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launch a sweeping overhaul of its petrochemicals and oil refining sector, phasing out smaller facilities and targeting outdated operations for upgrades, while redirecting investment to advanced materials.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.
Santos, Shell, Woodside Signal Support for Australian Domestic Gas Reservation
Bloomberg– Australia’s energy sector largely supports the introduction of a policy that would require producers to reserve a portion of gas for domestic consumption, as the nation seeks to balance a looming local supply crunch with lucrative exports.
Hedge Funds Slash Bullish Oil Bets to Lowest Ever Amid OPEC Hike
Bloomberg— Hedge funds chopped their bullish position on US crude to the lowest on record as the OPEC+ alliance’s latest decision to boost production compounded already-gloomy forecasts that the world is heading toward an oil surplus this year.
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.
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.