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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.

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.

BP agrees to sell its petrochemicals business to Ineos

BP has announced that it has agreed to sell its global petrochemicals business to Ineos for a total consideration of $5 billion, subject to customary adjustments. The agreed sale, the next strategic step in reinventing BP, will further strengthen BP’s balance sheet and delivers its target for agreed divestments a year earlier than originally…

CNOOC to buy two carbon-neutral LNG cargoes from Shell

China National Offshore Oil Corp (CNOOC) has agreed to buy from Royal Dutch Shell two cargoes of liquefied natural gas with offset carbon emissions, marking China’s first gas imports of this kind, said the Shanghai Oil and Gas Exchange.
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