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Top oil exporter Saudi Arabia may cut the price for its flagship Arab Light crude to Asia in June despite an extra output cut from OPEC+, as refiners hit by sliding fuel prices consider reducing output and China and India snap up cheap Russian crude.
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Refining giant Sinopec Corp sees China's diesel and gasoline demand growing more in the second quarter than in the first three months of 2023, a trend set to bolster the firm's profitability further this year.
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A unit of Chinese refiner Sinopec has won mining rights to develop a coal mine in the Inner Mongolia region of the country for 30.15 billion yuan ($4.36 billion), a company representative said on Friday.
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Russia this week took control of the Russian assets of Finland's Fortum and Germany's Uniper , which both operate power plants in Russia, and warned it could seize more.
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Exxon Mobil burned brighter in the first quarter, thanks to the Permian Basin and Guyana. The $485 billion oil giant earned $11.4 billion, or twice as much as it did the same period a year ago. Moreover, while the firm continued to shower its investors with cash, sending them $8.1 billion, the company also increased production to 3.8 million barrels of oil equivalent per day, a 4% rise from a year ago.