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energy
OPEC+ agrees on 188,000 b/d oil output hike for August
OPEC+ has reached a preliminary agreement for another modest oil quota increase of 188,000 barrels per day for August, delegates said, raising the prospect of more supply hitting global markets as a U.S.-Iran peace pact reshapes the outlook for Persian…
China cuts fuel prices by largest margin in nearly 6 years
China implemented its largest fuel price reduction in nearly six years on Saturday, as declining international crude oil prices following easing Middle East tensions bring relief to consumers across East Asia. Taiwan and South Korea have also seen fuel costs…
OPEC+ expected to approve another output hike for August
OPEC+ oil-producing countries are likely to agree to another increase in their output targets for August when they meet on Sunday, three sources told Reuters on Wednesday, adding supply to a market already contending with falling prices and the gradual…
Goldman Sachs projects 3M barrel-per-day oil glut in 2027
Goldman Sachs The Goldman Sachs Group, Inc. warned on Wednesday that a coming wave of oil supply will overwhelm global efforts to replenish depleted strategic reserves, projecting a surplus of more than 3 million barrels per day in 2027 once…
China lifts fuel export curbs amid ample domestic supply
China is easing restrictions on refined fuel exports that were imposed after conflict in the Middle East disrupted crude oil flows earlier this year, allowing state-owned refiners to ship larger volumes of gasoline and diesel to a wider range of…
UAE hits record oil exports after OPEC exit
The United Arab Emirates pushed crude oil and condensate exports to a record high in June, averaging about 3.7 million barrels per day, according to ship-tracking data from Kpler and Vortexa cited by Reuters. The milestone marks the UAE's emergence…
Tanker rates stay triple pre-war levels despite Hormuz reopening
The months-long disruption to the Strait of Hormuz has sent shipping costs spiraling upward across global trade lanes, forcing carriers to impose emergency surcharges, retailers to accelerate imports, and Asian refiners to balk at freight offers even as the waterway…
PetroChina forecasts nearly 5% drop in China’s oil use
Chinese refineries processed crude at their lowest rate in four years in May as the world's largest oil importer continued to pull back from global markets amid the Middle East supply shock, while PetroChina forecast a nearly 5% drop in…
Putin hails ‘unprecedented’ Russia-China ties in Beijing talks with Xi
Russian President Vladimir Putin met with Chinese President Xi Jinping at the Great Hall of the People in Beijing on Wednesday, hailing relations between the two countries as having reached an "unprecedentedly high level" and calling for a more balanced…