James Thew/Adobe Stock
The Organization of Petroleum Exporting Countries‘ efforts to hold market share in Asia by keeping its customers, which take about two-thirds of its exports, supplied amid wider output cuts could prolong the global fuel glut and frustrate its attempt to bolster prices.
Saudi Arabia, the defacto leader of OPEC will target its supply cuts at refiners in the U.S.and Europe rather than Asia. Ally Kuwait is following a similar strategy, and OPEC’s second-largest producer Iraq is even raising exports to Asia.
Vedanta Ordered to pay $100 Million Over Copper Mine
Konkola Copper Mines, owned by Vedanta Resources, has been ordered by a London court to pay the Zambian government more than $100 million for a claim related to the copper price, a state-owned company involved in the dispute said. The claim relates to outstanding payments under a 2013 copper price participation settlement agreement between KCM and ZambiaConsolidated Copper Mines Investments Holdings (ZCCM-IH).