Thank you for reading the news about Aramco, Eni, United Airlines invest $22.7m in UK’s low-carbon startup and now with the details
Jeddah - Yasmine El Tohamy - RIYADH: Oil prices dipped on Thursday as demand concerns tied to a global economic slowdown overshadowed a pending fall in supply with Saudi Arabia’s pledged output cuts.
Brent crude futures fell 10 cents, or 0.13 percent, to $76.85 a barrel at 9:20 a.m. Saudi time. US West Texas Intermediate crude futures eased 7 cents, or 0.10 percent, to $72.46 a barrel.
Both benchmarks settled up by about 1 percent on Wednesday, supported by Saudi Arabia’s plans for deep output cuts, though price gains remain capped by rising US fuel stocks and weak Chinese export data.
A larger-than-expected build in US fuel inventories reported on Wednesday raised concerns over demand from the world’s top oil consumer, especially as travel was expected to have grown during the Memorial Day weekend.
Saudi crown prince and Russia’s Putin praise OPEC+ cooperation
Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman praised their collaboration during a phone call on Wednesday in a discussion of the work of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, the Kremlin said.
“The topic of ensuring stability on world energy markets was discussed in detail,” according to a Kremlin statement on the Telegram messaging app.
“Both sides praised cooperation within the framework of OPEC+, allowing for the adoption of timely and effective steps to ensure a balance between supply and demand for oil.”
The statement noted the importance of agreements reached at the group’s meeting this week, under which Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024.
Stricter UAE ship insurance rules to cut oil spill risks
Tougher requirements for some ship insurers covering the UAE ships are aimed at boosting environmental safety amid growing concerns over unregulated shipping, reported the state-run news agency WAM.
The UAE’s energy and infrastructure ministry, in a June 2 circular, announced it would tighten insurance criteria for vessels registered under its flag for insurers that are not part of the leading ship insurers, known as the International Group of Protection and Indemnity Clubs, which cover 90 percent of the world’s ocean-going fleet.
“By prioritizing stringent P&I standards, we ensure the safety, financial security, and environmental stewardship of our maritime activities, attracting reputable investors,” said Hessa Al Malek, adviser to the minister for maritime transport affairs.
The WAM report added that the move would reduce the risk of accidents and oil spills, leading to a safer and more secure marine environment.
(With input from Reuters)
These were the details of the news Aramco, Eni, United Airlines invest $22.7m in UK’s low-carbon startup for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.