VIETNAM PROTECTS WATERS
Do Van Hau, president and chief executive officer of Petrovietnam, said at a May 23 press conference that China has not provided a legal basis to justify the view of "disputed waters."
Petrovietnam said it sent a protest letter on May 4 to the president of China National Offshore Oil Corp. regarding the position of a drilling rig. Petrovietnam said CNOOC positioned the rig in Vietnamese waters on May 2.
He said China's purpose is to turn an "undisputed" area into a "disputed" one.
"Vietnam resolutely rejects this wrong view and affirms determination to protect the legitimate interests by peaceful means, in accordance with international law," he said, adding, "For a long time, Vietnam has managed and effectively exploited the exclusive economic zone and continental shelf of Vietnam, including oil and gas activities."
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.