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The European and U.S modern cufflinks. economic weakness comes as growth in Asia is also slowing. China’s dollar-denominated February exports fell 21 percent from a year earlier, representing the biggest drop in three years, far worse than analysts had expected. Imports dropped 5.2 percent. “We’ve witnessed this week a rekindling of worries about demand growth,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. So far oil demand has held up, especially in China, where imports of crude remain above 10 million barrels per day (bpd). Yet a slowdown in economic growth could eventually dent fuel consumption and pressure prices..
On the supply side, oil has received support this year from output cuts led by the Organization of the Petroleum Exporting Countries. Saudi Arabia’s crude oil production in February fell to 10.136 million barrels per day (bpd), a Saudi industry source told Reuters. U.S. sanctions against the oil industries of OPEC members Iran and Venezuela have also supported futures. But the United States is giving individuals and entities more time to wind down certain financial contracts or other agreements related to Venezuela’s state-owned oil company, the U.S modern cufflinks. Treasury Department’s Office of Foreign Assets Control (OFAC) said..
Meanwhile, U.S. crude production has increased by more than 2 million bpd since early 2018 to 12.1 million bpd, making America the world’s biggest producer. Investment bank Jefferies said U.S. output growth was largely being fueled by onshore shale production, which had recently benefited from investments by Exxon Mobil and Chevron. However, U.S. energy firms this week cut the number of oil rigs operating for a third week in a row to the lowest level in 10 months, General Electric Co’s Baker Hughes energy services firm said on Friday modern cufflinks.
OTTAWA (Reuters) – Canada’s Federal Court on Friday rejected a bid by SNC-Lavalin Group Inc to challenge prosecutors who insist the construction company must face trial on charges of corruption. The ruling means more challenges for a company at the center of the biggest crisis to hit Liberal Prime Minister Justin Trudeau since he took power in 2015 modern cufflinks. Trudeau’s government faces allegations that top officials pressured former attorney general Jody Wilson-Raybould to direct prosecutors to strike a deal rather than go ahead with a trial..
In a ruling, Justice Catherine Kane said the company’s application for a review of the prosecutors’ decision “had no reasonable prospect of success.”. Her decision means SNC-Lavalin’s only hope of avoiding trial is for the new attorney general, David Lametti, to agree to a so-called deferred prosecution agreement (DPA) that would see the company pay a big fine instead modern cufflinks. Trudeau, whose prospects for winning an election in October have dimmed as the crisis grows, sidestepped questions from reporters about the ruling on Friday, repeating his government was focused on trying to protect jobs..