OPEC edged closer on Thursday towards raising oil output, with Iran softening its opposition to an increase and Saudi Arabia warning of supply shortages and price rallies if production remained stable.
Chinese oil buyers will keep taking crude from the United States through September, but plan to reduce future purchases to avoid a likely import tariff amid a trade spat between the world’s two largest economies, multiple industry sources said.
Iran signalled on Wednesday it could compromise on a small increase in OPEC oil output when the group meets this week, as Saudi Arabia scrambled to convince fellow members on the need for a larger rise in production.
Saudi Arabia is struggling to convince fellow OPEC members including Gulf allies on the need to raise oil output, sources familiar with the talks said on Wednesday, adding to complications ahead of an OPEC meeting this week.
The European Union on Wednesday finalised new climate rules after months of talks, targeting a total energy saving of 32.5 percent and an uplift in the share of renewable energy to 32 percent by 2030.
Russia plans to propose increasing oil production by the OPEC+ deal members by 1.5 million barrels per day (bpd), the Energy Minister Alexander Novak told reporters, days ahead his visit to Vienna for the related summit.
The European Commission is examining whether to extend measures to control imports of solar panels from China, a move that could fuel tensions with Beijing which had welcomed plans to phase them out in September.
UK-based Lightsource BP, Europe’s biggest solar energy developer, has completed its first big solar project in India, it said on Monday.
China will ramp up electricity generated by renewable energy this summer and give priority to residential use as some regions are due to experience power shortages, a spokesman for the nation’s central policy planner said at a news briefing.
Euro zone consumer prices rose by 1.9 percent in May, pumped up by higher costs of energy, food and services, data showed on Friday, while labour costs rose at their sharpest rate for five years in the first quarter of 2018.