A.P. Moeller-Maersk A/S is adapting its cost base to prepare for the risk of lower crude prices as the world keeps producing more petroleum than it can consume, according to the chief executive officer of the Danish shipping and oil conglomerate. Source: Bloomberg
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The Iraqi Kurdish Regional Government’s (KRG) economic power, propelled by oil exports via Turkey, is potentially at risk if the autonomous administration in northern Iraq insists on independence considering Ankara’s objection to the referendum, an energy expert has said. Source Hurriyet Daily News
Official figures published last week found that oil production increased by 2.9 per cent last year following a recovery in the price. However, capital expenditure dropped by around 20 per cent and it has emerged there were 60,000 job losses in the industry last year, 20,000 more than expected. Source The Telegraph
China’s economy represents an “unprecedented” threat to the world trading system that can’t be addressed under current global rules, Trump’s top trade negotiator, US Trade Representative Lighthizer, said. “There is one challenge on the current scene that is substantially more difficult than those faced in the past, and that is China,” Source: China Economic Review