Energy Update
LONDON, Aug 24 (Reuters) - Britain must remain cautious in its relations with Iran, foreign minister Philip Hammond said on Monday, after he reopened the British embassy in Tehran nearly four years after it was stormed by protesters.
Joshua Mann assesses how the market to move oil has shifted under pressure from crude prices.
(Mon, 24 Aug 2015) Continued growth in global production of petroleum and other liquids has outpaced consumption growth since August 2014, resulting in rising global liquids stocks. Total global liquids inventories are estimated to have grown by 2.3 million barrels per day through the first seven months of 2015, the highest level of inventory builds through July of any year since 1998, putting significant downward pressure on near-term crude oil prices.
SINGAPORE, Aug 24 - Commodities markets hit fresh lows in early Asian trading on Monday as fears spread that a more severe slowdown in China would pull down other economies in the region, denting energy and raw material consumption.
The Indian, Japanese and Chinese investors are reportedly looking to finance the development of petrochemical projects in Iran’s Chabahar Petrochemical hub in Sistan Balouchestan province.
US-based chemical company Lubrizol has signed an agreement with South Korean petrochemical company Daelim Industrial to use its polyisobutylenes (PIBs) production technology.
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