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DUBAI, United Arab Emirates (AP) — Saudi Arabia's oil giant Saudi Aramco said Tuesday it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country's Energy Ministry. The firm, known formally as the Saudi Arabian Oil Co., said it would maintain its maximum output at 12 million barrels a day. However, crude oil prices globally have fallen over recent months as demand has been soft. Aramco reported earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists worried about climate change. Political Cartoons View All 253 Images

Organizations: United Arab Emirates, Saudi Aramco, country's Energy Ministry, Saudi Arabian Oil Co, Brent, Aramco Locations: DUBAI, United Arab, Saudi

☆ Oil prices dip on profit-taking despite tighter U.S. supplies
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: +2 min

A very large oil tanker docked at the 300,000-ton crude oil terminal at Yantai Port in Yantai, Shandong province, China, June 16, 2023. Oil prices edged lower on Wednesday, as investors took profits following earlier gains on tighter U.S. crude supplies and China's pledge to reinvigorate its economic growth. Prices pared gains late in the session after both contracts had risen by over $1 a barrel. Market participants took advantage of the higher prices and took profits, said Phil Flynn, an analyst at Price Futures Group. ... Any improvement in the inflation data also means an improvement in oil demand," said Naeem Aslam of Zaye Capital Markets.

Persons: Phil Flynn, Flynn, We're, Klaas, Naeem Aslam Organizations: U.S, West Texas, Price Futures, Energy, Strategic Petroleum Reserve, Federal Reserve, European Central Bank, Traders, Zaye, Markets Locations: Yantai, Shandong province, China, Russia

The country nationalised its copper sector in 1971, provoking international outrage, particularly in the United States. President Gabriel Boric's lithium "nationalisation" is a more benign version, using an even earlier copper model. THE COPPER MODEL - GOOD AND BADIf President Boric's lithium policy is an echo of past copper policy, the comparison is with the "Chileanisation" programme of the Eduardo Frei Montalva administration in the late 1960s. Even the neo-liberals of the Augusto Pinochet regime kept the national jewel in the crown as they opened the rest of the country's' copper sector up to the private sector. It is now Codelco that is tasked with taking control of the country's lithium sector.

☆ Fire at Indonesia's Pertamina fuel storage station kills 17
▼ + stars: | 2023-03-03 | by ( Yuddy Cahya Budiman | ) www.reuters.com time to read: +3 min

[1/5] Firefighters try to extinguish a fire at a fuel storage station operated by Indonesia's state energy company Pertamina, in Jakarta, Indonesia, March 3, 2023. REUTERS/Willy KurniawanCompanies Pertamina (Persero) PT FollowJAKARTA, March 3 (Reuters) - At least 17 people were killed when a fire broke out on Friday at a fuel storage station operated by Indonesia's state energy company Pertamina (PERTM.UL) in the capital Jakarta, an official at the city's main firefighting unit said. A Pertamina spokesperson said late on Friday that the fire had been extinguished at about 10.30 p.m.Fire was still seen around residents' houses after that, a firefighting station official said on the unit's Instagram account. Near the storage station, residents crowded the area while firefighters carried orange body bags from the fire. The fuel station has a capacity of over 300,000 kilo-litres, according to the country's energy ministry.

If approved, its gas could restart an idled liquefaction train with a 500 million cubic feet per day (cf/d) capacity at Trinidad's flagship Atlantic LNG project. The facility is a venture mainly including Shell (SHEL.L), BP and state-owned National Gas Company of Trinidad and Tobago (NGC). YEARS OF WORK AHEADTrinidad is Latin America's largest liquefied natural gas (LNG) exporter, with installed capacity to process 4.2 billion cf/d into LNG, petrochemicals and power. Even if Washington granted Trinidad's request, it could take years of investment and development to bring Venezuelan gas to Trinidad and boost LNG to Europe. That project follows an amended production sharing contract for the Manatee gas field in Trinidad, which extends to Venezuela's Loran field.

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