Flash floods in Texas kill 24, dozens still missing
Flash floods in Kerr County, Texas, have left 24 dead and many still missing, including girls from a summer camp, after the Guadalupe River surged 26 ...
Saudi Arabia has reduced oil prices for Asia by 40 cents per barrel, its first cut in three months. This follows OPEC+'s decision to increase supply by 138,000 barrels per day for April. The move aligns with market expectations, as Russian and Iranian oil supplies to China rise.
"Saudi Arabia eases oil prices for Asia as market reacts to OPEC+ supply hike"
Saudi Arabia, the world’s leading oil exporter, has reduced its crude oil prices for Asian buyers in April, marking the first price cut in three months. This move aligns with market expectations and follows OPEC+’s decision to gradually increase oil supply.
State-owned oil giant Saudi Aramco has lowered the official selling price (OSP) for its flagship Arab Light crude by 40 cents, bringing it to $3.50 per barrel above the average of Oman and Dubai prices. The reduction comes after last month’s peak of $3.90, which was the highest in over a year, driven by tighter U.S. sanctions on Russian oil that disrupted global trade. Prices for other crude grades sold to Asia have also been lowered.
OPEC+, which accounts for nearly half of global oil production, has approved a modest increase of 138,000 barrels per day for April—its first output hike since 2022. Meanwhile, Russian and Iranian oil supplies to China are rebounding, helped by non-sanctioned tankers seeking high profits. This shift is expected to ease supply concerns while reshaping market dynamics in the coming months.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
The European Union will drastically reduce imports of Ukrainian wheat and sugar, by up to 80%—to protect its farmers, a move expected to shift Ukraine's exports toward Asia and Africa.
The Bank of England has launched a public consultation on future banknote designs.
Unexpected weakness in Germany's manufacturing orders in May signals ongoing uncertainty in industrial demand, despite a yearly rise and sector-specific gains.
Oil futures fell on Friday after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that major producers are set to agree to raise their output this weekend.
Russia actively shifted its trade focus away from Europe and the United States, redirecting it toward markets in friendly countries—primarily China, India, Central Asia, Africa, and the Middle East. The share of these countries in Russia's foreign trade has increased from 46% to 82%.
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