Tuesday saw an increase in oil prices for a second day as a major pipeline supplying the United States, the world’s largest consumer of crude, remained closed and on hopes that demand will increase as COVID limits are eased in China, the world’s second-largest consumer of petroleum. Supply has been …
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The two biggest consumers of Russian oil now are China and India while Western countries impose sanctions and limit trade. Russia has been selling its oil at a discount to eager purchasers in Asia while major oil-producing countries try to preserve world prices by restricting output. This year, China’s purchases …
Read More »The United States formally exited the Paris Agreement on Wednesday, fulfilling a longstanding promise by US President Donald Trump to withdraw the world’s second-largest greenhouse gas emitter from the global pact to fight climate change. But the outcome of the tight US election contest will determine for how long this …
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The world’s biggest oil company is getting squeezed by its main shareholder, the Saudi Arabian government. Even with crude dropping to US$40 a barrel this week and its cash flow plunging, Saudi Aramco is trying to pay a US$75 billion dividend this year, almost all of it to the state. …
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