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Russian Deputy Prime Minister Alexander Novak, speaking on Tuesday at the start of the OPEC+ meeting of leading oil producers, said the global economy is recovering.
2 Min Read FILE PHOTO: Tanker trucks of Mexican state oil firm Pemex's are pictured at Cadereyta refinery, in Cadereyta, on the outskirts of Monterrey, Mexico April 20, 2020. REUTERS/Daniel Becerril MEXICO CITY (Reuters) - A judge provisionally suspended modifications to Mexico’s hydrocarbons law that were intended to eliminate asymmetric price regulations against state oil company Petroleos Mexicanos (Pemex), court documents showed on Monday. The modifications are part of President Andres Manuel Lopez Obrador’s efforts to roll back the previous government’s liberalization of the energy market, which aimed to increase private investment in the industry and boost competition. The asymmetric regulation, which was contained in a transitory article in the hydrocarbons law, sought to offset Pemex’s dominant power in the market for oil and gas products and fuels. Congress removed the curbs in late April.
LONDON, June 1 (Reuters) - Hedge funds cut their bullish positions in petroleum last week for the third week running, though the rate of selling was slower than in previous weeks and positions are broadly unchanged since the middle of March. Hedge funds and other money managers sold the equivalent of 8 million barrels in the six most important petroleum futures and options contracts in the week to May 25, according to exchange and regulatory reports. Small sales in Brent (-12 million barrels), U.S. gasoline (-6 million) and European gas oil (-6 million) were partly offset by small buying in NYMEX and ICE WTI (+10 million) and U.S. diesel (+6 million).
By Reuters Staff 1 Min Read A worker is seen at Iraq's Majnoon oilfield near Basra, Iraq, March 31, 2021. Picture taken March 31, 2021. REUTERS/Essam Al-Sudani/Files BAGHDAD (Reuters) - Iraqi oil exports stood at about 2.9 million barrels per day (bpd) in May, little changed from the previous month, the country’s oil ministry said on Tuesday. Exports from Iraq’s southern Basra terminals hit 2.8 million bpd during May, the ministry said, while shipments from Kirkuk through Ceyhan averaged about 99,000 bpd. Iraq, which is OPEC’s second-largest producer, relies on oil exports for nearly all its state revenue. It was hit hard by the collapse in oil prices when the COVID-19 pandemic struck and struggled to pay public sector workers.
Kuwait's oil minister said on Tuesday global markets have been able to absorb the gradual oil production increases introduced by the Organization of Petroleum Producing Countries (OPEC) and its allies in May, state-run KUNA news reported.
(The opinions expressed here are those of the author, a columnist for Reuters.) FILE PHOTO: Coal is unloaded onto large piles at the Ulan Coal mines near the central New South Wales rural town of Mudgee in Australia, March 8, 2018. Picture taken March 8, 2018. REUTERS/David Gray LAUNCESTON, Australia (Reuters) - A court ruling that Royal Dutch Shell must speed up plans to curb greenhouse gas emissions rocked the global oil and gas industry, but another decision in a case brought by eight school-aged teens and a nun may end up being more significant. The order by a Dutch court that Shell must drastically deepen its planned emission reductions raised fears in the industry of similar legal actions against other oil and gas majors, and concern that companies will be held liable for meeting court imposed climate change targets.
Malaysian state oil firm Petronas on Monday posted a more than doubling in first-quarter profit on the back of a recovery in commodity prices and lower overall costs.
Qatar Petroleum (QP) has hired international banks for a multi-billion dollar debut public bond sale by the end of June, two sources said, as lower oil and gas prices prompt Gulf energy firms to raise cash.
Oil and gas firms in Norway have increased their 2021 and 2022 investment forecasts during the last three months as more projects are being developed, a national statistics office (SSB) survey showed on Wednesday.