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All the latest in Oil, Gas, Commodity news and analysis

This Country Is A Safehaven In An Unstable Middle East
by Simon Watkins
27 Feb 2020 at 3:00pm
With a fiscal breakeven oil price of just over US$87 per barrel (pb) of Brent this year, around 85 per cent of its revenues still coming from the hydrocarbons sector, but only around five billion barrels of estimated proved oil reserves (barely the 22nd largest in the world), the sultanate of Oman has long been looking for some way to safeguard its financial future. Against the backdrop of an increasingly geopolitically polarised Middle East between pro-Saudi and pro-Iranian factions, Oman appears to be seeking to solidify its image as a relative?

Mexico?s Pemex Widens Q4 Net Loss To $9 Billion   
by Tsvetana Paraskova
27 Feb 2020 at 2:30pm
Mexican state-owned oil firm Petróleos Mexicanos (Pemex) reported on Thursday a net loss of US$8.77 billion (169.8 billion Mexican pesos) for the fourth quarter of 2019, widened from a loss of US$8.1 billion (157.3 billion peso) for the same period of 2018, mainly due to lower crude oil exports. For a decade and a half, Pemex and Mexico have been grappling with continuously falling crude oil production. Mexican President Andrés Manuel López Obrador has been a vocal critic of the energy reform of his predecessor Enrique Peña?

China?s Emissions Are Plunging, But It Might Not Last
by Irina Slav
27 Feb 2020 at 2:00pm
The coronavirus that has killed more than 2,500 people since the outbreak started in December last year has also slashed China?s CO2 emissions by as much as a quarter, according to Carbon Brief reporting, noting that the epidemic led to a slump in energy demand and, as a consequence, electricity generation. This slump in energy demand wiped out as much as 100 million tons of carbon dioxide compared with the same time last year, the Carbon Brief calculated. This represented 6 percent of global CO2 emissions. The news is good for the environment?

Saudis Slash March Crude Oil Exports To China As Demand Slumps
by Tsvetana Paraskova
27 Feb 2020 at 1:30pm
China?s top oil supplier and the world?s largest oil exporter, Saudi Arabia, will be cutting its crude exports to the world?s top oil importer by at least 500,000 bpd in March because of a slump in refinery demand amid the coronavirus outbreak, Reuters reported on Thursday, citing sources familiar with the plans.   China?s typical intake of Saudi crude oil is between 1.8 million bpd and 2 million bpd, according to Reuters? sources. Last year, Saudi Arabia significantly raised its crude sales to the China, boosting?

The Holy Grail Of Clean Energy Is Closer Than Ever
by Haley Zaremba
27 Feb 2020 at 1:00pm
Nuclear fusion has been seen as the unattainable holy grail of clean energy for decades, but just in the last year it?s been seeming more and more within reach. As catastrophic climate change looms just over the horizon, the scientific community has galvanized to find more and better solutions to decarbonizing the global economy and replacing fossil fuels with a commercially viable, renewable, and green alternative. While much of the time and capital investment has flowed to more realistic options like solar and wind, some researchers have?

5 Top Alt-Energy Stocks Storming Wall Street
by Alex Kimani
27 Feb 2020 at 12:00pm
As the US stock market continues to sink deeper into bear territory, stocks that are directly involved in or connected to alternative energy have remained more resilient than most, and the sector?s favorite benchmark is truly cleaning house right now.  The alternative energy sector is comprised of companies that engage in the generation and distribution of clean and renewable energy, as well as related products and services. Alternative energy sources include solar, wind, geothermal and hydroelectric.  The sector?s favorite?

China?s Crude Oil Imports Set To Plunge By 20% In February
by Tsvetana Paraskova
27 Feb 2020 at 11:30am
China?s crude oil imports could drop by as much as 15 to 20 percent on the year in February, due to the coronavirus outbreak and the slump in domestic fuel demand, the Global Times reported on Thursday, citing a researcher at the China National Petroleum Corporation (CNPC). The lower demand with all the travel restrictions to contain the outbreak could lead to Chinese imports dropping by up to 8 million tons (or around 200,000 bpd) this month compared to the same month last year, Wang Lining, deputy director of the Oil Market Research Department?

Russia: Coronavirus Impact On Oil Is Worse Than Expected
by Tsvetana Paraskova
27 Feb 2020 at 10:00am
Russia continues to refuse to announce its position regarding deeper cuts by the OPEC+ coalition, but admitted that the coronavirus outbreak could lead to additional downward revisions to the global oil demand growth outlook for 2020. The spread of the coronavirus outside China could lead to further downward revisions to global oil consumption, Russia?s Energy Minister told reporters in Moscow on Thursday. The outbreak has already reached Europe, and forecasts will definitely correlate to this, Novak told Russian news agency TASS, replying?

Oil Price Forecasts Take A Turn For The Worst
by OilPrice.com
27 Feb 2020 at 9:00am
As China?s coronavirus epidemic continues to expand and more countries are affected, the slowdown in global oil and gas consumption this year will hit suppliers who will see average prices fall below previous expectations, according to Rystad Energy?s revised forecasts. Brent crude oil prices, which Rystad Energy earlier expected to average nearly $60 per barrel in 2020, are now forecast to slump to about $56 per barrel for the year following revisions to our January forecasts. Another negative revision might be around the corner due?

Africa, Latin American Countries Have Massive Oil-Backed Debt To China
by Irina Slav
27 Feb 2020 at 8:30am
African and Latin American countries have accumulated at least $152 billion in debt to Chinese banks, backed by oil and other mineral resources, a study from non-profit the Natural Resource Governance Institute has revealed. Chinese loans represented 77 percent of the total $164 billion in resource-backed loans taken out by African and Latin American countries between 2004 and 2018. While the size of this debt load may not be that worrying in itself, spread across 52 loan deals inked by 30 sub-Saharan African countries and 22 Latin American states,?

Oil Product Demand Growth In Asia Crashes
by Irina Slav
27 Feb 2020 at 8:00am
Oil product demand in Asia will grow by about 380,000 bpd this year, S&P Global Platts Analytics said this week. This is the lowest demand growth rate since 2009, the firm noted, and a sizeable decline from last year?s 780,000 bpd. As every other economic forecast for the region, the coronavirus outbreak is to blame. It has already slashed crude oil and fuel demand in China, where it started, and now that it has spread across the continent, it is having the same effect on a larger scale. "Global growth is set to take a hit as China's?

Aramco Begins Preparing For International Listing
by Irina Slav
27 Feb 2020 at 7:30am
Aramco has reportedly started the preparation process for the international leg of its listing, which most expected to be years away. According to unnamed sources that spoke to Bloomberg, the timeline has been shortened. However, the sources added the international listing is unlikely to take place this year because of the price outlook for oil and the unfavorable market conditions overall. The Aramco listing became something of a legend with the odds of it happening ever shifting constantly as oil prices moved up and down and demand and supply?

Oil Prices In Freefall As Pandemic Fears Grow
by Tsvetana Paraskova
27 Feb 2020 at 7:00am
Oil prices continued plunging for a fifth consecutive trading session, dipping by more than 4 percent early on Thursday as the market fears a coronavirus pandemic that could destroy more oil demand in the coming months. At 9:27 a.m. EST on Thursday, WTI Crude was plummeting by 4.74 percent at $46.35 and Brent Crude was slumping by 3.90 percent at $50.69. Both benchmarks haven?t traded so low in more than a year, since Christmas Day of 2018. WTI Crude fell below $50 a barrel earlier this week and was approaching the $45 handle early on Thursday,?

Major Bank Sees Abysmal Demand Growth For Oil
by Nick Cunningham
26 Feb 2020 at 5:00pm
Oil prices could bounce around between $50 and $70 through 2025, with both demand growth and supply growth slowing, according to a new report. The oil market faces a steep supply surplus in the near-term due to the coronavirus and the prospect of demand destruction and economic deceleration. But the U.S. shale industry likely won?t rebound from its current slump, at least not to the explosive growth rates of recent years, keeping supply in check. ?Shale production economics in the US continue to point to a Brent price floor around $50/bbl?

3 Rare Metals Every Investor Must Watch At This Critical Time
by Meredith Taylor
26 Feb 2020 at 4:00pm
Three of the most valuable metals in the world are so rare that they could become a factor in the difference between global technological dominance and military superiority on one hand, and the loss of superpower status on the other.  Yet, for all their critical importance, even the most powerful nations are struggling to secure a stable supply. That?s because one of these metals is so rare that total historical production wouldn?t even cover your ankles in an Olympic-sized swimming pool  The second is even rarer than the?

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