Oil rises by 1% in a 3-week period as sanctions on Russia and Iran increase
The price of oil rose by about 1% on Friday to a record high for three weeks, as a result of expectations that additional sanctions against Russia and Iran would tighten up supplies. Lower interest rates in Europe or the U.S. may also boost the demand for fuel. . U.S. West Texas Intermediate crude (WTI), which is a blend of oil from Texas and Louisiana, rose by 79 cents or 1.1% at $70.81. Both crudes were heading for their highest closings since November 22. Brent was on track for a gain of 4% and WTI, a gain of 5%.
Argentina's Pampa Energia joins LNG export project
Pampa Energia, a subsidiary of Argentina's Pampa Energia, announced on Friday that it had joined Pan American Energy (PAE) and Golar in a joint project to export liquefied gas from the South American country. Pampa Energia announced that it will own a 20% stake of Southern Energy, a joint venture between Pan American Energy and Golar to produce LNG. The project will require $2.9 billion in investment over the next ten years to achieve its goal of exporting 11.5 million cubic metres of LNG each day.
Rystad reports that Argentina's Vaca muerta region has achieved record oil production during the third quarter.
Rystad, a consultancy, said that Argentina's Vaca Muerta shale formed produced a record 400,000 barges of oil per day (bpd), in the third quarter. This figure represents a 35% increase in production year-over-year, thanks to improvements in productivity and evacuation capability. The formation is on track to reach its goal of 1,000,000 bpd, by 2030. YPF, the state-owned oil company of Argentina, led the production in the area with 55% Vaca Muerta’s oil output during the third quarter.
Palm oil prices near record highs as Soyoil takes the lead -Braun
Palm oil is not the cheapest oil in the world, despite being the most abundant vegetable oil. Supply concerns have driven up the price by almost 30% this year. Prices for soybean oil, a rival product, have fallen by more than 11 % this year due to record global soybean production. In recent weeks, this has led to a near-record discount in palm oil compared to soybean oil. Palm oil makes up about 40% of the global production of major vegetable oils, including rapeseed, sunflower, and soybean oil. Palm oil is therefore almost always cheaper than soya oil.
Palm extends its losses amid China trade fears and weak demand
Malaysian palm futures fell for the second session in a row on Thursday as concerns about U.S. Tariffs on China, and a weakened demand for palm, sparked a sale on the vegetable oil market. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery fell 46 ringgit or 0.96% to 4,769 Ringgit ($1,069.28). The contract fell by 2.21% during the previous session. Paramalingam Supramaniam is the director of Selangor brokerage firm Pelindung Bestari.
French farmers take to the streets in protest at Mercosur trade negotiations
Farmers protested across France Monday against the prospect of an agreement between the European Union (EU) and South America’s Mercosur bloc that will intensify the competition in the French agricultural sector. The EU, along with four Mercosur countries - Argentina Brazil Paraguay Uruguay - is pushing for the conclusion of long-running commercial negotiations before the end the year. The protests on Monday were the largest since French farmers staged weeks-long demonstrations in January last year over lower imports, burdensome regulation and low incomes.
Report: Senior aide of Argentina's Milei claims Shell is eyeing LNG investment
According to the newspaper La Nacion, the cabinet chief of Argentine president Javier Milei cited Shell as a possible investor in a future liquefied gas (LNG), project that will be managed by YPF, Argentina's state-owned oil company. La Nacion reported that Guillermo Francos, the Cabinet Chief, said during an event the major energy company had shown "strong interest" for a possible LNG investment in the nation. Cynthia Babski, Shell's spokesperson in an email…
Report: Senior aide of Argentina's Milei claims Shell is eyeing LNG investment
According to the newspaper La Nacion, the cabinet chief of Argentine president Javier Milei cited Shell as a possible investor in a future liquefied gas (LNG), project that will be managed by YPF, Argentina's state-owned oil company. La Nacion reported that Guillermo Francos, the Cabinet Chief, said during an event the major energy company had shown "strong interest" for a possible LNG investment in the nation. Cynthia Babski, Shell's spokesperson in an email…
Exporters group says Brazil is likely to export record volumes of soybean meal by 2024.
According to the local grain traders' lobby Anec, Brazil's soybean meals exports will likely set a record in 2024, surpassing the previous best mark recorded in history in 2023. According to the US Department of Agriculture, Brazil will once again be the world's second largest soybean meal exporter in 2023/24. It had previously been the leader in 2022/23, following a crop failure that occurred in Argentina, the traditional leading exporter. Brazil also leads the world in soybean production and exports.
YPF, the Argentine oil company, is focusing on Vaca Muerta and a production boost by 2025.
The CEO of Argentina's state-owned oil company YPF, Horacio Martin, said that the firm expects shale production to rise by 30 to 40 percent next year. Marin said that YPF, during a conference call to discuss its financial results, will concentrate its capital investments in its main shale resources, specifically the massive Vaca Muerta Formation. Vaca Muerta has the second largest shale-oil reserve in the world and is also home to one of the largest shale-gas reserves.
Argentina's Pampa Energia will pump $1.5 bln into a key shale-oil project by 2027
Pampa Energia, a natural gas producer in Argentina, announced on Thursday that it plans to invest $1.5billion between 2025-2027 in order to increase production in a major oil field in the massive Vaca Muerta shale deposit. Pampa Energia announced its intention to invest $700 millions next year in the Rincon de Aranda shale shale in western Neuquen Province. According to the presentation, the investment in the project will reach $1.5 billion between 2027 and 2027.
Vista Energy accelerates oil production in Argentina
Vista Energy's chief executive announced on Thursday that the company expects to reach a 100,000 barrels per day oil equivalent goal next year. This was originally set for 2026. The company is betting on a higher output from the top shale formations in the world. In a press release following a quarterly earnings conference, the company said it would invest between $1.1 billion and $1.3billion next year in order to achieve its revised target of bringing 60 wells online.
Bunge's takeover of Vicentin, a bankrupt soy company, is set back by court decisions in Argentina
A court in Argentina has ruled an agreement between Vicentin, the soymeal giant, and its creditors unconstitutional. This will hinder any attempt to takeover the bankrupt company that is stuck in a long legal battle. The Supreme Court of Santa Fe Province, where Vicentin's headquarters is located, has ruled that the company must negotiate a new deal with its creditors before a proposed acquisition by U.S. grains traders Bunge and Glencore-backed oilseeds crusher Viterra, as well as local group ACA, can proceed.
Drill, baby, drill in Argentina's Vaca Muerta shale lands!
Argentina's new, market-friendly government, and concerns about oil supplies from the Middle East, and elsewhere, are driving a boom in drilling and production in the Patagonian South, which is home to the giant Vaca Muerta shale, Spanish for "Dead Cow". In the flat, arid terrain, the production of shale oil and gas is surging. Fracking wells have been drilled in record numbers, and pipelines have been built to transport gas to the capital Buenos Aires – and beyond once LNG plants are operational.
Sources: Rio Tinto is in negotiations to purchase lithium miner Arcadium.
Rio Tinto is in talks with Arcadium to purchase its lithium mine, according to three sources who have direct knowledge of these negotiations. This would make Rio Tinto the third largest producer of battery metal for electric vehicles. One source said that talks have continued and been ongoing in London during the LME Week Conference. According to a second source, an offer should be forthcoming in the near term. The sources stated that talks are continuing and could not necessarily lead to a deal.
TotalEnergies begins early production of Fenix gas in Argentina
TotalEnergies, a French oil company, said that natural gas production had begun earlier than expected at Argentina's Fenix off-shore field. The $700-million project was originally scheduled to start operating in November. It has a daily production capacity of 10,000,000 cubic meters of gas, which represents 8% of Argentina’s total production. Gas from the Fenix Field off Argentina's southern coast will be used for domestic consumption. Argentina is trying to reduce imports and deregulate prices locally, encourage energy investment, and become a LNG exporter.
Analyst Mielke predicts that refined palm olein will average 23% more in the first half of 2025.
Thomas Mielke, a leading industry analyst, said that the price of palm olein in Malaysia, which is refined, bleached, and deodorized, will be $1,100 per ton, free-onboard (FOB), in the first half 2025. This represents a 23% increase from last year. RBD palm oil prices could rise, which would support the benchmark Malaysian palm futures and increase demand. Mielke, who spoke at the Globoil India Conference, said that palm oil production in Indonesia…
Official: Argentina's energy subsidy cuts as government tackles fiscal deficit
Energy Secretary Eduardo Rodriguez Chirillo announced on Thursday that Argentina had reduced its energy subsides by $2.7 billion in the first seven month of the year, as part the government's aim to reduce its fiscal deficit. Rodriguez Chirillo, in a meeting held with officials from the energy industry in Houston, said that Argentina achieved a surplus of $2.9 billion between January and July. "Our mission with the new model is to allow the investor to design his (...) model and know that he can export," said Rodriguez Chirillo.
Argentina's energy investments are expected to reach $15 billion next year due to deregulation
The Energy Secretary Eduardo Rodriguez Chirillo stated on Tuesday that Argentina expects to see investments in its energy sector reach $15 billion by 2025, and $16.5 billion by 2026 as a result of the market deregulation efforts. According to Rodriguez, the estimated expenditure includes additional funds flowing from the country's investment promotion regime RIGI, which Rodriguez estimates ranges from $2 billion to $25 billion per year. At an event hosted by Shell…
Russia invites Saudi Crown Prince to October BRICS Summit
Sergei Lavrov, the Russian Foreign Minister, announced on Monday that Russia had invited Saudi Crown Prince Mohammed bin Salman from October 22-24 to attend a BRICS Summit in Kazan. Last year, the bloc of developing countries invited Saudi Arabia and Iran to join, as well as Ethiopia, Egypt, Argentina, and the United Arab Emirates. The move was intended to accelerate its efforts to reshuffle an outdated world order. Lavrov is in Saudi Arabia on an official trip.
