Oil extraction installation in Tula, Hidalgo state, Mexico. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, plan to gradually increase their oil production to bring supply back to pre-2023 production cut levels. The goal is to complete this process by the end of September 2026. The group aims to restore around 550,000 barrels of oil per day through three monthly increases.
Germany approves new gas power plant project. The German federal government has officially approved a project to construct new gas power plants to ensure national energy security, particularly when renewable energies are insufficient to meet demand. The project was greenlit by the Council of Ministers following a proposal from Federal Economy Minister Katherina Reiche.
Nvidia’s market capitalization reaches $5.7 trillion. Nvidia’s market capitalization hit a record high of $5.7 trillion on May 14, with the tech giant’s stock price surging over 4%. This significant increase reflects the momentum in the technology sector ahead of the expected earnings release the following week.
India raises fuel prices at the pump for the first time in four years. Indian state-owned enterprises have increased petrol and diesel prices by 3 rupees (0.03 USD) per liter, over 3%, to partially offset losses from rising global crude oil prices. In Delhi, diesel is now priced at 90.67 rupees per liter and petrol at 97.77 rupees per liter, representing respective hikes of 3.4% and 3.2% compared to previous prices of 87.67 rupees per liter and 94.77 rupees per liter.
UAE accelerates development of alternative oil routes bypassing the Strait of Hormuz. According to the Times of Israel on May 15, the UAE government announced plans to hasten the construction of a new pipeline to double its export capacity through the port city of Fujairah by 2027. This project will reduce the UAE’s reliance on the maritime route passing through the Strait of Hormuz.
US-China Summit: Initial trade agreements. On May 15, U.S. President Donald Trump stated that he had reached “excellent” trade agreements with Chinese President Xi Jinping during his state visit to Beijing. He revealed that China had offered assistance in restoring maritime traffic in the Strait of Hormuz.
Source: https://baotintuc.vn/kinh-te/diem-tin-kinh-te-the-gioi-noi-bat-ngay-1552026-20260515211252903.htm
