OilPrice.com Daily News Update
All the latest in Oil, Gas, Commodity news and analysis
Would A Turkish Gas Hub Be Politically Palatable For Europe?
by Irina Slav
1 Dec 2022 at 4:00pm
Last month, world media reported that Russia and Turkey were discussing setting up a gas hub in Turkey. The country, being one of the biggest buyers of Russian gas, made a natural choice for rerouting some of the gas that was now gone from Europe. Yet doubts immediately emerged whether that would be a good idea, what with Europe showering Russia with sanctions, including on its energy industry, and shunning Russian oil and coal, with talk about sanctions on gas, too. According to some analysts, the idea of a new gas hub in Turkey is pointless?
Cocaine Conflict Is Causing A Crisis For Colombia?s Oil Industry
by Matthew Smith
1 Dec 2022 at 3:00pm
The ferocity of Colombia?s low-intensity multiparty asymmetric conflict is rising once again. This frightening turn of events started in late 2018 when Ivan Duque became Colombia?s 33rd president with massacres and the murder of community activists spiraling out of control. This is occurring despite Duque?s predecessor, Juan Manuel Santos, securing a 2016 peace deal with Colombia?s largest guerilla group the leftist Revolutionary Forces of Colombia (FARC ? Spanish initials) which saw them demobilize in 2017. Recently?
Britain?s Industrial Sector Slammed By ?Lethal Cocktail? Of Constraints
1 Dec 2022 at 2:30pm
Britain?s factories are already in recession sparked by demand receding as the country?s economy slumps, a closely watched survey out today reveals. S&P Global and the Chartered Institute of Procurement and Supply?s (CIPS) purchasing managers? index (PMI) inched higher to 46.5 last month from 46.2 in October. Despite the slight rise, the survey remained far below the 50 point threshold that separates growth and contraction, meaning the UK?s manufacturing has now shrunk for several months in a row. Businesses are?
How Much Has Harvard?s Fossil Fuel Divestment Cost It?
by Robert Rapier
1 Dec 2022 at 2:00pm
Over the past decade, climate and environmental activists have pushed organizations to divest fossil fuel investments. According to Gofossilfree.org ? an organization that describes itself as ?A global movement to end the age of fossil fuels and build a world of community-led renewable energy for all? ? to date 1,552 institutions have divested. The total value of the institutions divesting is estimated to be $40.5 trillion. The purpose of the divestment movement is to starve fossil fuel companies of the investments they?
Big Oil?s Tax Practices Are Under Fire As Profits Soar
by Felicity Bradstock
1 Dec 2022 at 1:00pm
Long have there been questions and scrutiny over oil majors? tax practices, with the situation being exacerbated this year due to the global economic and energy crises in the wake of Russia?s invasion of Ukraine. While the U.K. and other countries have introduced a windfall tax on oil and gas majors, not everyone has responded in the same way. Now, the charity Oxfam is calling for greater transparency and accountability for the tax practices of major fossil fuel firms. Oil and gas firms have always been scrutinized for paying?
Azerbaijan And Georgia Aim To Become An Energy Bridge To Europe
1 Dec 2022 at 12:00pm
On October 24, Azerbaijani President Ilham Aliyev arrived in Georgia for a one-day working visit. The abrupt nature of Aliyev?s visit was characterized as ?strange? and ?mysterious? by many experts in Tbilisi (Civil.ge; Netgazeti.ge, October 24). Indeed, the brevity of the visit and its format raised questions. David Avalishvili of Nation.ge underscored in a November 20 interview with this author that ?it looked like an emergency visit caused by the urgent need to discuss important geopolitical issues with the?
Oil Prices Could Sink Without Further OPEC+ Action
by Julianne Geiger
1 Dec 2022 at 11:30am
Oil prices could sink if OPEC+ acts in line with market expectations and agrees to keep production quotas stable for another month, some analysts told Reuters. The OPEC+ group meets on Sunday?although this meeting was recently determined to be a virtual one. The virtual nature of the meeting has signaled to some that the group would refrain from making big changes to its production plans for January. If OPEC+ does fail to make big changes to its production quotas?that is, if it fails to cut production even more?oil prices could?
Steel Prices Hammered By China?s Zero-Covid Flip-Flop
by Ag Metal Miner
1 Dec 2022 at 11:00am
Via AG Metal Miner Uncertainty regarding China?s stance on zero-COVID, when restrictions might ease, and riots within China throughout recent weeks have all contributed to more flat steel prices. What?s more, recession fears are starting to notably impact commodities. Yet another contributing factor? Fears of a railroad strike. With the cut-off date for meeting railroad unions? terms fast approaching, buyers and suppliers are getting nervous. If a strike were to happen, it would significantly disrupt domestic steel logistics,?
Biden Administration Mulls Complete Revamp Of Biofuels Mandate
by Charles Kennedy
1 Dec 2022 at 10:30am
The U.S. Biden Administration is mulling a complete revamp of the nearly two-decades-old biofuels mandate, according to Bloomberg. The EPA will issue an official proposal to amend the Renewable Fuel Standard on Thursday and could expand the standards to go beyond gasoline, diesel, and other liquid fuels and into the larger decarbonization of the transportation arena. The proposal would lift the amount of biofuel that must be mixed into gasoline and diesel over the next few years to possibly as much as 22.68 billion gallons by 2025. For comparison,?
Scientists Find Two Completely New Minerals On Meteorite
1 Dec 2022 at 10:00am
A team of researchers from the University of Alberta discovered at least two new minerals never before seen on Earth in a 15-ton meteorite that landed in east Africa. Unearthed in Somalia in 2020, the meteorite is the ninth largest ever found. When researchers sliced off a two-ounce section of the space rock, they found two new minerals named "elaliite" and "elkinstantonite." Details about the minerals remain limited. "Whenever you find a new mineral, it means that the actual geological conditions, the chemistry of the rock, was different?
Italy To Place Lukoil Refinery Under Trusteeship As Russian Oil Ban Looms
by Charles Kennedy
1 Dec 2022 at 9:30am
Days before the EU embargo on imports of Russian crude oil by sea kicks in, Italy?s government is set to announce on Thursday a temporary solution to keep a Lukoil-owned refinery in Sicily operational by putting it under trusteeship, the president of the Sicily region, Renato Schifani, said. ?Today the government will announce a temporary decision of a trusteeship to avoid idling of activity and the potential job losses catastrophe,? Schifani was quoted by Italian media as saying on Thursday. Lukoil, Russia?s second?
What?s Holding The U.S. Solar Boom Back?
by Tsvetana Paraskova
1 Dec 2022 at 9:00am
U.S. solar capacity developers are delaying project timelines despite the longer-term visibility and tax credits the Inflation Reduction Act has provided to the industry. Supply chain constraints have worsened this year as power plant developers are struggling to get their hands on solar panels due to new U.S. legislation banning imports of products manufactured using forced labor in China. The outsized share of the market that Chinese polysilicon, solar wafers, solar cells, and solar panels hold globally has become clearly evident in the?
EU Agrees To $60 Oil Price Cap
by Julianne Geiger
1 Dec 2022 at 8:35am
The European Union tentatively agreed to set the price cap on Russian crude oil at $60 per barrel, an EU diplomat told Reuters on Thursday. The deal must first be agreed to by Poland, who had pushed for capping Russian crude oil prices at the lowest level possible, then by all EU governments by writing by the Friday deadline. The United States warned the EU on Thursday that the $52 cited recently for Urals crude oil may not reflect the overall level at which Russian oil has been trading. An unnamed U.S. official has said that Urals has been trading?
Blinken: Putin?s Brutalization Of Ukraine?s People Is Barbaric
by RFE/RL staff
1 Dec 2022 at 8:30am
U.S. Secretary of State Antony Blinken says Russia's recent strategy of targeting Ukraine?s energy infrastructure will not divide Ukraine's supporters. Blinken on November 30 told a news conference in Bucharest following a two-day NATO foreign ministers' meeting that Russian President Vladimir Putin has focused "his ire and his fire" on Ukraine's civilian population, hitting infrastructure that provides heat, water, and electricity to Ukrainians. "We know President Putin's playbook: Freeze and starve Ukrainians, force them from their homes,?
What Will Cash Flow Look Like For Big Oil Next Year?
by Alex Kimani
1 Dec 2022 at 8:00am
Crude oil prices have been paring back earlier gains, briefly turning negative after Reuters reported that OPEC+ likely will maintain its current oil production policy at the group's meeting next week. Reuters says five OPEC+ sources have informed it that the Sunday meeting would most likely roll over existing policy, while two other sources said the group could discuss another output cut though the likelihood of another cut is considered low. Thankfully, oil stocks have been much more consistent than the commodity they track, staging a?