Friday, November 22, 2024

Vladimir Putin News

Palm oil drops 8% in a week, the worst drop for 19 months.

Malaysian palm futures fell on Friday, their biggest weekly drop in over a year. Weak soybean oil prices and concerns about demand weighed them down. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery fell 132 ringgit or 2.77% to 4,640 Ringgit ($1,039.19). This is the second weekly decline in a row and the biggest weekly drop since April 2023. David Ng, a proprietary trading at Kuala Lumpur's Iceberg X Sdn. Bhd., said that the lower opening of crude palm oil futures was due to the weakening prices of soybean oil and concern about a weaker demand for the next few weeks.

Oil Steadies as Sverdrup Restart eases Geopolitical Jitters

Oil Price Graphic (c) Tensorspark / Adobestock

Oil prices traded steady on Tuesday as Norway's Johan Sverdrup oilfield restarted production and there were reports of Iran offering to cap its uranium stockpile, factors that offset investor concerns about escalation of the Russia-Ukraine war.Brent crude futures LCOc1 fell 0.1%, or 7 cents, to $73.23 per barrel by 1:30 p.m. EST (1830 GMT). U.S. West Texas Intermediate crude futures CLc1 gained 0.1%, or 5 cents, to $69.21 per barrel.Equinor resumed partial production from the Johan Sverdrup field in the North Sea, Western Europe's largest oilfield…

Putin told Scholz that Russia was willing to explore energy cooperation.

In their first telephone conversation since December 20,22, President Vladimir Putin said to German Chancellor Olaf Scholz that Russia would be willing to consider energy deals with Berlin if it was interested. The report said that the two men exchanged "detailed views and opinions" about Ukraine, and that Putin reiterated the position he's been taking for months: that any peace agreement must be in line with Moscow's interests and should be based on the "new territorial reality" of the fact that Russian forces control a fifth the country.

Rosneft denies reports that 'evil Sechin’ plans to takeover Russian oil giants

Rosneft is Russia's largest oil company. It denied any reports that it was planning to take over a large chunk of the Russian Oil Sector. They said these reports were an attempt to portray its CEO, Igor Sechin as a bad influence. The Wall Street Journal reported on Russia's plans to merge Rosneft with Gazprom, Lukoil and Lukoil. This would result in one of the most powerful oil companies in the world. Rosneft released a statement regarding the reports, which it called "false-flags". The company said that the reports portrayed CEO Sechin as the "Evil Sechin", and falsely implied "Igor Sechin’s insidious intents".

WSJ reports that Russia is exploring a plan to merge Rosneft, a Gazprom subsidiary, and Lukoil.

The Wall Street Journal reported that Russia is working on plans to merge Rosneft oil, a state-backed company, with Gazprom, creating the second-largest crude oil producer in the world. The newspaper reported that executives and government officials have been in talks over the last few months. A deal could or might not be reached, it said, citing unidentified sources familiar with the issue. The report said that a combination of Rosneft with Gazprom Neft - a subsidiary owned by Gazprom and Lukoil - would rank second only to Saudi Arabia's Aramco, and could pump nearly three times the output of U.S. oil company Exxon.

Commodities Weigh Trump Win, Tariff Threats

Copyright GestureShot/AdobeStock

Commodities reacted with trepidation to the election of Donald Trump to a second term as U.S. President, with most losing ground over fears the global economy will be hit by a new tariff war.The downbeat reaction was in stark contrast to U.S. equities, which surged to record highs amid optimism that Trump's agenda of lower taxes will boost growth, at least in the United States.The contrasting response to Trump's victory over Democrat nominee and now outgoing U.S. Vice President Kamala Harris showed exactly why the likely impacts of Trump's…

Commodities fall amid increased risks of Trump's second-term: Russell

Commodities have reacted to Donald Trump's election to a second U.S. term with fear, and most are losing ground due to fears that a new trade war will hit the global economy. The negative reaction contrasted sharply with the record-breaking performance of U.S. stocks, which rose to new highs amid optimism about Trump's tax cut agenda, at least for the United States. The contrasting reaction to Trump's win over Democrat nominee, and now departing U.S. vice president Kamala Harris, showed why it is difficult to predict the impact of Trump's return as the White House. Take crude oil as an example.

Minister says Turkey regional gas hub will be operational by 2025

The Turkish Energy Minister said that Turkey and Russia are currently in talks to reach a deal for a hub in Istanbul. This hub could start operating in 2025.The Turkish government, which announced its intention to become a hub for gas by increasing imports and exports is currently negotiating deals with both producers and consumers.In an interview published by the Turkish newspaper Milliyet on Friday, Energy Minister Alparslan Bayraktar stated that "we have established a strong infrastructure" for a trading system which could be operational as early as 2025 at Istanbul Finance Centre.Bayraktar stated that "we sent (Russian) a memorandum-of-understanding"…

US lawmakers question the SLB of oil service companies' exemption from Russian sanctions

Dozens U.S. Both political parties sent representatives to urge the Biden administration on strengthening sanctions against Russian oil shipments. They also questioned the exception granted to SLB, the largest oilfield service company in the world to operate within the country. The U.S., Europe and other countries have been trying to reduce Moscow's revenue from energy for the fight against the war since the 2022 Russian invasion of Ukraine. This led several oilfield services companies to leave Russia, but SLB remained in the country and helped keep Russian oil flowing.

Serbian Vucic thanks Putin over natural gas supplies

On Sunday, Serbian President Aleksandar Vucic thanked Russian president Vladimir Putin for helping to secure enough natural gas supplies for his country's winter. A three-year contract for gas supply between Russia and Serbia expires on March 20, 2025. Vucic, Putin’s closest European ally, explained that the phone call was the first in nearly two-and-a-half years. It marked the 80th Anniversary of Belgrade’s Liberation from Fascism, and also discussed bilateral issues. He said, "I would like to thank him in particular for his help... Serbia…

Russia replaces foreign gas turbine technology with its own high-capacity, Russian-developed gas turbine

The Russian government has developed its own alternative technologies to Western technology that it cannot import. Vladimir Putin inaugurated the new unit of the Udarnaya Power Station in southern Russia via video link, during a ceremony broadcast on state television on Wednesday night. Putin stated that it was important that "we have new production plants and that we become independent, technologically sovereign, at least in the segment," he said. Previously, the majority of new power plants in Russia were based on gas turbines manufactured by foreign manufacturers such as Siemens, GE, and Alstom.

Russia is considering limiting metals exports to the West

In response to Western sanctions, Russian President Vladimir Putin suggested this week that Moscow limit exports of metals or other commodities in which Russia has a large share on global markets. Putin mentioned uranium and nickel as well as titanium, but suggested that other commodities could be restricted, pointing out that Russia is a major producer for natural gas, diamonds, and gold. Putin said that any restrictions do not have to be immediately implemented and they should not harm Russia. Commodity exports provide a major source of foreign currency income for many of Russia's biggest companies. This includes state-owned Rostec, Rosatom and Nornickel.

Putin praises cooperation with OPEC+ and BRICS

Vladimir Putin, the Russian president, said that on Thursday his vast energy sector would be able achieve its goals as well as overcome "illegal", western sanctions. He also praised ties with BRICS groups and OPEC+. The Russian oil and natural gas industry accounts for about a third (or more) of the total budget revenue. It has been vital to the economy in a country that is facing multiple sanctions by the West due to the conflict with Ukraine. Putin, speaking at the Russian Energy Week forum, praised the cooperation with BRICS, which Moscow views as a counterbalance against the West. He also added that Russia would continue to cooperate with OPEC+ producers of oil.

EU's von der Leyen announces 35 bln euro loan in Kyiv visit

Ursula von der Leyen, President of the European Commission during her visit to Kyiv last Friday, announced a loan for Ukraine up to 39 billion dollars ($35 billion), saying that it was necessary to protect the country from Russian attacks and to help it survive the winter. Zelenskiy, standing next to her, said that the loan will be used for energy procurement, air defences, and arms procurement. He urged his allies, at the press conference, to approve a "victory strategy" he had drafted by the end the year. Von der Leyen, who was visiting Kyiv to begin her second term as the head of the executive branch of the European Union…

Document shows that Russian oil and gas revenues will decline in 2025-2027 due to a reduction in tax burden for Gazprom.

A draft budget released on Monday shows that Russia's oil and gas revenues are expected to decrease in 2025-2027, due mainly to the easing of the tax burden for the country's biggest gas producer Gazprom. The budget document states that the total budget revenue expected from oil and natural gas sales will decline from this year's 11.3 trillion Russian roubles to 10.9 trillion (117.53 billion) roubles in 2025, or 5.1% of GDP. The revenue is expected to drop further, to 10,56 trillion roubles by 2026, and to 9,77 trillion roubles by 2027. The Russian parliament will debate the draft budget.

Putin visits Mongolia to establish key link in gas pipeline planned for China

The Kremlin announced on Monday that Russian president Vladimir Putin was in Mongolia for a visit of state. Mongolia is on the planned route of a new gas pipeline between Russia and China. Since years, Russia has been discussing the construction of a pipeline that will transport 50 billion cubic meters (bcm), or natural gas per year, from its Yamal Region to China via Mongolia. Power of Siberia 2 is a part of Russia’s strategy to compensate the European market for its loss of gas sales since the beginning of the Ukraine War. The project is a planned successor to a pipeline with the same name that already transports Russian gas to China.

Putin wants BRICS to play a greater role in the global energy dialogue

On Wednesday, President Vladimir Putin called for a greater role for the BRICS group on global energy markets. Russia is looking for ways to counter Western influences. The Energy Week International Forum will be held in Russia this week. It is also expected to host a meeting between the energy ministers of the BRICS countries. In a letter addressed to participants and guests of the forum, Putin stated that it was "obvious" that cooperation in the energy industry would serve to improve the quality of life for people, strengthen national economies and solve social problems.

Putin and Serbian deputy PM discuss gas contract

Vladimir Putin, the Russian president, said that he planned to discuss with Serbian Vice Prime Minister Aleksandar Volin a contract for gas supply that will expire in March 2025. Putin and Vulin met at the Eastern Economic Forum, in Russia's far-eastern port of Vladivostok. Serbia, which NATO bombed during the war in Kosovo in 1999, has historical close ties with Russia, but also aspirations to join the EU. Serbian President Aleksandar Vucic, since Russia's full scale invasion of Ukraine 2022, has walked a thin line between condemning Russian military action and refusing to join European sanction against Moscow.

Andy Home: Nickel market is no longer worried about Russian supply

The market has shrugged off the suggestion by Russian President Vladimir Putin that Moscow could consider capping nickel exports in retaliation to Western sanctions. The London Metal Exchange's (LME) 3-month price managed to make a slight bounce above the $16,000 per metric ton mark, but momentum is fading. It's a long way from the first Russian invasion of Ukraine in February 2022. The fear that sanctions could be imposed on metal produced by Russian giant Norilsk Nickel sparked a massive rally in 2022, which culminated in a complete meltdown of LME nickel. Two and a half year is a very long time on the nickel market.

Putin: Russia should restrict exports of uranium and titanium

On Wednesday, Russian President Vladimir Putin stated that Moscow could consider limiting the exports of uranium and titanium in order to retaliate against the West. In comments made to government ministers via televised broadcast, he stated that such restrictions could be implemented for other commodities. He noted that Russia is a major producer in natural gas, diamonds, and gold. He said that the measures needed to be taken today, but not "tomorrow" and they must not harm Russia. "Please look at the goods we provide to the global market... Perhaps we should consider certain restrictions, such as uranium or nickel," Putin said to Prime Minister Mikhail Mishustin.