Crude oil
Oil cut extension raises risk of Saudi economic contraction this year
Saudi Arabia faces the risk of an economic contraction this year following its decision to extend crude production cuts, highlighting its still heavy reliance on oil as reforms to diversify are slow moving.
Oil India plans net zero by 2040, to invest $2 B in projects
Oil India Ltd aims to invest 165 B rupees ($1.98 B) in clean energy projects to meet its 2040 net zero carbon.
German parliament passes bill phasing out oil and gas heating systems
Germany's lower house of parliament passed a bill on phasing out oil and gas heating systems after months of wrangling, but the watered-down bill means the sector's 2030 climate goal cannot be reached.
Oil ticks higher as tight supply trumps macroeconomic gloom
Oil prices hovered above $90 a barrel, on track to end the week higher as investors chose to focus on tighter supply, despite broader macroeconomic uncertainty.
Singapore turns net importer of gasoil this week; distillates stocks at 5 month high
Singapore's middle distillates stocks climbed to near five-month highs after official data showed the country flipped to becoming a net importer of gasoil for the week and as jet fuel/kerosene net exports fell.
Oil producer Energean aims to double size
Mediterranean-focused oil and gas producer Energean aims to double its size in the coming years, including through expansion of production in Israel.
Stellantis sees long road ahead for internal combustion engine cars
Carmaker Stellantis believes internal combustion engine vehicles could be on the road until 2050, making it necessary to contain their carbon emissions until they're finally replaced by fully electric ones.
African Finance Corporation remains committed to fossil fuel investments
The African Finance Corporation, which is owned by Nigeria's central bank and other African financial institutions, has no intention of backing away from fossil fuel investments.
Nigerian state oil company says Eni unit did not obtain its consent in Oando sale
Nigerian state oil firm NNPC Ltd says a subsidiary of Italy's Eni did not obtain its consent prior to announcing a deal to sell onshore oil assets to local firm Oando PLC, a failure that could have breached terms of a joint operating agreement.
Oil falls as concerns about China outweigh extended cuts
Oil prices eased as an uncertain economic outlook for China outweighed expectations of tighter supplies from extended supply cuts in Saudi Arabia and Russia.
- Ethylene downcycle puts nearly 25% of capacity at risk of closure 5/14
- GCC industry leaders solidify commitment toward plastic circularity 5/14
- ADNOC delivers first bulk shipment of CCS-enabled, low-carbon ammonia to Japan 5/14
- Iran's Persian Gulf Mehr refinery scheduled for completion in early 2025 5/13
- Iran announces 15 petrochemical projects to expand domestic production to nearly 80 MMtpy 5/13
- Russia gained newer diesel trade partners in 2023 5/13
