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.
Chile plans to invest $83 billion in mining by 2033, a newspaper reports
In a study quoted in a newspaper article on Tuesday, the state-run Cochilco agency said that Chile will invest $83,18 billion between this year and 2033. This is a 27% increase from last year's estimation. The Cochilco Report, set to be released on Wednesday, will include 51 projects within the South American country, which is currently the largest producer of lithium and copper in the world. Lithium is a critical ingredient for rechargeable batteries.
The new COP29 proposal reveals a wide gap in climate financing
The United Nations Climate body published new options on Thursday for the COP29 Summit's primary objective of agreeing to how much money richer nations should provide poorer countries to help them combat climate change. The talks in Baku, Azerbaijan, have been slow to reach a consensus on money. The latest draft of the negotiation text was delivered several hours after the scheduled time, as the delegates entered the final 48 hours.
As it roars through the Philippines, super typhoon Man Yi is expected to weaken.
The Philippines' main island, Luzon, was ravaged by the super typhoon Man Yi on Sunday. It brought heavy rain to the capital, Metro Manila. More than one million people were evacuated and buildings damaged in various areas. Weather officials reported that the storm, which had winds of 185 km/h (115mph) when it hit land in Panganiban town in Catanduanes Province on Saturday night, weakened slightly before reaching the coast of Camarines Norte by 8 am.
Philippines evacuates thousands of people as super typhoon Man Yi approaches
On Saturday, the Philippines evacuated thousands of people and cancelled dozens flights as a super-typhoon threatened heavy rains and strong winds that could cause floods and storm waves. The storm Man-Yi, which was packing winds of up to 185 kph 115 mph, was headed for the eastern portion of Luzon's main island. This prompted the weather agency of the Philippines to issue its second highest alert for Catanduanes province and Camarines Sur province.
TotalEnergies and BP, Equinor, and Shell each commit $500 mln for energy access
TotalEnergies BP Shell Equinor, oil and gas giants BP and Equinor, pledged to invest $500m on Friday in order to increase the availability of affordable energy, primarily for sub-Saharan Africa and south and southeast Asia. The announcement was made at the United Nations COP29 Climate Summit in Azerbaijan where discussions have focused on raising $1 Trillion in climate finance to assist developing countries from richer nations.
China's coal production in October rose 4.6% on an annual basis
China's coal production rose by 4.6% from a month earlier in October, according to data released on Friday. The increase was due to the recovery of production from safety-related restrictions a year before. National Bureau of Statistics data showed that the world's biggest coal producer, China, mined 411.8 millions metric tons of coal last month. This was because the safety inspections that took place in September and Octobre 2023…
Australia should be leading the energy transition. But is it missing out? Russell
Australia's abundance of minerals and renewable energy, stability of government, and proximity to Asia's growing markets makes it a country that is well-positioned to benefit from the energy transition. The mood was a bit downbeat this week at the International Mining and Resources Conference in Sydney, which brought together the entire mining and resource sector. Speaker after speaker highlighted the opportunities available…
Australia should be leading the energy transition. But is it missing out? Russell
Australia's abundance of minerals and renewable energy, stability of government, and proximity to Asia's growing markets makes it a country that is well-positioned to benefit from the energy transition. The mood was a bit downbeat this week at the International Mining and Resources Conference in Sydney, which brought together the entire mining and resource sector. Speaker after speaker highlighted the opportunities available…
BP's third quarter profits slump to $2.3 bln due to a decline in oil demand
BP reported higher than expected third quarter profits, $2.3 billion. This is their lowest profit in nearly four years. The drop in refinery profits and the weakening of oil trading were to blame. The drop of 30% in profits compared to a year ago is due to a slowdown on the global economy and in oil demand in particular in China. This puts pressure on CEO Murray Auchincloss…
Ukraine drones target ethanol plants in Russia, Telegram channels say
Russian channels on Telegram said that Ukrainian drones attacked ethanol plants in Russia’s southern region Voronezh. The regional governor confirmed the report, saying the attack caused two injuries, ignited a fire, and damaged two industries. Alexander Gusev said that the regional governor Alexander Gusev confirmed on Telegram that firefighters had extinguished the fire which injured two workers in the Anninsky District of the region.
B.Grimm Power, Thailand's B.Grimm Power, seeks LNG supply for short- and long-term periods
A company executive revealed at the Asia Gas Markets Conference on Tuesday that B.Grimm Power, Thailand's largest power firm, is looking to purchase five to seven cargoes of liquefied gas for delivery between 2025 and 2026. Andrew Kirk, B.Grimm Power's head of LNG, has said that the company is looking to secure a long-term LNG deal of up to one million tons after these initial short term cargoes.
Chubu Electric, Japan, plans to increase its investment in renewable energy and SMR overseas
A company executive revealed that Chubu Electric Power, Japan, plans to invest further in overseas decarbonisation projects, such as renewable energy, small-modular reactors (SMRs), or carbon capture and storage (CCS) to fuel the future growth of the company. Chubu, the major regional electric utility in Japan, announced a long-term plan for 2021. This included a plan to invest 400 billion yen (about $2.7 billion) by the end of this decade on overseas assets…
What we can learn from China's latest military exercises around Taiwan
China's day of wargames around democratically-governed Taiwan was Monday a warning against'separatist actions. Although they appeared shorter, the drills were intense and fast-paced in their simulation of attacks and deployments of ships and aircraft. The last major war games were held in May, following the inauguration of Lai Ching Te as Taiwan's new president. What we know of China's strategic intent behind the drills this week and their new features.
METI official: Japan could increase LNG purchases for emergency reserves to almost 1 million T per year.
An official from the industry ministry stated that Japan may increase its purchases of LNG for emergency purposes to at least twelve cargoes per year, up from the current three, in order to protect against supply shocks. The plan to boost reserves involves the second largest LNG buyer in the world, China. It will increase its purchases from 0.21 million tonnes per year to at least 0,84 million tonnes.
CNOOC China says fossil fuels are crucial for the near future
CNOOC Ltd, a Chinese offshore oil and natural gas company, believes that fossil fuels will continue to be a stabilising force in the global energy market for a long time. The company has set a record production target for 2024. CNOOC, after reporting a record-breaking interim profit, said that the state-run firm aimed to pump 700 to 720 millions barrels of oil by 2024 or 3% to 6 percent more than last year.
Rains hit India and Pakistan, evacuating thousands
Authorities warned of further heavy rains on Thursday after heavy rains flooded parts of India's western Gujarat state, forcing thousands of people to flee their homes and causing utility lines to be cut. At least 28 people were killed. Television images showed that the army has joined in on the relief effort as people wade through waist-high water which had partially submerged roads and vehicles.
Taiwan: Fire Hits Formosa's Mailiao Refinery
Taiwan's Formosa Petrochemical Corp has shut a residue desulfurizer (RDS) unit at its 540,000 barrels-per-day (bpd) Mailiao refinery after it was hit by a fire early on Wednesday, three sources close to the matter said.Mailiao is one of Asia's 10 largest standalone refining plants. The sources said its no. 2 RDS, with a capacity of 80,000 bpd, had been affected by the fire.Formosa…
Japan to Develop Offshore Wind Farms at 30 Sites in 10 years
Japan will craft new rules and support infrastructure in a drive that aims to build offshore wind farms at 30 sites during the next decade, the Nikkei business daily said on Thursday.Industry Minister Hiroshi Kajiyama is expected to announce policy measures soon to target the goal, the paper said, without identifying sources.The new policy aims for three or four projects each year with total generation capacity of 1 gigawatt (GW)…
Origin Energy to Defer Shale Drilling in Australia
Origin Energy will defer shale exploration drilling in Australia's Northern Territory until the second half of this year in a bid to protect workers from a coronavirus, the company said on Thursday.Origin, operator of a joint venture with Dublin-based Falcon Oil & Gas Ltd, resumed drilling in the Beetaloo Basin last year after a three-year break when drilling was banned…
