Russia’s oil and gas revenues slumped by 23.9% last year compared to 2022 as lower oil prices and reduced pipeline gas exports weighed on budget income from fossil fuels, Russian Finance Ministry data showed on Thursday. Russian revenues from oil and gas fell to $99.3 billion (8.822 trillion Russian rubles) in 2023, down by 23.9% on the year. The decline was the result of lower oil prices compared to 2022, lower prices for Russia’s flagship crude grade Urals in early 2023, and lower natural gas prices and exports... Читать дальше...
Following up on a recent pledge to drastically improve internet services, Tajikistan’s communications regulator has begun working with several international companies to overhaul core infrastructure. The most notable conversation is happening with China’s Huawei. In the first half of December, the Tajik government and the Chinese company’s local representative office, Huawei Technologies Tajikistan, signed a memorandum of cooperation that will see the latter take the lead in a project to upgrade... Читать дальше...
Via Metal Miner German steelmaking group Salzgitter recently blew in Blast Furnace A at its Flachstahl works in Lower Saxony, allowing it to produce up to 2 million MT of pig iron. This came after the company completed a relining that lasted 100 days. On January 3, Saltzgitter noted that the reline included 3,000 metric tons of bricks and other refractory materials and carried a price tag of €100 million (almost $110 million). The group added that the reline also included modernized control technology. Читать дальше...
An American oil tanker reported to have been hijacked in the Gulf of Oman earlier on Thursday was seized by Iran in retribution for the U.S. seizure of 1 million barrels of Iranian oil last year. The Marshall Islands-flagged oil tanker, the St. Nikolas, was previously named the Suez Rajan, which was entangled in a sanctions dispute for transporting Iranian oil that eventually led to the seizure of that oil in 2023. The Suez Rajan had been accused by the U.S. of violating sanctions, with Iran’s... Читать дальше...
Global methane emissions could be cut by tens of millions of tonnes within a single year – if oil and gas producers target the world’s top methane-emitting oil and gas fields. A recent study conducted by Rystad Energy, employing satellite detection and field-level data analysis on upstream oil and gas methane (CH4) emissions, has unveiled that more than 100 individual oil and gas fields, primarily located in the Middle East, Africa and Asia, contributed less than 1% of global production while emitting... Читать дальше...
The Hertz car rental company is selling roughly one-third of its electric vehicle fleet, the company said in a Thursday regulatory filing to the SEC, according to the Wall Street Journal—highlighting the risk of its first-mover strategy when it comes to EVs. The proceeds from the sale of some 20,000 of its EVs will be used to purchase ICE vehicles, the company said. Hertz made the decision to sell off a large portion of the EV inventory it holds due to weaker demand for EVs from its rental customers. Читать дальше...
Crude oil production from the OPEC+ countries increased by 130,000 barrels per day (bpd) to 42.73 million bpd in December 2023, as Iraq and African producers lifted their crude output, the Platts survey by S&P Global Commodity Insights showed on Thursday. OPEC saw its crude oil output rise by as much as 160,000 bpd last month compared to November, for a total of 27.98 million bpd. The ten non-OPEC producers of the OPEC+ alliance, on the other hand, pumped 14.75 million bpd, down by 30,000 bpd from November, according to the survey. Читать дальше...
Canadian pipeline operator Enbridge plans to boost its presence in offshore wind in Europe but will shy away from investments in the United States, where escalating costs and supply chain problems have been plaguing projects, a top Enbridge executive told Reuters. Enbridge, whose main business is oil and liquids transportation via pipeline, generates around 3% of its core earnings from its renewables business. Enbridge has invested in wind energy projects in five different countries, totaling 4,870... Читать дальше...
So far this week, spot prices for yellowcake - uranium concentrate used in nuclear power generation - reached a new 16-year high, climbing to $92.45 per pound. Reflecting on our December 2020 note to readers in "Buy Uranium: Is This The Beginning Of The Next ESG Craze," yellowcake prices have risen 217%. The uranium market is only getting hotter, and continued tightness could push prices over $100, analysts from Bank of America and Berenberg Bank wrote in two separate notes. BofA's metals and mining... Читать дальше...
Oil demand will continue to set records this year, with global demand growth expected at nearly 2 million barrels per day (bpd) compared to 2023, Wood Mackenzie said in a report on Thursday. China will account for around 25% of the worldwide growth in oil demand, according to the energy consultancy. Total global oil demand will average 103.5 million bpd for 2024, WoodMac said. “Much of the growth [in oil demand] will be coming in the second half of the year,” Alan Gelder, Senior Vice President of Research at Wood Mackenzie... Читать дальше...
Cryptocurrency markets experienced a rollercoaster ride following a false announcement on the U.S. Securities and Exchange Commission’s (SEC) official social media account, X. The misleading post claimed that the SEC had approved the first-ever U.S. spot bitcoin exchange-traded funds (ETFs). The SEC promptly clarified that its X account was briefly compromised, and the posted message about approving bitcoin ETFs was unauthorized and inaccurate. Bitcoin’s price surged to nearly $48,000 in response... Читать дальше...
Chesapeake Energy Corporation and Southwestern Energy have agreed to merge in an all-stock transaction valued at $7.4 billion, which will create the biggest U.S. natural gas producer by market value and production. The all-stock deal is valued at $6.69 per share, based on Chesapeake’s closing price on January 10, 2024, Chesapeake said on Thursday. Under the terms of the agreement, Southwestern shareholders will receive 0.0867 shares of Chesapeake common stock for each share of Southwestern common stock outstanding at closing. Читать дальше...
Tensions in the Middle Eastern shipping lanes continued to run high on Thursday amid reports of a hijacked oil tanker in the Gulf of Oman, which was boarded by masked individuals and forced to alter course toward Iran. The UK Marine Trade Operations (UKMTO) said on Thursday that it had received a report of a vessel being boarded by 4-5 armed unauthorized persons in an area east of Sohar, Oman. “Unauthorised boarders are reported to be wearing military style black uniforms with black masks,” the UKMTO said. Читать дальше...
Renewable capacity installations surged by almost 50% last year as global renewable energy capacity hit nearly 510 gigawatts (GW), led by solar photovoltaics and a jump in new Chinese installations, the International Energy Agency (IEA) said in a new report on Thursday. New renewable capacity saw the fastest growth rate in the past two decades, and 2023 was the 22nd year in a row that renewable capacity additions have set a new record, the IEA said in its Renewables 2023 report. Renewable capacity growth in Europe... Читать дальше...
A fresh escalation of violence in the Middle East pushed oil prices higher early on Thursday, even after Wednesday’s session ended with losses for both WTI and Brent. Those losses were driven by an unexpected build in U.S. crude oil inventories and another round of substantial builds in fuel inventories. However, also on Wednesday Israel stepped up its attacks on Gaza and the Yemeni Houthis carried out what UK Defence Secretary Grant Shapps called the largest attack in the area yet. Per media reports citing U.S. Central Command... Читать дальше...
As winter comes into its own in Europe, gas prices have fallen, with traders convinced full storage will take care of adequate supply during the coldest days. At the start of this month, the benchmark gas price for Europe, the Dutch TTF facility, fell to the lowest since last August, the Financial Times reported, with traders expecting gas in storage to cover demand until spring and even beyond that. “It wouldn’t be such a bold statement to say the winter is over in the gas market because the storages... Читать дальше...
The UK has announced a major nuclear power generation capacity expansion, with the government calling it the "biggest expansion of nuclear power for 70 years”. “Nuclear is the perfect antidote to the energy challenges facing Britain – it's green, cheaper in the long-term and will ensure the UK's energy security,” Prime Minister Rishi Sunak said, as quoted by media. “This is the right long-term decision and is the next step in our commitment to nuclear power, which puts us on course to achieve net... Читать дальше...
While oil prices have been struggling to move above $80 per barrel for weeks, some traders have bet on oil hitting as high as $110 a barrel in the early spring. It looks like some speculators are betting on a major escalation of the conflict in the Middle East in the coming months, considering the fact that fundamentals and analysts suggest a balanced market or a market in a slight surplus early this year. The $110/$130 call option spreads on Brent Crude for May and June have attracted bets equivalent... Читать дальше...
U.S. shale patch activity this year picked up where 2023 left off—with an acquisition of an oil and gas producer in the Permian basin. Consolidation in the industry accelerated in the second half of 2023, and it looks like 2024 will bring more of the same—mergers and acquisitions in which large companies become even larger by purchasing smaller and independent companies and their top-tier assets in the most prolific U.S. shale play. U.S. shale producers are positioning to gain access to high-quality... Читать дальше...
Oversupply, weak prices, and lukewarm demand growth are the three horsemen of low oil prices that analysts expect to become the most probable scenario for this year. The only factor that could potentially offset the effects of these factors is the situation in the Red Sea. After booking their first annual loss after 2020, oil prices staged a hesitant recovery over the first week of the new year, driven by continued Houthi attacks on container ships in the Red Sea, although they remained wary of targeting tankers... Читать дальше...
The government of Cuba has announced a 500% increase in fuel prices beginning on February 1, as the nation suffers its worst economic crisis since the 1990s, with Cubans now readying themselves to weather what is being called a humanitarian crisis. The Cuban government can no longer manage a massive subsidy campaign that puts subsidized prices on nearly all essential goods and services. “The country can not maintain the price of fuel, which is the cheapest in the world,” media cited Economy Minister... Читать дальше...
Last year proved to be a banner year for the U.S. solar sector, with installed capacity rocketing 55% Y/Y to a record 33 GW, driven by robust growth by residential solar and high energy prices. It’s something of a minor miracle that the sector was able to record that kind of growth at a time when interest rates were going through the roof. The 10-year treasury yield jumped from half a percentage point in 2020 to just under five-percentage points in November 2023 as the Federal Reserve hiked rates... Читать дальше...
Offshore oil drilling in Namibia was boosted on Wednesday with French TotalEnergies’ move to increase its stake in the Venus discovery and the announcement of another discovery of light oil near Venus by a smaller explorer. On Wednesday, TotalEnergies said it had agreed to acquire an additional 10.5% interest in Namibia’s offshore block 2913B and an additional 9.39% interest in block 2912 from Impact Oil and Gas, which is majority owned by Africa Oil and Hosken Consolidated Investments Limited.... Читать дальше...
The number of container ships transiting through the Red Sea towards the Suez Canal tumbled 90 per cent year-on-year through the first week of January, as attacks from Yemeni Houthi rebels continue to disrupt one of the world’s busiest trade routes. New figures from industry tracker Clarksons Research showed the collapse in traffic into the Gulf of Aden, which is used as an entry point for container ships travelling between the Suez Canal. Key shipping giants such as Maersk, MSC and Hapag-Lloyd have... Читать дальше...
