Japan's Middle East Energy Dependency - and How it Mitigates Shocks
Around 95% of Japan's oil and 11% of its liquefied gas is imported from the Middle East. Around 70% and 6% of these imports come via the Strait of Hormuz which has been effectively closed by the Iran War. Here's a breakdown of Japan's energy dependence on the Middle East and how it can reduce its import risk. Around 95% of Japan's oil imports come from the Middle East. In January, Japan imported an average of 2.8 million barrels per day of crude oil, of which 1.6 millions bpd were from Saudi Arabia, with additional supplies coming from Kuwait, Qatar, and the United Arab Emirates.
Russell: China imports most energy but has the best position on Iran
China is the largest energy importer in the world and would appear to be vulnerable to the rise in crude oil and gas prices caused by the conflict between Israel, the United States and Iran. China's huge crude oil stockpile is a buffer against price spikes. This means that any energy-driven inflation in other parts of the world won't hit China. By increasing the exports of refined goods, China's refiners may also be able to reap a windfall profit in 'the?event?of a prolonged disruption of crude oil supplies from the Middle East.
Russell: China imports most energy but has the best position on Iran
China, the world's biggest energy importer, is vulnerable to the rise in prices of crude oil and natural gas caused by the conflict between Israel and United States against Iran. China's huge crude oil stockpile is likely to be a buffer against any price spikes in the world, so that any energy-driven inflation will not affect China. In the event that crude oil supplies from the Middle East are disrupted for a long time, it is possible that China’s refiners could make a windfall profit by increasing exports of refined goods.
Middle East is a major source of oil and LNG globally
India and other Asian countries are most dependent on Middle East oil and gas, which makes them vulnerable to supply disruptions if the conflict that has erupted following the Israeli and U.S. attack on Iran continues. Here is an overview of the imports and stockpiles of major Middle Eastern buyers. INDIA In January, the share of Middle Eastern crude oil in India’s crude imports reached its highest level since late 2022. This is amounted to?about 2,74 million barrels a day. Refiners have reduced their intakes of Russian oil. India has enough crude and refined fuel in its inventory to cover demand for 74 days.
Asia's dependence on Middle East oil and LNG
Asia is highly dependent on Middle East oil and gas, which makes it vulnerable to a prolonged disruption of supply if the conflict that has erupted following the Israeli and U.S. attacks on Iran continues. Here is an overview of the imports and stocks for major Asian buyers who buy Middle Eastern oil and natural gas. CHINA China is currently the largest crude oil importer in the world and also the biggest buyer of Iranian crude. However, record amounts of crude are stored in strategic and floating stockpiles which limit the risk of shortages. About half of China's crude oil imports are from the Middle East.
California woman sues Meta, YouTube testifies that social media has a negative impact on mental health
A young Californian woman who is suing Meta Platforms for Instagram and Google for YouTube gave testimony on Thursday at a landmark trial that her childhood addiction to social media left her depressed, anxious and insecure about her appearance. She was unable, however, to give up her phone without feeling further anxiety. Kaley G.M. was the plaintiff, who appeared in court as Kaley G.M. She told jurors that her mental health had become so compromised, she began to harbor suicidal feelings and…
A woman who sued Meta and YouTube for social media addiction is set to testify in court
On Wednesday, a young California woman will testify about how her childhood use on Meta Platforms' Instagram or Google's YouTube has affected her mental health. This is a landmark case in her social media addiction. She was to 'take the witness stand after the testimony of a licensed therapist who treated Kaley G.M. for several months starting in 2019 when she was just 13 years old. Victoria Burke, Kaley's therapist, testified in court that she first diagnosed her with generalized anxiety disorder but then revised the diagnosis to include both body dysmorphic and social phobia.
The woman who sued Meta and YouTube for social media addiction took the witness stand in court
As her landmark trial continues in Los Angeles, a California woman will testify Wednesday in court about the impact of using Meta Platforms’ Instagram and Google’s?YouTube when she was a child on her mental health. In court, the plaintiff is known as 'Kaley G.M. In court, the plaintiff, known as?Kaley G.M. Her lawyers claim that companies tried to make money by hooking children onto their services, despite the fact they knew social media could damage their mental health. This case is part of an alleged global backlash against social media companies for allegedly harming children and teenagers.
Citic Resources opens new Singapore office to double trading volumes, says exec
CITIC Resources Holdings set up an energy trading 'office' in Singapore. It aims to double the volume of its oil and gas trade to 50 million barrels within three to five years. CRH Commodity's Managing Director Wang Minghan said that CRH Commodity is a wholly-owned subsidiary of Singapore and will begin oil?and?gas trading in Australia from 2024. Trade volumes are expected to reach 20 million barrels, with revenue reaching $1.5 billion in the last year. Wang, who worked for Unipec (the trading arm of China's biggest refiner Sinopec) for nearly 20 years…
Statkraft and OX2 battery deal in Finland to smooth out wind power volatility
Statkraft, the Norwegian state-owned utility, announced on Wednesday that it had signed an agreement for power purchase (PPA) to buy two battery energy systems (BESS), developed by Sweden's OX2 and installed in Finland where wind power has been expanding rapidly. Batteries of large size are essential to managing intermittent renewable energies such as wind energy. They help ensure supply reliability by charging when output is high, and emptying them when wind production drops. Statkraft will optimise the use two large-scale batteries of 110 megawatts and 125 MW that OX2 is building in western Finland…
Investors on edge as tensions over tariffs and inflation data keeps investors on edge
Investors remained 'cautious' ahead of important?domestic data and sought clarity about the latest tariff salvo. The S&P/ASX 200 index closed little changed at 9.022.30 points. The benchmark index had closed 0.6% lower Monday. Local markets remained in a wait-and see mode after U.S. president Donald Trump warned that he would increase duties on countries who reneged on recently negotiated trade deals. . Reserve Bank of Australia, the only major central banks outside of Japan to tighten their policy this year is driven by expectations of inflation running above its target band.
Santos will cut 10% of its workforce as the growth projects reach their end. The annual profit is below expectations.
Australian oil and ?gas producer Santos Ltd reported a ?steeper-than-expected ?drop in annual profit on Wednesday, hurt by weak commodity prices, and said it would reduce its headcount by about 10% as major growth projects near completion. The shares of Australia's 2nd largest gas producer fell as much as 1.8 percent in early trading. However, they retraced the majority of these losses to trade slightly lower at 0020 GMT. Kevin Gallagher, Chief Executive Officer, said that as the Barossa LNG…
Australian gas producer Santos wins court fight over net zero claims
A court in Australia dismissed a lawsuit filed against the gas producer Santos on Tuesday. The suit alleged that the company had misled the public about its plans to achieve "net zero carbon emission". The Australasian Center for Corporate Responsibility (an activist shareholder) filed the lawsuit in 2021. It claimed it was the first of its kind to challenge a company's target of net zero carbon emissions in any country. Companies around the globe have set ambitious targets to become carbon neutral in the next 20-30 years.
Caturus signs a 20-year LNG Supply Deal with Saudi Aramco
U.S. Gas Producer 'Caturus' said on Friday that its unit, Commonwealth LNG, had signed a twenty-year agreement with Saudi Aramco to supply 1,000,000 tonne per year of lNG from?its proposed Louisiana Export Project. The U.S. is working hard to surpass Qatar and Australia as the largest LNG exporter in the world. Since President Donald Trump lifted the pause on export permits last summer, commercial activity in the LNG sector has risen. Caturus CEO David Lawler said, "This agreement highlights the strong demand for U.S.
Inpex, a Japanese oil and gas company, sees a shortage of LNG in Asia by 2035
Inpex, Japan’s largest oil and 'gas producer, anticipates that global demand for LNG will grow by 75%, to 700 million metric tons annually, in 2035. This could lead to a shortage of LNG along the Pacific coast, including Asia. Inpex, who runs the Ichthys LNG Project in Australia and develops Abadi LNG in Indonesia, said that it expects global LNG consumption to rise from its current 400 million tons annually, driven by Asia-Oceania?region needs, in its results presentation released on Thursday. The report forecasts a 231-million-ton annual shortage in the Pacific Coast region by 2035.
Inpex, a Japanese oil and gas company, sees a shortage of LNG in Asia by 2035
Inpex, Japan’s largest oil and 'gas producer, anticipates that global demand for liquefied?natural gas will grow by 75%, to a total of?700 millions metric tons per year in 2035. This could lead to a shortage in supply in the Pacific coast region, which includes Asia. Inpex, who runs the Ichthys LNG Project?in Australia, and develops Abadi LNG Facility?in Indonesia among other assets, expects that global LNG demand will increase from its current level of 400 millions tonnes per year, driven by the Asia-Oceania Region, it said in its results presentation, published on Thursday.
Australia's Origin Energy raises earnings forecast for energy markets, shares rise 8%
Australia's Origin Energy increased its full-year earning?outlook? for its energy retail division, citing higher electricity margins that helped the firm exceed market expectations. The shares of the electricity retailer and gas retailer jumped 8.1% intraday to A$11.970. This was their largest intraday percentage increase in almost three years. The slow rollout of solar and wind on both coasts, coupled with tight gas markets, is forcing Australia's states to run coal plants longer than they planned. This, despite the fact that demand for renewable energy has shifted and policies have been changed.
Chile to receive its first Australian LNG in 3 years amid tighter Atlantic supply
According to ship tracking data, two Australian LNG cargoes are on their way to Chile. This would be the first time in three years that Chile has received shipments of this nature. The competition between these two 'basins' could be increased by more cargoes being sent to the Atlantic. This would also support the spot LNG price in the region. Kpler data shows that the Gaslog Gladstone tanker, which loaded cargo at Queensland Curtis LNG terminal (QCLNG), on January 27, is expected to arrive in Quintero, Chile on February 14.
MORNING BID EUROPE-Yen roars back as US consumer engine sputters
Tom Westbrook gives us a look at what the European and global markets will be like today. The earnings season and data drove markets on Wednesday, while a rebound of the yen was gaining steam. TotalEnergies, ?Siemens Energy, Deutsche Boerse, Heineken, ?Schindler and EssilorLuxottica are among ?the ?companies reporting in Europe. The delayed U.S. job data will also follow unexpectedly weak retail sales, which have raised questions about the health and economy of the world's largest economy. A significant drop in consumer confidence could halt recent gains made by?stocks such as Walmart…
Maguire: Australia's renewable energy boom will deliver a coveted price for power
Australia's wholesale power prices dropped to their lowest level in four years by 2025. This bucking of rising prices elsewhere, and proving that renewables-intensive power systems can lower power costs for consumers. The increased battery storage capacity, and the solar farms could allow utilities to reduce operating costs. These savings may be passed on to businesses and households as early as this year. According to Ember, an energy think tank, Australia's electrical system has been undergoing 'one of the most aggressive' overhauls in the last decade.