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Bloomberg Saudi Aramco, the world’s biggest oil exporter, plans to trade as much as 6 million barrels a day, a jump in volume that would put it in the top tier of companies that buy and sell crude and refined products. The trading arm of the state-run giant known officially as Saudi Arabian Oil Co. currently handles between 3.3 million …

Bloomberg Goldman Sachs Group Inc. sees oil’s rally the same way as Saudi Arabia: it won’t check the world’s soaring thirst for crude. Oil’s surge to the highest level in more than three years will in fact spur fuel demand as swelling reserves of Middle East petrodollars are reinvested overseas and stimulate the global economy, Goldman’s head of commodities research …

Bloomberg French oil giant Total SA said last month it had acquired Marathon Oil Corp.’s assets in Libya in a $450 million deal. Not so fast, says the country’s state energy company. Libya’s National Oil Corp. hasn’t yet approved the transaction and is “discussing arrangements” for the proposed sale with the country’s presidency council, Chairman Mustafa Sanalla said on Monday. …

Bloomberg Siemens Gamesa Renewable Energy SA won 140 megawatts of wind power orders in India from industrial companies building their own parks. Energy-intensive businesses from textile and drug makers to auto companies ordered a total of 70 turbines, the Spanish-German company said. The manufacturers across southern India will link the parks to local grids and tap power as needed. Regional …

Bloomberg Oil explorers deployed more US rigs this week as increasingly tight crude supplies pushed prices to their highest since 2014. US working oil rigs rose by five this week to 820, the highest since March 2015, according to data from Baker Hughes. Since the end of January, the rig fleet has expanded in all but two weeks. An Energy …

Bloomberg Three liquefied natural gas tankers sailed through the Panama Canal on the same day this week, marking a first for the newly expanded waterway and highlighting the booming global gas trade. All three ships — Gaslog Hong Kong, Gaslog Gibraltar and Clean Ocean — entered the canal on a staggered basis from the Pacific side and had completed their …

Bloomberg The global growth outlook faces rising threats from trade tensions and mounting debt despite a strengthening and “increasingly broad-based” expansion at the moment, according to a statement from world finance ministers and central bankers. “Risks are broadly balanced in the near term, but remain skewed to the downside beyond the next several quarters,” according to a communique by IMF’s …

Kuala Lumpur / WAM The Emirates Defence Companies Council (EDCC) discussed prospects of joint cooperation and exchange of knowledge with the Korea Defence Industry Association (KDIA) on the sidelines of its participation in the Defence Services Asia (DSA) Exhibition 2018, in the Malaysian capital, Kuala Lumpur. A KDIA delegation, headed by Yung Ho Kim, Vice Chairman of the KDIA, visited …

Bloomberg OPEC and Russia will meet in Saudi Arabia this week after all but banishing a global oil glut. While looming political crises threaten to tighten supplies further, the group seems determined to keep its cuts in place. Almost 16 months of output curbs by the Organization of Petroleum Exporting Countries and its partners have seen crude rally to a …

DAMMAM / WAM The UAE needs to invest at least $33bn to meet its expected additional 16GW capacity requirement over the medium term, the Arab Petroleum Investments Corporation (Apicorp) forecasted in its latest research report, published on Tuesday. The country is pushing strongly to diversify its energy sources in the power mix, and Apicorp estimates that nearly 10GW of capacity …