Citi increases gold forecasts due to tariff uncertainty and central bank demand
Citi Research raised its average gold price forecasts for the near term and 2025, citing geopolitical and trade war risks under U.S. president Donald Trump as well as robust central bank purchases. The bank raised its forecast for 2025 to $2.900 per ounce, up from $2.800, and increased its price target by three months to $3,000 an ounce. Trump imposed an extra 10% tariff on all Chinese imports to the U.S. on Tuesday, and China responded by imposing tariffs on U.S. imported goods. This renewed the trade war between two of the world's largest economies.
Hungary's MVM expects the E.ON Energie Romania agreement to close in June or September
MVM Group, the state-owned energy firm in Hungary, expects to complete its deal to purchase a majority stake in E.ON Energie Romania by June or July. MVM's CEO told Portfolio.hu Thursday. E.ON announced this deal in December. It is subject to the approval of Romanian authorities. MVM, unlike most energy providers in Europe, gets a significant portion of its gas from Russia. In January, the Romanian energy ministry warned that this sale could be halted for security reasons.
Russell: China's impact on US energy trade is minimal at first.
China responded to the tariffs imposed by President Donald Trump with its own measures, effectively killing off trade between the United States in crude oil and liquefied gas as well as coal. China, which is the largest importer of these three commodities in the world, imposed import duties on Tuesday of 15% for U.S. coal and LNG, and 10% for crude oil and farm machinery. Beijing made its move after the Trump Administration imposed an extra 10% tariff on all Chinese imports into the United States.
German spot prices are affected by higher wind output
The spot electricity prices in Germany fell on Tuesday, as the wind power generation expected to increase. At 0902 GMT, the German power price for the day ahead was down 1.7% at 142.0 Euros per megawatt-hour. LSEG data shows that the French baseload rate for the day was 143.5 euros/MWh. This is a 0.4% decrease. On the supply-side, Germany's wind output was expected to increase by 3.9 gigawatts up to 16.2 GW. French wind power output is expected to drop by 230 megawatts per day to 2.8 GW.
Kazakhstan's daily crude oil production at a record high amid Chevron led expansion
Official data show that oil production in Kazakhstan hit a record of 278 499 metric tonnes on Sunday, just a few days after the country began expanding its largest oilfield - Tengiz led by Chevron. Kazakhstan, which depends on Tengiz, and two other large fields, Karachaganak, and Kashagan for the majority of its production, is subjected to output targets because it's a member of OPEC+. This alliance of OPEC, other top producers, led by Russia, has set out specific output goals.
Saudi Arabian STC wants a seat on Telefonica's board
STC Group will apply for a seat in Telefonica's Board, the U.S. regulator of markets was informed by the Saudi Arabian company six days after Telefonica unexpectedly replaced the chief executive. STC informed the U.S. Securities and Exchange Commission on Thursday that it owned 9.97% in Telefonica and planned to "engage in discussions with issuers to seek a seat on the board". A request for a comment from Telefonica regarding its American Depositary Receipts in the U.S. was not immediately responded to.
Serica Energy UK forecasts production increase for 2025
Serica Energy, a UK oil and gas company focused on the North Sea, expects to increase production by 15.6% in 2025, thanks to improved reliability, the company said Tuesday. Serica has increased production by acquiring and investing in the past few years. The company's output was affected by an outage on its Triton floating storage and offloading vessel (FPSO) in the North Sea, in 2024. Serica stated in a press release that production has increased since the resumption.
TSX reaches 5-week highs as US trade tariffs are held back
Investors expressed relief at the news that President Donald Trump would not impose immediate U.S. tariffs on Canada. The Toronto Stock Exchange S&P/TSX Composite Index closed up 103.66, or 0.4% at 25,171.58, marking its fifth consecutive day of gains, and highest closing level since December 13. A Trump administration official confirmed that Trump would issue a general trade memo on his first day of office. The memo will not impose new tariffs but will direct federal agencies to evaluate U.S. trading relationships with China Canada and Mexico.
Nigerian oil reserves increase, production increases 26%, as theft declines
The industry regulator announced on Thursday that Nigeria's oil reserves will increase in 2024. Meanwhile, crude oil production will surge 26% from April 2023 to late 2024 due to a decline in theft. Nigeria, Africa's largest oil producer, depends on this commodity for more than 90 percent of its foreign currency earnings and around two thirds of its revenues. Oil theft on a large scale has reduced government revenues and slowed down production in recent years.
Russia will continue its oil and gas projects in spite of US sanctions
New U.S. The Russian government has accused the US of attempting to destabilise global markets by sabotaging the energy sector in Moscow. It said that the country will continue with its large oil and natural gas projects. In a statement, the ministry said that Russia will also respond to Washington's actions announced on Friday as "hostile", while drafting its foreign policy strategy. The measures were the most comprehensive U.S. sanctions against Russia's oil revenues and gas revenues to date.
The Serbian President says that Azerbaijani gas to Serbia has been suspended.
The gas flow from Azerbaijan into Serbia has been stopped and it's unclear when it will resume. This was the statement of Serbian President Aleksandar Vucic, according to news agency Tanjug. Vucic stated that it was unclear when gas flow would resume. Vucic added that the gas flow would be resumed in about a month. Serbia, which consumes more than 3 billion cubic meters of gas annually, signed an agreement with Azerbaijan in 2023 to buy 400 million cubic meters of natural gas each year starting 2024. The remainder of the gas is imported from Russia.
Indonesia suspects that virgin palm oil is mixed with used cooking oils exported by Indonesia
Indonesia announced on Thursday that its exports of used palm oil and cooking oil residues in recent years exceeded production capacity. This indicated crude palm oil had been mixed into the oil, prompting Indonesia to issue a regulation this week limiting shipments. The world's largest palm oil exporter issued a decree on Wednesday to clamp down on the shipments of used palm oil and cooking oil residues. This was done in order to avoid a possible shortage of CPO at home.
Wind stocks in Europe suffer after Trump labels turbines as 'garbage.'
The European wind power sector fell Wednesday, after Donald Trump, the U.S. president-elect said that he would work to make sure "no new windmills" were built under his watch. He also criticized the sector just two weeks before taking office. Trump's latest attack on the industry has investors worried about the future of the U.S. Wind Market, which is the second largest in the world after China. This could cause companies that have invested in it to sell.
Japan plans to reduce greenhouse gas emissions by 60% compared to 2013 levels by 2035
The Japanese environment and industry ministers finalised on Tuesday a plan that will cut greenhouse gas emissions (GHG) by 60% compared to 2013 levels by the year 2035. This is an increase from their 2030 goal of 46%. Officials said that states could achieve this goal even if Donald Trump, the president-elect, reverses federal policy. In November, Japanese Ministries unveiled a draft Plan aiming to reduce GHG by 60% by fiscal 2035, and 73% by Fiscal 2040.
Spain's demand for electricity is increasing as renewables set records
According to Red Electrica's estimates, the amount of electricity consumed in Spain increased this year, after two years of decline. A record 56% came from renewable sources, such as solar and wind. The Spanish renewable energy industry has warned about the dangers of future investment in this sector due to the lack of demand for electricity. The preliminary figures indicate that demand increased by 1%, or 1.6% when adjusted for working hours and temperatures from 2023 to 244 terawatt-hours.
Indonesia will increase crude palm oil export tax to 10%
Indonesia's chief economic minister announced on Thursday that it will increase the export levy on crude palm oil (CPO), from 7.5% to 10%, to fund higher biodiesel subsidy. Airlangga Hartarto stated that the levy would be implemented as soon as the Finance Ministry has issued its relevant regulation. Indonesia, which is the largest palm oil producer in the world, collects levies for its mandatory biodiesel program, where the bio-content, or B40, will increase to 40% from the current 35% starting January 1. Subsidies will increase with a higher blend.
Nuclear roadblock to EU's new renewable energy target
On Monday, pro-nuclear countries expressed their opposition to the European Union's plans for a renewable energy goal. They said they would not support a goal which excluded atomic energy. Nuclear power is a controversial energy source that has caused political disagreements among the 27 EU member states. These disputes have delayed recent EU initiatives to reduce energy prices and to drive Europe's shift to low-carbon sources of energy. Nuclear power plants do not emit CO2…
BP's offshore Wind Head to Step Down
A spokesperson for BP announced on Monday that Matthias Bausenwein, the head of offshore winds, is leaving the firm. This comes after the oil giant announced its intention to spin off its offshore operations into a JERA-JERA joint venture. Bausenwein, who joined BP in August 2022 from the Danish renewables giant Orsted, will lead BP's expansion of offshore wind project. Anja-Isabel Dotzenrath - a former CEO at RWE Renewables - left the company last April after less than two years on the job.
Russia extends deadline for Exxon to sell Sakhalin-1 stake to 2026 in a decree
On Monday, Russian President Vladimir Putin issued a decree extending by one year the period of sale for Exxon’s share in Russia’s Sakhalin-1 gas and oil project until January 1, 2026. Exxon will take a $4.6 billion charge in 2022 for abandoning its development on the Pacific Island of Sakhalin. This was the company's largest investment in Russia after the beginning of what Moscow refers to as a special military operations in Ukraine. Exxon Mobil Corp owned a 30% stake as operator in Sakhalin-1.
Russia's Oil Tsar: Trump's actions to defend US Producers are 'fitting.'
Igor Sechin is the president of Rosneft - Russia's biggest oil producer. He said on Saturday that he agreed with Donald Trump's plans to protect domestic energy producers. He said at a Qatar conference that Trump's election campaign promises included "fitting" measures to protect domestic energy producers, the market, and other economic factors. Some Russians are cautiously optimistic about Trump's return on Jan. 20, while others believe that another U.S. President will not make much of a difference.
