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Oil price almost $46, highest in five months

This is due to the production cuts by the Organisation of Petroleum Exporting Countries and the gradual easing of lockdowns by many countries. The international oil benchmark rose on Wednesday to its highest since early March after a large decline in the United States’ crude inventories and supported by a weak dollar.

NEO Energy acquires Total’s North Sea fields

The acquisition by the Norway-based private equity company included a portfolio of operated and non-operated assets. Involved in the transaction are materials and cash generative portfolio of assets in four producing areas of the UK North Sea.

OPEC’s plan to raise supply in August not certain

As the COVID-19 pandemic continues to spread across many major economies of the world, there is uncertainty over the Organisation of Petroleum Exporting Countries (OPEC) and allies’ plan to return supply to the market after the group’s output cuts. Industry watchers say deep production curbs by the cartel and its allies had helped oil rebound…

China’s oil import dependence reaches 73.4%

Chinese data analyzed by Radio Free Asia’s Michael Lelyveld revealed that the country has been buying record volumes of crude oil over the past months in order to bolster its energy security, especially at a time when its relations with the United States are deteriorating.

ADNOC adds China’s CNOOC as new partner

Ownership rights in two offshore concessions have been transferred to China National Offshore Oil Corporation’s subsidiary by UAE’s Abu Dhabi National Oil Company (ADNOC).
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