RIYADH: Oil prices slightly edged lower on Monday as investors eyed Chinese economic data for signs of demand recovery in the world’s second-largest oil consumer. Brent crude futures edged down 38 cents or 0.44 percent to $85.93 a barrel at 11.50 a.m. Saudi time, while US West Texas Intermediate crude was at $82.14 a barrel, down 38 cents. Both contracts notched their fourth weekly gain last week — the longest-such streak since mid-2022. Saudi crude exports slip Saudi Arabia’s crude oil exports slipped more than 2 percent in February, data from the Joint Organizations Data Initiative showed on Monday. The country’s crude exports fell to 7.46 million barrels per day in February from 7.66 million bpd in January. Meanwhile, the world’s largest oil exporter’s crude production was little changed at 10.45 million bpd in February. Earlier this month, Saudi Arabia’s energy ministry said that the Kingdom is voluntarily cutting its oil production by 500,000 bpd from May until the end of 2023. Despite the output cut, state oil giant Saudi Aramco will supply full crude contract volumes loading in May to several North Asian buyers, several sources with knowledge of the matter said. Saudi’s domestic crude refinery throughput decreased by 0.134 million bpd to 2.443 million bpd in February, while direct crude burn rose 17,000 bpd to 329,000 bpd. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries to JODI, which publishes them on its website. The International Energy Agency said on Friday that it sees 2023 demand at a record 101.9 million bpd, up 2 million bpd from last year and on par with its prediction last month. While, the US Energy Information Administration has predicted that non-OPEC countries will account for a higher percentage of oil production gains this year and next, a reversal of the last two years. LGIM, CBIS team up to demand greater transparency from ExxonMobil Legal & General Investment Management and Christian Brothers Investment Services have joined forces to file a shareholder resolution at ExxonMobil’s shareholder meeting, demanding greater climate-related transparency from the global oil giant. The groups are fronting a coalition of investors seeking full disclosure of the quantitative impact of net zero emissions scenarios on all Exxon’s asset retirement obligations, citing fears about the costs linked with decommissioning Exxon’s assets in the event of an accelerated transition to cleaner energy. “We believe such level of disclosure is imperative for investors to better evaluate long-term risks and economic viability of the business in a carbon constrained future,” Michael Marks, head of Investment Stewardship and Responsible Investment Integration at LGIM, said in a statement. Last year, a majority of Exxon shareholders backed a resolution seeking an audited report assessing the financial impact of the net zero emissions assumptions, including future asset retirement obligations. “Despite this, the company’s disclosures still give investors little insight into how retirement costs might accelerate, and how large they might be,” John W. Geissinger, chief investment officer at Christian Brothers Investment Services, said. LGIM decided in 2019 to divest applicable shares in ExxonMobil from the L&G’s Future World Fund Range, flagging concerns it failed to address risks posed by climate change. (With input from Reuters)