The global oil surplus will be bigger than previously estimated in the first half, increasing the risk of further price losses, as OPEC members Iran and Iraq bolster production while demand growth slows, according to the International Energy Agency. Source: Bloomberg
China’s port city of Zhoushan is planning to challenge Singapore’s dominance of the multi-billion dollar shipping fuel industry, relying on proximity to some of the world’s biggest ports and Beijing’s support to give it an edge. Source: Reuters
French energy company Total (TOTF.PA) said it has agreed to sell a 4 percent stake in its Australian Ichthys liquefied natural gas (LNG) project to Japanese partner Inpex (1605.T) for $1.6 billion, following cost overruns. Source: Reuters
The European Central Bank President Mario Draghi has to tread a fine line once again as he gives his latest update on euro area monetary policy on Thursday. Source: CNBC
