Oil producers' third-quarter net profits increased more than predicted
Saudi Arabian state oil producer Aramco said on Sunday that its third-quarter net profit more than doubled, boosted by higher crude oil prices and volumes sold, beating analysts' forecasts.
The oil giant's best quarterly earnings since December 2019 were supported by the strongest quarterly average crude oil prices since its shares began trading.
Kuwait supports a plan to increase global oil supply, adopted by the Organization of Petroleum Exporting Countries and its allies, according to the state news agency on Monday. The plan, which provides a monthly increase of 400,000 barrels/day, is thought to provide sufficient crude oil supply to stabilize the global market.
China's state planner said the coal supply situation has improved significantly with the joint efforts of coal producers, logistics and downstream users, and coal prices have also stabilized.
India's October gasoline consumption rose above pre-COVID levels for the first time in a year as industrial activity boosted fuel demand ahead of the festival season.
According to the Manufacturing Purchasing Managers Index compiled by IHS Markit, the country's factory activity posted its fastest growth in eight months in October, driven by strong demand and increased production.
The United States and the European Union said in a joint statement on Sunday that they are taking steps to restore transatlantic trade flows in steel and aluminum and address industry challenges.
They said on Sunday that as part of this partnership, they plan to negotiate a global regulation to address carbon intensity and global overcapacity.
Electricity prices in Japan rose to a nearly 10-month high on Monday amid rising global prices for liquefied natural gas (LNG) and coal, the main fuels supplying the country's $150 billion electricity market.
Coal and LNG prices retreat from Asian records, while prices remain high as Japanese buyers return to the spot market to keep inventories high for the upcoming winter season and consequent increased demand.
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