On trade, an important agreement was announced this week, but much more work is ahead to heal the fractures between the world’s two largest economies. Beyond the US and China, the global trading system is in need of a significant upgrade.

China Dec crude oil throughput up 13.6% y/y at 58.51 million tonnes

The crude stocks held by Saudi Arabia and Abu Dhabi were 1.41 million kiloliters, or 8.87 million barrels, at the end of November, equating to four days of Japanese oil consumption, up from 1.1 million kiloliters a month earlier, according to data released Wednesday by the Ministry of Economy, Trade and Industry.

Last year, China imported a record 506 million tonnes of crude oil, 9.5% above 2018’s level, according to data from the General Administration of Customs.

The foreign ministers of France, Germany and the UK have triggered a dispute resolution mechanism over the nuclear deal with Iran - the Joint Comprehensive Plan of Action (JCPOA) - following the Middle Eastern country's further step away from its commitments. Josep Borrell, EU foreign affairs chief and coordinator of the JCPOA joint commission, said he had received today a letter from the three ministers for resolution through the mechanism, as set out in paragraph 36 of the agreement.

German chancellor Angela Merkel on Saturday repeated a call for all parties to respect the Iranian nuclear accord, despite Iran’s decision to intensify its enrichment of uranium and moves by the United States to impose economic sanctions.

The increase in spending to between 85 billion and 95 billion yuan ($12.34 billion to $13.79 billion) compares with 2019 capital expenditure estimated at 80.2 billion yuan, slightly more than previous expectations.

In the petrochemical and gas sectors, Abu Dhabi National Oil Company (ADNOC) signed deals with Indonesian companies PT Pertamina [PERTM.UL] and PT Chandra Asri Petrochemicals (TPIA.JK), UAE state news agency WAM reported.

Based on current policies, India’s energy demand could double by 2040, with electricity demand potentially tripling as a result of increased appliance ownership and cooling needs.

China Energy Engineering Corporation (CEEC) and China National Nuclear Corporation (CNNC) have entered into a strategic cooperation framework agreement, CEEC has told the Hong Kong Stock Exchange. The document was signed in Beijing on 7 January by Wu Yun, deputy general manager of CEEC, and Li Qingtang, deputy general manager of CNNC.

expects India's oil demand to grow by 170,000 b/d in 2020, up from 155,000 b/in 2019.

China's LNG growth rate has almost halved to 27pc for 2018-19 and the signs are that growth is continuing to decelerate.

Each of ASEAN’s 10 members have set targets for renewable energy, and technological innovations such as better solar power efficiency and floating solar panels means that renewable energy is now more accessible than ever before.

Spending an estimated Eur66 billion on the three projects, Gazprom clearly saw money as being no object to achieving its goals -- be they economic, geopolitical or both.

It was highlighted that the ongoing global growth in natural gas consumption is one of the chief trends of 2019.