News

Bloomberg Boeing Co will need to inspect hundreds of undelivered 737 Max jets for a potential flaw in their electrical power systems, said people familiar with the matter. About 450 Max planes built since early 2019 could potentially require repairs, a total that includes about 90 aircraft in commercial operation, said the people, who asked not to be named because …

Bloomberg Oil traded near $63 a barrel in London as traders awaited weekly US inventory data for the latest steer on the demand recovery. Brent futures climbed 1%, swinging between gains and losses. Attention will shift later to US inventories, after an industry report showed a decline in crude stockpiles but a gain in gasoline holdings. The government data will …

Bloomberg Oil fell after Opec+ decided to increase output from next month and coronavirus cases in India surged, potentially sapping demand in the world’s third-biggest importer. West Texas Intermediate and Brent dropped around 2.6%, paring gains. Opec+ opted last week to raise production by more than 2 million barrels a day between May and July. Crude has rallied this year …

Bloomberg Saudi Arabia raised prices for oil shipments to customers in its main market of Asia, signaling the kingdom’s confidence in the region’s economic recovery. The decision comes after the Opec+ cartel, led by the Saudis and Russia, agreed to boost daily crude production by more than 2 million barrels between May and July. Aramco, the Saudi state energy firm, …

Bloomberg President Joe Biden said the sweeping infrastructure proposal he unveiled this week would result in 19 million jobs created over the next decade as the US seeks to emerge from the pandemic. “Independent analysis shows that if we pass this plan the economy will create 19 million jobs,” Biden said in remarks at the White House. “Good jobs, blue …

CAIRO / WAM / Reuters The last ships stranded by the grounding of a giant container vessel in the Suez Canal was expected to pass through the waterway on Saturday, according to the canal authority, which said an investigation into the incident would report its findings soon. Osama Rabie, Chairman of the Suez Canal Authority (SCA), said 85 ships were …

NEOM / WAM Saudi Arabia will grant oil derivatives worth $422 million to Yemen, reported the Saudi Press Agency (SPA). Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defence, disclosed to Yemeni President Abdu Abd Rabbu Mansour Hadi — in a telephone call — of the plan that will help operate power stations in …

Bloomberg Oil falls alongside a strengthening dollar as near-term risks to the demand recovery emerged ahead of a Opec+ meeting this week to decide on output policy. Futures in New York fall as much as 2.6%, with the Bloomberg Dollar Spot Index rising to the highest since November, thereby reducing the appeal of commodities priced in the currency. Weaker US …

Bloomberg Iraq is discussing a “giant” agreement with French oil giant Total SE to build large infrastructure installations, develop oil fields and produce gas, Oil Minister Ihsan Abdul Jabbar told Asharq News in an interview. The minister said he expected the contract to be finalised before July. The relationship with Total will be based on targeting low-carbon industry and capturing …

Bloomberg Oil in New York barely nudged this week despite whipsawing over several days, as renewed lockdowns in some regions blunted near-term demand outlooks and muted the impact of a standstill at the Suez. West Texas Intermediate futures fall less than 1% to close the week at $60.97, while Brent crude just barely eked out a gain, snapping a streak …