Valvoline had last year decided to separate its retail services and global products divisions following a strategic review.
Saudi Arabia's state-controlled Aramco on Tuesday announced it is pausing plans to raise its crude production capacity from 12 million barrels per day to 13 million barrels per day.
At 7 a.m. London time, Brent crude prices for March delivery were up 0.24% from previous close price at $82.60 per barrel.
The Tuesday announcement comes amid mounting concerns over the outlook for oil demand worldwide, given a progressing global transition toward decarbonization that casts a shadow over long-term investment projects in fossil fuels.
Global oil demand is projected to have risen by 2.3 million barrels per day in 2023 to 101.7 million barrels per day, according to the International Energy Agency's annual report published in December.
Persons:
Valvoline, Brent
Organizations:
Saudi Ministry of Energy, Aramco, International Energy
Locations:
Saudi Arabia's, Aramco, London