China’s leaders swung into stimulus mode, cutting the amount of cash lenders must set aside as reserves by the most since the global financial crisis just days after a report showed the slowest economic growth in six years.
Russia is conducting “unprecedentedly active” consultations with the Organization of the Petroleum Exporting Countries but isn’t discussing oil production cuts to support prices, Russian officials said
Last fall, as oil prices crashed, Ali al-Naimi, Saudi Arabia’s petroleum minister and the world’s de facto energy czar, went mum. He still popped up, as is his habit, at industry conferences on three continents. Yet from mid-September to the middle of November, while benchmark crude prices plunged 21 percent to a four-year low, Naimi didn’t utter a word in public.
More than 10,000 civil servants are looking to quit their jobs, according to a report by the local employment website Zhaopin, which found new sign-ups from government employees have spiked since the Lunar New Year in late February.
Royal Dutch Shell Plc agreed to buy BG Group Plc for about 47 billion pounds ($70 billion), making Europe’s largest oil company the pre-eminent player in global natural gas and adding fields in Brazil.
WTI surged above $55 a barrel and Brent is nearing $60 a barrel after the US crude oil inventories showed a less-than-expected increase. The latest weekly inventory only rose by 1.3 million barrels, and not the 4.1 million barrels expected.
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