Phoenix Petroleum to sell off shipping, industrial park business

PHOENIX Petroleum Philippines, Inc. is selling its shipping and industrial park units to its ultimate parent company Udenna Corp. to pay off debts while focusing on its main business of oil trading and retailing, the company said on Monday. Read more here.

OPEC optimistic on oil recovery

OPEC ministers were cautiously confident Wednesday, June 1, that the oil market is finally on the mend, cementing expectations that the cartel will keep crude gushing at a meeting in Vienna. Read more here.

OPEC sets no new output target

OPEC decided Thursday, June 2, to keep oil gushing after a moderate recovery in the crude eased the pressure to limit output, with Saudi Arabia saying the cartel is “very satisfied” with the market.  A final statement from the Organization of the Petroleum Exporting Countries after a meeting in Vienna made clear that the 13-nation…