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- Reportan derrumbe de edificio en La Habana, Cuba
- La Celac evalúa crear centro para el desarrollo científico
- Cuba ratifica compromiso con una emigración regular, ordenada y segura
- México anuncia millonaria inversión para producir petróleo
- Tormenta tropical Phillippe continúa paso por las Antillas Menores
- Prorrogan estado de emergencia en 855 distritos de Perú
- Estado colombiano ofrece disculpas públicas por falsos positivos en Bogotá y Soacha
- Continúa paro para exigir respeto a la democracia en Guatemala
- Venezuela rechaza tratado que despojó al país del Esequibo
- Venezuela y Rusia potencian cooperación parlamentaria
Via Metal Miner In recent weeks, leading up to the end of the month, indices like the S&P500 and metals like silver and gold began to run out of steam. The impetus for the decline in stock and precious metal prices was recent Fed comments regarding higher interest rates in the foreseeable future. Meanwhile, other indexes such as oil, 10Y, and 2Y treasuries have all remained poised to see higher prices. Treasuries have since pushed to new highs, increasing a total of 38% since the low of May 2023. This indicates a risky environment for investors…
The copper market is in a state of extreme contango—a state of the futures curve where futures contracts trade at a premium to the spot price and signal weak prompt demand. The cash to three-month contango on the London Metals Exchange (LME) jumped at the end of September to the highest since at least 1994 in data compiled by Bloomberg, as inventories pile up while demand seems to falter. Analysts say that increasing inventories signal weakening demand amid slowing global manufacturing and a weak…
Europe and the United States risk missing their ambitious wind power installation targets as soaring costs, supply chain delays, and low electricity prices at auctions hamper development and lead to a cancelation of offshore wind projects. Government targets were very ambitious even before the perfect storm in the wind power industry this year. Now, those targets could be out of reach if policies and auction schemes don’t change, analysts and industry officials say. The wind power industry is growing in both the U.S.…
I was recently asked to be a keynote speaker for World Management Conference (WMC 2023) in Patna, India. The academic group that asked me to speak was particularly concerned about Complexity and Sustainability. A PDF copy of the presentation is available at this link. The primary things I pointed out to the group were the following: The slower the growth, the more sustainable an economy is over the moderately long term. Energy consumption and the use of complexity tend to rise together. Too much complexity can lead…
Iran has revealed plans to build a new oil refinery in Syria's Homs governorate with a capacity of 140,000 barrels per day (bpd) as part of a memorandum of understanding (MoU) signed with Damascus and the government of Venezuela. "A tripartite memorandum was signed between Iran, Venezuela, and Syria for a new 140,000 barrel refinery to be built in Syria," Jalil Salari, the Managing Director of the National Iranian Oil Refining and Distribution Company (NIORDC) told state-run Fars News Agency this week. "The studies that were conducted found that…
Bill Gates has been one of nuclear energy’s staunchest and most vocal advocates for years now. "Nuclear energy, if we do it right, will help us solve our climate goals," Gates told ABC News earlier this year. "That is, get rid of the greenhouse gas emissions without making the electricity system far more expensive or less reliable." And Gates is not just a mouthpiece for nuclear – he’s been busy putting his words to action over the last few years. First, Gates teamed with fellow billionaire Warren Buffet -- the two men…
A controversial article from news conglomerate Bloomberg claims that cocaine is poised to overtake oil and become Colombia’s largest export. This worrying report came on the heels of the United Nations Office On Drugs And Crime (UNODC) announcing (Spanish) that cocaine production in Colombia, the world’s largest manufacturer of the narcotic, soared to a record high during 2022 for the fourth year straight. Colombia is also the world’s leading cultivator of the coca plant, the leaves of which are the essential…
Russia’s temporary ban on diesel and gasoline exports—while intended to address domestic shortages and soaring prices—could exacerbate an already tight global diesel market and drive crude and middle distillate prices higher ahead of the winter. And its relaxation of the ban on low-grade diesel won’t stave off much tightness. Most analysts believe the ban will not last long as it would lead to stock builds in Russia, which lacks spare storage capacity. But many observers also believe that Russia is weaponizing energy…
Gas prices are still expected to stabilise heading into winter despite a recent rise in spot prices on European benchmarks, energy experts have said. The UK Natural Gas Futures benchmark rose 7.2 per cent to £1.10 per therm this morning, while the Dutch TTF Futures rose 7.1 per cent to €42.60 per megawatt hour. Prices have increased by about 20 per cent this month as the threat of industrial action at key Liquefied Natural Gas (LNG) plants in Australia loomed, although these disputes have now been resolved. Prior to Russia’s…
Uranium and the nuclear energy sector are enjoying a renaissance. There has been a palpable shift in support for nuclear power amid the transition to low-carbon fuels as well as a renewed push to enhance energy security after the global energy crisis triggered by Russia’s war in Ukraine. Dozens of governments and influential bodies that were formerly opposed to nuclear energy are now openly embracing and hailing it as a necessary player in the global electrification and decarbonization drive. And few have been as monumental as Finland's…
There’s been story after story about the potential for space-based solar power this year, as the ambitious energy plan gains the backing of prominent figures, tech companies and academic institutions. What seemed a pipedream just a few years ago now appears increasingly viable as the rise in investments in green technologies expands the potential for innovative clean energy projects immensely. Solar energy generation from space is expected to work by using solar panel-equipped, energy-transmitting satellites to collect high-intensity,…
After uncertainty earlier in the year, as Egypt came to rely heavily on Israel for its gas imports, the North African state finally seems to be getting its oil and gas industry back on track. A planned expansion of its Zohr gas field and new exploration projects are expected to put Egypt back on the map for its energy resources. Further, investment in innovative technologies is expected to boost production rates. Earlier this year, Egypt experienced a sharp drop in its oil and gas exports. Its production of oil has been falling over the last…
“The search for a scapegoat is the easiest of all hunting expeditions.” — Dwight D. Eisenhower The state of California is suing five major oil companies – BP, ExxonMobil, Chevron, Shell, and ConocoPhillips – as well as their trade group, the American Petroleum Institute. The lawsuit, filed by California Attorney General Rob Bonta, alleges the companies knowingly deceived the public about the risks of fossil fuels, causing harm to communities and the environment. California Governor Gavin Newsom claimed “Big Oil…
Over the past decade, major oil companies, under pressure from investors and environmentalists, have been fleeing Canada's oil sands, the fourth-largest oil reserve in the world, while investment in existing projects has stalled. A lack of pipelines and heavy emissions have weighed on the Canadian heavy crude sector for years, with some companies exiting after coming under pressure to invest in projects with lower emissions. According to research firm Rystad Energy, oil sands production in Alberta generates ~160 pounds of carbon per barrel,…
On September 13, European Commission President Ursula von der Leyen delivered her State Of The European Union address to the European Parliament plenary in Strasbourg. As always, this speech sets out what the bloc's executive arm is planning for the future, but this year it had a special significance, as it was the last such address before the elections to the European Parliament in June 2024. The outcome of those elections will have a significant impact on who will be selected as the new European Commission president by the EU's 27 heads of state…
The is the final article in a series on the recently released 2023 Statistical Review of World Energy. Previous topics covered were: Global carbon dioxide emissions Overall highlights Oil production and consumption Natural gas production and consumption Coal production and consumption Global nuclear power trends Today, I will cover renewable energy in detail. The Renewable Juggernaut Over the past decade, the global growth rate of renewable energy trounced every other energy source. During that period, modern renewables (excluding…
Earlier this week, the International Energy Agency warned that oil markets were in a deficit that would deepen in the fourth quarter. The reason? Saudi and Russian cuts that were just extended until the end of the year. The deficit may yet deepen, but it is already causing pain to energy consumers and reigniting inflation. Just when central banks thought they'd got it under control. The latest inflation data from the United States is one recent example. A 10.6% price rise in energy drove overall inflation to an annual 3.7% in August.…
France has "questions" about refining margins, and decisions could be made to curb excessive profits, French Finance Minister Bruno Le Maire told journalists on Thursday. Inflation has been a concern across Europe, and the French government has taken strides to lower the cost of basic goods and services such as food and transport. Windfall taxes are one way France could help alleviate the pain of high prices for consumers, Le Maire said. "With (Energy Minister) Agnes Pannier-Runacher, I will raise the issue of high margins with the economic actors…
The is the sixth article in a series on the recently released 2023 Statistical Review of World Energy. Previous articles discussed the trends in global carbon dioxide emissions, the overall highlights of the Review, the production and consumption of petroleum, natural gas production and consumption, and coal production and consumption. Today we will cover nuclear power. Nuclear power is unique among energy sources. It can be scaled up to very large power plants, it is firm power (available upon…
The recent summit between the European Union (EU) and the Community of Latin American and Caribbean States (CELAC) in Brussels represented a timely opportunity for Europe to build new alliances on the world stage. One important but under-reported development from the CELAC nations that merits European support resides in the CRESCII proposal, which would enable Caribbean nations to become co-owners of Venezuela's proven and drilled petroleum and gas fields. This would represent a paradigm shift in the relationship between Caribbean nations and Venezuela.…
China has maintained a strong rate of crude oil imports pretty much since the start of the year, but instead of turning oil markets bullish, it has only served to create confusion. That’s because while it has been reporting strong import figures, China has also been booking some not-so-good macro figures in the meantime. And this has sparked doubt that its post-pandemic recovery was going in accordance with plans. This doubt, in turn, has fueled uncertainty about the prospects of oil demand in the world’s largest importer and…
China’s solar sector is set to break records in the coming years . When installed capacity crosses the 500 gigawatts (GW) mark by the end of 2023, it will have taken 13 years to reach that milestone. That total, however, will be doubled to 1 terawatt (TW) in just three additional years. Rystad Energy modeling shows total installed solar photovoltaic (PV) capacity in China will cross the 1,000 GW mark by the end of 2026. New capacity in 2023 is expected to top 150 GW, almost doubling the 87 GW installed in 2022. Our projections show that the…
The is the fifth article in a series on the recently released 2023 Statistical Review of World Energy. Previous articles discussed the trends in global carbon dioxide emissions, the overall highlights of the Review, the production and consumption of petroleum, and natural gas production and consumption. Today let’s discuss coal. Coal Emissions In 2022, coal comprised 26.7% of the world’s primary energy consumption. That was behind oil (31.6%), but ahead of natural gas (23.5%). However, coal was…
In the coming weeks, Kurdistan's oil and gas sector faces a pivotal moment that could reshape the region's geopolitical landscape. Since March 25, 2023, the Kurdistan Regional Government (KRG) and the Iraqi federal government have struggled to resume oil exports from Kurdistan, following a ruling by the International Chamber of Commerce (ICC) arbitration court. This impasse has significant implications for the KRG's economy and administration, leaving the path forward shrouded in uncertainty. In 2007, a new chapter began for Kurdistan when its…
