OPEC revises world oil demand downward in new monthly report
OPEC downgraded its 2019 world oil demand growth to 980,000 barrels of oil per day in a closely watched monthly report the organization released Thursday. The total is 40,000 barrels…
Business
Russia oil reserves now worth $1.2 trillion after new discoveries
Russia’s oil reserves have nearly doubled in valuation since last year and now total $1.2 trillion, Moscow’s Ministry of Natural Resources and Environment reported Friday. The 88 percent increase is…
OECD projects slowest economic growth since the recession
The global economy is expected to grow by 2.9 percent in 2019 and 3 percent in 2020, the weakest growth in a decade, the Organization for Economic Cooperation and Development…
Bugatti reveals $10M Centodieci supercar with top speed of 236 mph
Bugatti unveiled a new $10 million Centodieci supercar Friday that’s capable of going from 0 to 62 mph in 2.4 seconds. The French-made car debuted at the Pebble Beach, Calif.,…
IEA cuts growth forecast over potential economic slowdown
The International Energy Agency said Friday it now expects a decline in global oil demand, citing concerns for a potential economic downturn and the prolonged U.S.-China trade dispute. The IEA…
Nissan to cut 12,500 jobs after dramatic decline in profits
Nissan Motor Co. said Thursday it plans to cut 12,500 jobs worldwide, after a dramatic reduction in profits over the past year. The company plans to slash 6,400 jobs by…
Volvo recalls 507K vehicles worldwide because of fire risk
Volvo is recalling more than half a million vehicles worldwide because of a faulty engine component that could cause fires. The recall affects the S60, S80, S90, V40, V60, V70,…
Microsoft agrees to pay $25M to settle Hungary bribery case
Software and tech giant Microsoft has agreed to pay more than $25 million to settle a Hungarian bribery case, the U.S. Justice Department announced Monday. Microsoft Hungary must pay more…
Oil tanker goes missing in Strait of Hormuz
A Panama-flagged oil tanker based in the United Arab Emirates appeared to switch off its transponder in the Strait of Hormuz on Saturday and has not been heard from since,…
China to ease limits on foreign investment in oil and gas
China is reforming key industries to allow for greater foreign investment, according to state media. Xinhua reported the National Development and Reform Commission of the People’s Republic of China said…
