·     Tighter supply conditions are on the horizon in global crude markets. ·     The 1 million bpd extra production cut from Saudi Arabia is set to tighten physical oil markets in July. ·     Global macro-economic headwinds keep oil prices back. Oil and gas drilling in the U.S. shale patch is slowing down.

The three-day “21st World Pharmaceutical Raw Materials China Exhibition” and “16th World Pharmaceutical Machinery, Packaging Equipment and Materials China Exhibition” (CPHI&PMEC China 2023) officially started a new journey in Shanghai New International Expo Center on June 19! At the exhibition, there was a surge of people, attracting over 3000 domestic and foreign exhibitors as well

France will invest $218.78 MM to boost the production of sustainable aviation fuels (SAF) as part of measures to make the French and the European aviation industry greener, President said on Friday. The 200 million euros will notably help fund the construction in Lacq in southwestern France of a SAF production plant. Aviation is seen

Japan plans to invest 15 trillion yen ($107.5 billion) over the next 15 years to supply the country with hydrogen, the government said on Tuesday, as it accelerates efforts to use the gas to shift to a low-carbon economy. Around the world, countries are competing to develop hydrogen as a means of reducing emissions in

Germany is launching a programme that will make available tens of billions of euros for firms facing substantial energy costs, in a bid to help its challenged industrial sector fund a shift towards carbon-neutral production techniques. European industry is facing pressure due to high costs for raw materials, energy and labour, while other regions, most

The total number of total active drilling rigs in the United States fell by 9 this week, according to new data from Baker Hughes published Friday, after falling by 11 last week and 17 the week before that. The total rig count fell to 711 this week—16 rigs below this time last year.  The current

While the EIA and others see U.S. shale production rising through the end of 2024, there are some worrying signs that production may already be slowing. The two main drivers of U.S. shale production, DUC withdrawals and the rig count, are in decline while 82% of wells drilled in 2022 were to replace legacy production.

Global oil supply fell month-on-month by 500,000 barrels per day (bpd) in April, averaging 101.3 million bpd, according to the Organization of Petroleum Exporting Countries’ (OPEC) most recent monthly oil market report on Thursday. Secondary sources showed that total crude oil production from the 13 member countries of the OPEC group, or OPEC-13, averaged 28.60

Speculators are once again fleeing the oil market, setting the stage for more extreme price swings. Money managers dumped their net-bullish oil holdings by 19 per cent, the biggest drop in six weeks. The positions are now at the lowest seasonal level in more than a decade. The exodus comes amid another crash for oil,

The EU approved a carbon tax reform to reduce emissions by 62% from 2005 levels by 2030. The reform makes emissions more expensive for various industries through carbon permits and the introduction of a tax on emission-intensive imports. The EU plans to soften the blow of the carbon tax reform by setting up an 86.7-billion-euro