Russia and China Sign Major Deal for New Gas Pipeline
(Bloomberg)-Russia’s Gazprom PJSC signed a legally binding agreement to build the Power of Siberia 2 gas pipeline to China via Mongolia and agreed to expand deliveries via two other routes.
China Set to Tackle Petrochemicals Overcapacity With Overhaul
Bloomberg–The Chinese government is set to launch a sweeping overhaul of its petrochemicals and oil refining sector, phasing out smaller facilities and targeting outdated operations for upgrades, while redirecting investment to advanced materials.
Iraq Set for Key Oil Cargo Surge in Sign of Increased Output
Bloomberg–Iraq will raise shipments of a key crude grade next month, part of an enlarged export program indicating that the OPEC+ nation is boosting its oil production.
Beaten Up Philippine Peso Set for Reprieve as Crude Retreats
(Bloomberg)–The worst may be over for the Philippine peso as falling oil prices boost the outlook for an economy that’s heavily reliant on oil imports.
US Trims 2025 Crude Output Growth Forecast as Drilling Stalls
Bloomberg– The US sees domestic crude output growth slowing more than expected this year as choppy oil prices limit drilling activity.
Oil Traders Piled Into Leveraged Bearish Oil ETF Before Rout
Bloomberg— An exchange-traded product that profits when oil prices fall is on track for its biggest monthly inflow since 2023 as investors correctly wagered that crude’s conflict-driven spike would prove short-lived.