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China National Petroleum Corporation intends to invest more than 150 billion yuan in increasing oil and gas production in the western region of Xinjiang to offset the decline in production in the aging fields in northeast China, Reuters reports. According to CNPC, due to increased costs, production in the Xinjiang Autonomous Region will grow to 50 million tons of oil equivalent in the period from 2018 to 2020. The volume of production in the region will increase by no less than 75% by 2020. The company aims to increase natural gas production in the country to meet the growing demand for this fuel while reducing coal consumption.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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