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OPEC will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase, sources close to OPEC said.
Oil prices eased on Wednesday, paring the previous day's gain as fears over a global economic slowdown denting fuel demand outweighed expectations of tighter supply due to output cuts announced by top exporters Saudi Arabia and Russia for August.
Abdoulaye Diallo is paying over 50% more to fill up his "thiak-thiak" motorbike taxi in Keur Mbaye Fall, a suburb of Senegal's capital Dakar, than he was before the government began lifting fuel subsidies in January.
Oil prices held steady on Tuesday as markets weighed supply woes from cuts for August by top exporters Saudi Arabia and Russia against economic data that hinted at weak crude demand.
Oil prices fell on Thursday, paring some of the previous day's gains, as investors took profits on concerns of further interest rate hikes dampening economic growth and global fuel demand while weak economic data in China also weighed on sentiment.
Indonesian state energy company PT Pertamina plans to begin producing bioethanol from sugarcane and cassava this year and has also begun production of green hydrogen using geothermal energy, its CEO told a conference on Wednesday.
Japanese shipping company Mitsui O.S.K Lines (MOL) has received in-principle approvals for a liquefied CO2 vessel and a floating storage and offloading unit (FSO) from the American Bureau of Shipping, its Chief Executive Takeshi Hashimoto said on Wednesday.
Owners of floating offshore oil drilling rigs on Wednesday began a final round of wage talks with three Norwegian labour unions in a bid to prevent the outbreak of strike action that could disrupt exploration, but not production, negotiators said.