Archives / 22 June 2018

  • India, China to form oil buyers club

    India, China to form oil buyers club

    To be able to negotiate better prices with oil exporting countries, India and China discuss creating an 'oil buyers' club', India's Petroleum Ministry said, cited by Oilprice.com. They will be looking to import more US crude oil in order to reduce OPEC's sway, both over the global oil market and over prices.

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  • Linde, Praxair propose merger concessions

    Linde, Praxair propose merger concessions

    German industrial gases company Linde and US peer Praxair have offered concessions in a bid to address EU antitrust concerns and secure approval for their merger. The companies submitted their offer on 20 June, according to a filing on the European Commission website. The EU competition enforcer extended its deadline for a decision to 24 August, without providing details of the concessions.

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  • Oil output increase sows OPEC discord

    Oil output increase sows OPEC discord

    Oil prices headed lower last Thursday, after media reports said Iran might accept a modest increase in production at the OPEC summit later on Friday, summoned in Vienna with the participation of a group of non-OPEC countries led by Russia. The main issue was the future of their output target, which has been in place since January 2017. Ahead of the summit, Saudi Arabia and Russia, the world's largest oil producers, pushed for an increase in production, and Iran in particular was a vocal opponent of such plans.

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  • Kim and Xi discuss closer cooperation, denuclearisation

    Kim and Xi discuss closer cooperation, denuclearisation

    Kim Jong-un ended last Wednesday his third visit to China this year, a week after the historic summit in Singapore where he and Trump signed a joint declaration pursuing complete denuclearisation of the Korean peninsula. Amid lingering questions over Pyongyang's real willingness to denuclearise and an escalating trade war between the US and China, Kim's two-day trip was intended to reinforce the idea that Beijing remains a key player and main ally of his country.

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