LAUNCESTON, Australia, June 19 (Reuters) – China added to crude oil stockpiles at the fastest rate in nearly three years in May, as robust imports outweighed near-record refinery processing. A total of 1.77 million barrels per day (bpd) was added to inventories in May, the most since July 2020 and reversing the small, and rare, … [Read more…]
/cloudfront-us-east-2.images.arcpublishing.com/reuters/QHP4TW47PBOCXH3C452C5MGAM4.jpg "Shell to exit Pakistan unit with sale of shares")
KARACHI, June 14 (Reuters) – Shell Pakistan (SHEL.PSX) said on Wednesday that its parent company, Shell (SHEL.L) unit Shell Petroleum Company, would be exiting Pakistan with the sale of its 77% shareholding in the in the local business. The move came after Shell Pakistan (SPL) suffered losses in 2022 due to exchange rates, the devaluation … [Read more…]
LAUNCESTON, Australia, June 6 (Reuters) – Having been surprised by Saudi Arabia announcing a unilateral 1 million barrels per day cut in oil output for July, oil refiners got more bad news when Saudi Aramco (2222.SE) informed Asian customers that prices for July-loading cargoes were going up. Prior to the decision to increase the official … [Read more…]