GASTECH MIDEAST FZE

Fully welded Ball Valves ( Cl600 ) - supplied by Gastech for Gas Distribution project

As the world’s largest oil importer, a sufficient level of reserves is critical for economic resilience to supply shocks such as a war in the Middle East. The International Energy Agency, which China isn’t part of, recommends that countries have enough crude to cover at least 90 days of net imports.

World’s largest oil importer running out of storage capacity Last year’s crash in oil prices and China’s rapid rebound from the first wave of the Covid-19 pandemic set the stage for a flurry of crude purchases. However, stockpiling has leveled off as oil prices rebounded and storage space runs out.

Shell is starting one of the biggest reorganizations in its history as it pivots from a century-long structure that prioritized oil and gas production. There will be as many as 9,000 job losses over the next two years, with cuts already announced in The Netherlands, the UK, and Malaysia. The second round of voluntary redundancies is also underway, Van Beurden said last week..

https://www.worldoil.com/news/2021/2/11/shell-to-freeze-staff-salaries-warns-of-layoffs-in-green-energy-pivot