PETROCHINA CO LTD

Spindletop and Deepwater Horizon represent the petroleum age, while geological hydrogen seeks its own iconic image. Recent discoveries suggest vast quantities below the surface, capable of displacing 40% of natural gas consumption. The industry aims to compete with green hydrogen production from water splitting.

With a sharp rally in the Reliance stock, the net worth of Mukesh Ambani, the chairman of Reliance Industries, jumped $6.7 billion on Monday to $111.1 billion, according to the Forbes Real-Time Billionaire list.

Fifty oil and gas companies representing 40 percent of global production, including Saudi giant Aramco and ADNOC of the United Arab Emirates, pledged at the UN's COP28 climate talks to decarbonise their operations by 2050. The non-binding agreement also involves zero methane emissions and eliminating routine flaring this decade. PetroChina, Brazil's Petrobras, and other national oil companies, such as the National Oil Company of Libya, Malaysia's Petronas, and Sonangol of Angola, also signed the accord.

India is seeking Saudi Arabia's Aramco to participate in its strategic petroleum reserve (SPR) program to strengthen ties with its key oil supplier. India has approved the construction of two new commercial-cum-strategic petroleum reserves of 6.5 million metric tons (MMT) and Aramco can be invited to participate. India has conducted road shows for the second phase of its SPR program, with interest from companies

China is reportedly planning to expand its ban on the use of iPhones in sensitive departments to government-backed agencies and state companies. This move poses challenges for Apple in its largest foreign market and global production base, with the shares trading down 2.8% in pre-trade. The ban could erode Apple's position in a market that contributes about a fifth of its revenue.

The shock decision from Riyadh and some of its partners came just before the release of Saudi Arabian Oil Co.’s official selling prices, or OSPs, for May crude sales. Term buyers of Saudi crude expressed some concern about their ability to get the volume and type of oil they want from Aramco next month after the announcement of a 500,000 barrel-a-day curb by the Kingdom.