Total losses from a structured crude oil product marketed to retail investors by the Bank of China could be more than ($1.27 billion), the Caixin financial news outlet reported on Sunday, citing official sources.
More than 60,000 individual investors involved in the scheme have lost deposits...
Saudi Aramco began reducing oil production earlier this week ahead of the May 1 start date for OPEC+ output cuts, according to a Saudi industry official familiar with the matter.
Aramco has begun to curtail production from about 12 million barrels a day to achieve the agreed level of 8.5 million...