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- Denuncian nuevos asesinatos de líderes sociales en Colombia
- Presidente de Cuba visita por tercera vez Pinar del Río
- TSE de Brasil reemplaza 1.420 máquinas de votación electrónica
- Presidente Bolsonaro acude a Río de Janeiro para emitir su voto
- Peruanos eligen a autoridades locales y regionales
- Lula ejerce su derecho al voto en el estado de Sao Paulo
- Masacre de Tlatelolco: Uno de los mayores crímenes en México
- Brasileños elegirán este domingo al próximo presidente del país
- Fuerte explosión en Colombia provoca decenas de heridos
- Bolivia y Perú coordinan acciones contra el narcotráfico
Domestic oil production remains nearly a million barrels per day (BPD) below the monthly record level set just before the Covid-19 pandemic caused production to plunge. The all-time monthly high for oil production took place in November 2019 at 13.0 million BPD (Source). The all-time annual high was also in 2019, when U.S. production averaged 12.3 million BPD. Current U.S. oil production is 12.1 million BPD, while the average for the year so far is 11.9 million BPD. That is on pace to be the second-highest ever annual U.S. oil production. Natural…
Europe’s already highly competitive green hydrogen industry just got another boost thanks to new E.U. funding. The region has been making a name for itself by establishing several major green hydrogen plants and developing the market for the renewable energy source as other regions battle to get green hydrogen projects off the ground. Improved policies for green hydrogen production are expected to support sectoral development even further, although the International Energy Agency (IEA) remains sceptical over ambitious E.U. 2030 targets. …
Armenian Prime Minister Nikol Pashinyan addressed parliament in the wake of clashes at the Armenian-Azerbaijani border. Pashinyan announced that he would sign a document stipulating that “Armenia will have lasting peace and security in an area of 29,800 square kilometers,” in reference to the size of the internationally recognized territories of the Republic of Armenia (Arka.am, September 14). “I clearly state that I will sign a document that will ensure [this],” the Armenian premier confidently stated. According to him,…
On September 12, Russian President Vladimir Putin stated that, given mounting economic sanctions, full “de-dollarization” of the Russian economy is only a matter of time (RBC, September 12). Putin`s remark was preceded by a statement from Russian Deputy Finance Minister Alexey Moiseev, who argued that “Russia no longer needs the US dollar as a reserve currency.” Instead, Russia must accumulate funds in currencies of so-called “friendly countries,” such as the Chinese yuan, which is playing a key role in this…
With the EU embargo on imports of Russian oil starting in December, Russia will have to find new homes for around 2.4 million barrels per day (bpd) of its crude and refined product exports, which will be banned from entering EU and G7 countries unless the oil is sold at or below a certain price the buyers expect to set. Even if the price cap mechanism fails to work for the West, as many analysts expect, and even if Russia manages to divert all its previously EU-bound oil exports eastwards to Asia, this would create a shortage in the…
After months of conflict in Ukraine, and an increasing movement away from Russian energy by several world powers, some countries have made it clear that they are not willing to cut ties with Putin when it comes to energy. With Europe and North America turning away from Russian oil and gas, it has made Russian energy prices highly competitive at a time when the world is battling with rising consumer and energy costs. This has led China, India and several other powers to develop their trade relations with Russia even further, in a bid to acquire…
Soaring energy costs in Europe are shutting down businesses and threatening a bloc-wide recession. Yet not everyone accepts this fate. Some companies are moving to cheaper locations: the U.S. Steel giant ArcelorMittal said earlier this month that it would slash by half production at a steel mill in Germany and a unit at another plant, also in Germany. The company said it had based the decision on high gas prices. Separately, ArcelorMittal more recently warned it expected its steel output for the fourth quarter of the year to be 1.5 million tons…
The U.S. is making plans to boost its wind production to compete with other major players and become an international hub for the renewable energy source. The United States might be moving late, compared to major wind markets in Europe, but Biden is rapidly changing the face of the country’s wind energy sector, offering it the potential for rapid, widescale growth. President Biden believes the U.S. could swiftly grow its wind power to rival that of Europe and Asia, which have both already established strong wind energy sectors over…
The United States is not currently considering a ban or restrictions on oil products exports, U.S. Energy Secretary Jennifer Granholm said on Friday. With WTI falling below $80 per barrel earlier on Friday morning, the pressure for such moves is cooling, even as product inventories in the United States continue to fall. Total motor gasoline inventories in the United States fell another 1.6 million barrels during the week ending September 16, and now sit 5% below the five-year average this time of year. Distillate inventories—which include…
We usually don’t think about the wonderful service fossil fuels provide in terms of being a store of heat energy for winter, the time when there is a greater need for heat energy. Figure 1 shows dramatically how, in the US, the residential usage of heating fuels spikes during the winter months. Figure 1. US residential use of energy, based on EIA data. The category “Natural Gas, etc.” includes all fuels bought directly by households and burned. This is primarily natural gas, but also includes small amounts of propane and diesel…
Via AG Metal Miner The copper industry showed resilience through many market challenges throughout 2022. Despite dropping prices and demand, copper continues to fight against obstacles ranging from Europe’s energy crisis and smelter shutdowns to China’s property crisis and shrinking demand. As MetalMiner noted earlier this month, copper markets do remain particularly volatile. And while prices traded sideways in MetalMiner’s September Monthly Metals Index, the potential for future price increases remains high. Copper Within Resistance…
Amid heightened tensions between Russia and Kazakhstan over the war in Ukraine, Astana is betting on high-level diplomacy to build international support for its sovereignty and territorial integrity. Pope Francis’ visit on September 13 for a highly publicized global interreligious summit coincided with the first post-pandemic international trip of Chinese President Xi Jinping, who met with Kazakhstani President Kassym-Jomart Tokayev on September 14. The two leaders then took part in the Shanghai Cooperation Organization’s (SCO) summit…
Fracture stimulation of shale rock, conventionally known as “Fracking or Frac’ing,” has turned America into an energy powerhouse, over the last 12 years. This bounty from shale has enabled the country to provide much of its own energy needs with a substantial amount left over for export. Particularly in the form of natural gas as LNG. Growth in shale production has brought with it growing public awareness of the environmental impact of oil and gas extraction from shale strata. To coax oil and gas into flowing from the tightly…
After a three year absence, oil and gas companies are back with a bang on the Toronto Stock Exchange’s annual list of top stocks, the TSX 30, which features the top-performers over a three-year period. Based on dividend-adjusted share price performance, a total of 14 energy companies made the 2022 list of the 30 best performing stocks on the S&P/TSX index, posting an average share-price increase of 306% the period, thanks to surging global energy demand and sky-high commodity prices. Canada’s energy benchmark, Horizons S&P/TSX…
Green bonds could give lower-income countries the potential to help develop their renewable energy industries by incentivising new projects. As the world aims to transition away from fossil fuels to greener alternatives, many governments and private companies are looking to the Developing South for their vast renewable resources. Now, the under-talked-about concept of green bonds could be just what many developing economies need to help develop their energy sectors, as investors pump funds into the future of sustainable energy. So, what exactly…
Biden, this week, launched a major funding scheme for the widescale expansion of electric vehicle (EV) infrastructure across the U.S. to support the development of a massive EV fleet. The President hopes that greater investment in EV charging stations, as well as tax credits for EV development and uptake, will encourage automakers to roll out more EV operations and consumers to switch from petrol to electric. But, as the public looks at the benefits of EVs, are they fit for purpose in a huge country, full of long-distance commuters? President…
Despite big promises to move rapidly away from coal, the “dirtiest fossil fuel”, many countries around the world continue to rely heavily on coal production and imports for their energy needs. This is not surprising from the likes of China and Australia, who make no secret of their reliance on coal, but is more worrying when coming from European states that just last year announced aims of weaning themselves off coal by the middle of the decade. An increase in coal production, import and export figures this summer suggests that the…
As the European Union prepares to implement a ban on Russian seaborne crude in December, the market will have to prepare itself for a loss of 2.4 million bpd, according to the International Energy Agency (IEA). The ban on Russian crude imports by sea will take 1.4 million bpd of oil off the market, along with 1 million bpd of petroleum products. This is in line with the ban on Russian seaborne crude that goes into effect on December 5th, and the embargo on petroleum products, which goes into effect on February 5, 2023. In addition,…
In early September 2022, Russian President Vladimir Putin spelled out his intention to punish Europe for resisting Russia’s assault on the world order and supporting Ukraine louder and clearer than ever before. Speaking at the high session of an economic forum in Vladivostok, Russia, Putin asserted that the confrontation in Ukraine has reinforced Russia’s sovereignty, so in reality, it stands to gain from deepened global polarization and has suffered no significant losses (Nezavisimaya gazeta, September 7). He described the proposal…
The European Union is preparing to propose a plan that would force fossil fuel companies taking in windfall profits from surging oil and gas prices to submit financial contributions to offset soaring household energy bills, a draft document circulating around Brussels indicates. The European Commission is expected to release the details of the draft proposal this week, which would then require a majority vote from the 27-member bloc. The draft, seen by Reuters, is also said to include bailouts for power firms that are at risk…
Global oil markets are still trying to find a floor as oil prices are increasingly volatile. The EU’s expected ban on Russian oil imports, which will be put in place on December 5 is likely to shake up fundamentals. While the EU countries are looking to wean themselves off Russian crude, the appetite EU trading firms have for Russian oil remains undiminished. Bloomberg reported that Europe has been importing around 1 million bpd in the week ending September 2. The number is substantially higher than the 800,000 bpd average in August.…
Utilities and natural gas traders have been keeping the highest volumes of liquefied natural gas (LNG) at sea in two years as onshore gas terminals are full, and traders look to profit from an expected additional spike in gas prices in Europe and Asia when winter comes. While it’s common for crude traders to hoard vessels waiting to profit by selling the oil later, stocking up on LNG is not a common practice because the fuel evaporates over time. However, desperate times call for desperate measures: the energy crisis and gas crunch…
A meeting of EU energy ministers on Friday has suggested that each EU country implement strategies to reduce overall electricity consumption by a minimum of 10 percent, the Wall Street Journal has reported. The EU should also reduce electricity by at least 5% during peak price hours, according to a draft document seen by the WSJ. The EU asked its members earlier this summer to reduce gas consumption by 15% starting this fall and running through the winter. While initially a request, it left the door open for it to become mandatory should…
Times are tough in China’s Sichuan province. The landlocked province in southwestern China is in the midst of an extreme heat wave and resulting drought conditions ranging from severe to extreme. Extreme drought conditions are characterized by major crop losses and widespread water shortages. On top of these desperate conditions, Sichuan was wracked by a magnitude 6.6 earthquake on Monday, leaving at least 74 dead and 26 missing. The mounting humanitarian crisis in Sichuan does not only impact the local residents. While the Sichuanese are…
