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U.S. crude stocks fell in the latest week but fuel inventories rose, the government said on Wednesday, as refiners picked up activity, while industry production hit its highest in more than two years in response to tight worldwide supply and high prices. The U.S. oil industry has been trying to boost output, but inventories keep dwindling, with supplies at the Cushing, Oklahoma hub dropping to the lowest since October 2014, the U.S. Energy Information Administration said. Crude inventories fell by 2.8 million barrels in the week to June 24, far ...

Saudi Arabia and the UAE have starring roles to play in the oil market this summer, as the only producers in the world holding any significant spare output capacity. But much of it is from untested fields, and as the core OPEC members face increasing pressure to tame the oil price rally, ahead of a key trip by US President Joe Biden to Saudi Arabia in mid-July, their ability to ramp up production will be critical. Under the current supply accord between OPEC and its Russia-led allies, Saudi Arabia’s output ...

Uncertainty in global oil and gas markets could stay for some time to come as spare capacity is very low while demand is still recovering, Shell Chief Executive Officer Ben van Beurden said. “I do believe that we’re going to be facing quite a bit of uncertainty in markets for some time to come,” he told reporters. “Spare capacity is running very, very low,” he said, adding that despite economic and COVID-19 challenges, global oil and gas demand is still recovering. Global oil and gas prices have surged this year ...

More LNG sector investment is needed to respond to the current energy crisis and to aid efforts to phase out Russian gas dependency, G7 leaders have agreed. With global gas prices having reached record highs in 2022, more investments are being approved in the LNG sector — both for new liquefaction facilities, in particular in the US, and for new regasification infrastructure, mostly in Europe. In its final communique following a summit held June 28, the G7 said LNG had a major role to play in cutting dependence on Russia. ...

China said on Wednesday it will subsidise refiners if global oil prices hit above $130 a barrel, reiterating an existing fuel policy that closely tracks international markets but also with a goal to shield consumers from price shocks. The subsidies will be measured based upon the actual sales volume of gasoline and diesel and the handouts will initially last for two months before further announcements if oil prices are consistently above $130, the ministry said. “(The subsidy) is to safeguard stable fuel supplies, ease costs for manufacturers and alleviate burdens ...

European shares fell on Thursday and were set for their worst quarter since the pandemic-led carnage in early 2020, as investors became increasingly wary of a global recession in the wake of hawkish central bank actions to tame rising inflation. The continent-wide STOXX 600 index .STOXX was down 1.4% by 0709 GMT, with France’s CAC 40 index .FCHI down 2.0% as preliminary official figures showed inflation climbed further from the previous month to a record 6.5%. The STOXX 600 fell for a second straight day after global central bank chiefs ...

The Swedish crown rose on Thursday against the euro after Sweden’s central bank hiked its benchmark interest rate by 50 basis points as expected. In the meantime, the euro flattened against most peers, remaining close to a fresh 2015-low versus the Swiss franc and near a two-week low against the U.S. dollar, amid safe-haven demand on renewed worries about higher rates and a global recession. The Swedish crown was up 0.1% against the euro at 10.6810 at 0830 GMT after briefly jumping 0.4% against the euro to 10.6410 following Sweden’s ...

China’s economic output has jumped from 53.9 trillion yuan($8.06 trillion) in 2012 to 114.4 trillion yuan($17.11 trillion) in 2021, with its proportion in the world economy increasing from 11.3 percent to more than 18 percent, the country’s development and reform commission announced Tuesday. China’s per capita GDP has risen from $6,300 to more than$12,000, and its innovation index ranked 12th in the world in 2021, making historic leaps in important fields, said the authority at a press conference themed “China in the Past Decade”. In the past ten years, China ...

The world’s coastal populations contribute significantly to the global economy – an estimated $1.5 trillion per year – with expectations pointing to some $3 trillion by 2030. Ensuring ocean ecosystem health, supporting livelihoods and driving economic growth requires targeted support for key sectors, including fisheries and aquaculture, tourism, energy, shipping and port activities, and seabed mining, as well as innovative areas such as renewable energy and marine biotechnology. Marine resources ‘essential’ This is particularly important to small island developing states (SIDS), for whom marine resources are critical assets, providing them ...

Korean Register (KR) has signed a Memorandum of Understanding (MOU) agreeing to technical cooperation in the development and construction of offshore wind power projects with Korea Electric Power Corporation (KEPCO). KEPCO plans to build a 2.7 GW offshore wind power plant by 2029, near the Korean south west coast to increase the distribution rate of renewable energy in Korea. KR and KEPCO will continue their partnership to develop and construct the power plant safely to the highest technical standards. Under the MOU, KR will provide technical advice on safety, adequacy ...

Van Ameyde Marine, the Netherlands-headquartered marine surveying, consultancy, and loss prevention group, has appointed Rob Chesters as its new Global Business Development Manager. Based in the UK, Chesters has a remit to work with teams across group to develop a global strategy and service offering, with the aim of expanding the company’s international reach geographically and by market sector. Chesters, who has more than twenty years’ business development experience in the maritime services sector, having held senior positions with Wilhelmsen Ships Service, joins Van Ameyde Marine from Oceanic Technical Solutions, ...

Ceres Power Holdings plc (“Ceres”, the “Company”) (AIM:CWR), a global leader in fuel cell and electrochemical technology, is pleased to announce that it has signed an agreement with Shell to deliver a megawatt scale solid oxide electrolyser (SOEC) demonstrator in 2023. Shell and Ceres are building this partnership to utilise SOEC technology to deliver high-efficiency, low-cost green hydrogen; now widely viewed as a credible route to decarbonise hard-to-abate parts of the energy system that rely on fossil fuels today. Shell is targeting to become a net-zero energy business by 2050, ...

India has exported 1.8 million tonnes of wheat to a dozen-odd countries, including Bangladesh and Afghanistan, since the country banned exports of the grain on May 13, according to Food Secretary Sudhanshu Pandey. About 33,000 tonnes of wheat as humanitarian assistance has already been supplied to Afghanistan against the commitment of 50,000 tonne, he said. India has nonetheless continued with its commitment to cater for the genuine needs of neighbouring countries and food-deficit nations through Government-to-Government mechanism and also to fulfil supply commitments already made, he said. After the regulation ...

Mexico’s state-owned oil company Pemex substantially increased crude oil exports to the North American market in May, according to the firm’s most recent report, which shows a significant cut in shipments to Europe and Asia. Pemex said its crude exports averaged 965,000 barrels per day (bpd) in May, and some 740,000 bpd went to “America,” which accounts mainly for the United States. That compares to shipments of 594,000 bpd to the same region in April, out of a total 1.02 million bpd. Meanwhile, exports to Europe fell to 32,000 bpd ...

India is considering allowing mills to ship out stocks of raw sugar that have piled up in ports and warehouses, trade and government sources said on Tuesday, weeks after it imposed curbs on overseas sale of the sweetener. Additional shipments from India, the world’s biggest exporter of sugar after Brazil, could weigh on raw sugar futures SBc1, which are trading near their lowest in four months. Last month, India capped this season’s exports at 10 million tonnes, a figure they had almost reached, in a bid to prevent a surge ...