the world’s largest oil demand growth driver in the coming years, Indian state-owned refiner Chennai Petroleum Corporation Limited (CPCL) plans to commission a new refinery two years later than initially planned by 2025. CPCL, a unit of Indian Oil Corporation (IOC), now aims to complete the construction of a 180,000-barrels-per-day refinery by the end of 2027, Reuters quoted CPCL’s head of finance Rohit Kumar Agrawal…See the Story
New Indian Refinery to Be Delayed by Two Years
100% Center coverage: 1 sources
Beijing · BeijingPetroChina reported on Monday its highest net profit for a first quarter as its revenues rose by 11% thanks to steady oil prices and higher domestic natural gas demand and production. The Chinese state-held oil and gas giant booked $6.3 billion (45.681 billion Chinese yuan) in net profit for the first quarter of 2024, up by 4.7% year-over-year, as higher drilling and demand for natural gas more than offset weaker refining margins amid a sput…See the Story
PetroChina Books Its Highest Ever Q1 Profit
100% Center coverage: 1 sources
Saudi Aramco · RiyadhSaudi Aramco is currently eyeing potential investments in new energies outside Saudi Arabia, the state oil giant’s chief executive officer Amin Nasser said on Monday. Aramco’s top executive was speaking on the sidelines of the Special Meeting on Global Collaboration, Growth, and Energy for Development by the World Economic Forum (WEF) in the Saudi capital Riyadh. Apart from deals in the refining and petrochemicals segment, especially in its key …See the Story
Saudi Aramco Seeks Investment Opportunities in New Energies Abroad
Coverage: 2 sources
Oil and Gas Sector · Saudi ArabiaSaudi Arabia is likely to raise the price of its flagship Arab Light crude loading for Asia in June to the highest premium over benchmarks as the Middle Eastern quotes have strengthened this month, a Reuters survey of seven refining sources showed on Monday. Saudi Aramco, the world’s top crude oil exporter, could raise later this week the price of Arab Light for Asia in June by $0.70-$0.90 to nearly a $3.00 a barrel premium over the Oman/Dubai…See the Story
Saudi Arabia Is Expected to Raise Its Oil Prices to Asia to a 5-Month High
100% Center coverage: 1 sources