Malaysia, the second largest palm oil producer in the world after Indonesia, is concerned about the EU’s plan to restrict the use of palm oil in biofuel production. The European plan calls for a reduction in the use of palm oil starting from 2023 and then for a total ban on it in 2030, because forests are being cut down due to its production, which leads to even greater climate change. AFP news agency writes that Malaysian Prime Minister Mahathir Mohamad said that Malaysia could refuse to buy fighters from European manufacturers, if the EU plan was implemented. According to him, the country can modernize its outdated fleet of fighters by purchasing new aircraft in China or in any other country.
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 ...
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
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. ...