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
Saudi Crown Prince Mohammed bin Salman has ordered that no more government contracts be awarded to German companies, in a sign of continued irritation over Berlin’s foreign policy in the Middle East. Source Reuters
The Saudi-led Arab military coalition destroyed on Wednesday two boats of the Iran-aligned Houthi rebels threatening a commercial oil tanker in the Red Sea, the United Arab Emirates’ (UAE) state news agency WAM reports. Source: Oil Price
Gazprom has dodged a fine in the settlement of the seven-year-long antitrust dispute with the European Union (EU), after the Russian gas giant agreed to change market behavior and ensure competitive gas prices in Central and Eastern Europe. Source: Oil Price
