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OPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China despite uncertainties stemming from the pandemic, pointing to a need for more oil from the producer group.
Norwegian oil services firm Aker Solutions said on Thursday one of its managers was being questioned by Malaysian authorities and three sources familiar with the case said they expected charges to be brought on Friday.
By Reuters Staff 2 Min Read FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo (Reuters) - U.S. crude stocks fell for the 11th straight week as refiners ramped up output, but fuel inventories grew sharply due to weak consumer demand, the Energy Information Administration said on Wednesday. Crude inventories fell by 5.2 million barrels in the week to June 4 to 474 million barrels, the 11th straight weekly inventory decline as refiners have boosted output as the economy recovers after the COVID-19 pandemic and in anticipation of more summer driving.
5 Min Read BARCELONA (Thomson Reuters Foundation) - Investment in clean energy in emerging and developing economies needs to rise by more than seven times, topping $1 trillion per year by 2030, to put the world on track for net-zero emissions by 2050, the International Energy Agency (IEA) said on Wednesday. In a report carried out with the World Bank and the World Economic Forum, the IEA said that, without far stronger action, energy-related carbon dioxide emissions from those economies – mostly in Asia, Africa and Latin America – would grow by 5 billion tonnes over the next two decades. By contrast, carbon emissions are projected to fall by 2 billion tonnes in advanced economies and plateau in China.
By Reuters Staff 1 Min Read ALGIERS, June 9 (Reuters) - Algeria expects its economy to grow by 4.2% in 2021, revising up a 4% forecast announced late last year, as the OPEC member predicts better performance in the energy sector, the finance ministry said on Wednesday. Growth in the oil and gas sector is projected at 10.1% thanks to a “gradual return to economic activity after an improvement in the health situation” linked to the coronavirus, it said in a statement. Algeria has been under financial pressure due to a fall in energy export earnings, the main source of state finances, forcing the government to try to cut spending on imports of goods and services.
Oman saw bumper demand in its first dollar-denominated sukuk sale since 2018 on Tuesday, as the rise in oil prices over the last year and a fiscal consolidation plan helped investors shelve worries about a break-neck rise in debt levels.
Brazil's state-run oil giant Petroleo Brasileiro SA will close its Mexilhao platform and Rota 1 gas pipeline for 30 days on Aug. 15 for scheduled repairs, it said in a securities filing on Friday.
Australian stocks declined on Friday as sliding commodity prices weighed on resource-heavy sectors, with a weaker finish on Wall Street overnight denting sentiment.
By Reuters Staff (Adds details on independent firm, committee tasked with reviewing auditing issues; background) KUALA LUMPUR, June 4 (Reuters) - Independent non-executive directors at Malaysia’s Serba Dinamik Holdings Bhd have expressed shared concern over issues flagged by the company’s auditor. In a statement on Thursday, the directors said the oil and gas services company’s management, together with the board, is taking steps to resolve matters and will appoint an independent firm to assess the issues “independently and objectively”. The directors also said the appointed firm will report its assessment results to a committee which, to ensure independence, will have no representation from management.