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...Last year, Aramco acquired a 10 per cent stake in Shenzhen-listed Rongsheng Petrochemical for $3.6bn and entered a venture with two other Chinese companies to build a 300,000 b/d refinery and petrochemicals...
...China relies on Iran for about a tenth of its oil imports but processes the oil not through its state-owned oil and gas companies but through smaller, private, refineries....
...The US government has imposed sanctions on companies accused of shipping or trading Russian oil in violation of western rules but is yet to target an individual for involvement....
...For the current year, the company expects profits of between £490mn and £550mn....
...The company said it would launch new ecommerce platforms in France and Poland, in the hope of replicating the success of its UK-based B&Q online marketplace....
..., which said on Thursday that it expected oil demand to rise by 2.2mn b/d this year and 1.8mn b/d in 2025....
...The company produced an average of 10.7mn b/d of crude oil and other liquids last year, down from 11.5mn b/d in 2022....
...The Opec+ oil cartel has agreed a deal to cut an extra 1mn barrels a day of oil production while Saudi Arabia will extend a voluntary cut of a similar amount, two people familiar with the decision said on...
...The outlook for oil demand this year remains unclear. The IEA predicts oil demand will grow by 1.2mn b/d, about half the pace of 2023, while Opec believes demand growth will be higher at 2.2mn b/d....
...No mention of the B-word, then....
...US production rose by roughly 1.5mn b/d to a record 13.5mn b/d in 2023 while that of Iran increased to an average of roughly 3.9mn b/d from about 3mn b/d a year earlier, said Claudio Galimberti, North America...
...That means the company has 3mn b/d of spare capacity that it could bring online to meet any sudden rise in demand, reducing the immediate need to increase its maximum output further, said the person familiar...
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...The IEA report contrasts with Opec’s analysis, which predicts that oil demand will continue to grow steadily, by about 2.3mn b/d this year, before falling to a still “robust” 1.8mn b/d in 2025....
..., the company said in an announcement....
...Saudi Arabia’s energy ministry on Tuesday asked the state oil company Saudi Aramco to halt a planned 1mn barrels per day expansion in oil production to 13mn b/d. This had been due by 2027....
...Now the US produces almost 20mn b/d of petroleum, roughly on par with consumption. Imports from the Gulf have plummeted, and the US became a net oil exporter for the first time in 2019....
...The annual jamboree is produced by Jay-Z’s entertainment company Roc Nation. The R&B singer has the stature for the marquee event....
...The west’s energy watchdog has predicted that Opec+ members will keep their voluntary production cuts for the whole of 2024, generating a “slight deficit” in oil compared with its previous forecast of a...
...Mindful of the risk that fresh sanctions on Venezuela might push up oil prices in a US election year, Washington will allow US major Chevron to continue a joint venture with Venezuela’s national oil company...
...The IEA now expects oil demand growth to tumble from a year-on-year rate of 2.8mn b/d in the third quarter of 2023 to 1.9mn b/d in this quarter....
...Brent crude, the international benchmark, traded as high as $92 a barrel on Friday after breaking above $90/b last week for the first time since October....
...company....
...Its overall US oil output rose to 851,000 barrels a day during the quarter from 789,000 b/d a year ago....
...Like Casa ML’s evolution from a B&B into something grander, the dish was testament to going with the flow. Slow Food Fast Cars is published by Phaidon at £39.95 @ajesh34...
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