Oil prices fell on Friday as the rising value of the US dollar and pessimism over China’s economic revival blunted gains from Saudi Arabia and Russia’s supply curbs. International benchmark crude Brent traded at $89.64 per barrel at 10.01 a.m. local time (0701 GMT), a 0.31% loss from the closing …
Read More »Oil Prices Dip on China Concerns
Oil prices eased on Thursday as worries over demand due to a seasonal slowdown during winter and an uncertain economic outlook for China outweighed expectations of tighter supplies from extended production cuts in Saudi Arabia and Russia. Brent crude futures fell 24c to $90.36 a barrel by 4.12am GMT, after …
Read More »Chinese Solar Firm Eyes Saudi Arabia for First Foreign Plant
China-based solar sector supplier GCL Technology Holdings Ltd. is in advanced talks with Saudi Arabia about opening its first overseas factory as the nations aim to extend their energy ties beyond oil. The world’s second-largest manufacturer of polysilicon, a key ingredient in solar panels, is looking to build a plant …
Read More »China Sees Robust Green Growth in Installed Renewable Energy Capacity
China has seen robust growth in the installed capacity of renewable energy in 2023 amid the country’s strenuous efforts to push green transition. The country’s total capacity of renewable energy reached about 2.71 billion kilowatts (kw) in the first half of 2023, according to the latest report by National Energy …
Read More »China Eyes Partnership with Gulf Countries for Space Exploration
In the push to embrace emerging technologies and harness their potential commercial opportunities, Gulf countries are launching new initiatives to bolster their domestic space industries. In June Saudi Arabia’s Council of Ministers approved the transformation of the Saudi Space Commission, which was launched in 2018, into a full government agency …
Read More »Oil Inches up after China Moves to Support Flagging Economy
Oil prices ticked higher on Monday (Aug 28) after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen fuel demand. Brent crude rose 19 cents, or 0.2 per cent, to US$84.67 …
Read More »Sinopec Profits Shrink as Economic Woes Weigh on Fuel Demand
Sinopec’s first-half profits shrank amid lower oil prices and fuel demand being weighed down by China’s sluggish economic recovery. China Petroleum & Chemical Corp., as it’s officially known, posted net income of 36.12 billion yuan ($4.96 billion), according to international financial reporting standards. That compared with a revised 44.8 billion …
Read More »Saudi Aramco Looks to Expand Downstream Business in China
Saudi Aramco looks to further bolster its downstream presence in the world’s top crude oil importer, China, the oil giant’s Downstream President, Mohammed Al Qahtani, has said. “China is strategically important to our business growth in Asia and worldwide, and we will remain a reliable source of long-term oil supply,” …
Read More »China And U.S. Lock Horns Over New 122.5% Steel Tariff
The U.S. Department of Commerce recently decided to enforce preliminary anti-dumping duties on imports of tin mill and tin plate steel from China at a duty rate of 122.5%. As this is the highest preliminary rate, the move provoked severe criticism from trade analysts and experts across China. This tariff …
Read More »China Bans Seafood from Japan after Fukushima Nuclear Plant Begins Wastewater Release
The tsunami-wrecked Fukushima Daiichi nuclear power plant’s operator says it began releasing its first batch of treated radioactive water into the Pacific Ocean on Thursday — a controversial step that prompted China to ban seafood from Japan. In a live video from a control room at the plant, Tokyo Electric …
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