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Oil & Gas

Financial Times – March 31,

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Volvo Cars brings former boss back to provide a'steady' hand Trump threatens to impose secondary tariffs on Russian Oil if there is no agreement on Ukraine Isar declares launch of rocket a success, despite first-time failure to reach orbit Task force urges to eliminate oil and gas windfall taxes before 2030 View the full article Volvo Cars has appointed Hakan Samuelsson as its new chief executive after warning last month of a potentially challenging 2025. Donald Trump,...

Oil & Gas

US companies warn French companies to comply with Trump's ban on diversity

The Trump administration ordered French companies that have contracts with the U.S. federal government to comply with its executive order prohibiting diversity, equity and inclusion programs. This highlights the extraterritorial impact of U.S. policy and their possible impact on European corporate practice. Companies have been asked to fill out a form entitled "Certification regarding compliance with applicable federal anti-discrimination law." The questionnaire has been seen. The move comes amid increasing economic and political tensions in the United States and Europe after Donald Trump's election, which was based on a "America First" platform. The differences in approaches between France and the...

Oil & Gas

Chinese state-owned firms restrict imports of Russian April ESPO blend oil, resulting in a discount on the price.

Four trade sources reported on Friday that the Far East flagship ESPO blend oil price in Russia fell to its lowest level in 10 months due to a cooling in demand by China, the main consumer of the oil. Prices for April loading have now become a discount at Chinese ports for first time since last June, they said. The sources reported that ESPO blend oil cargoes loaded for the next month were trading at a discount up to $1.50 a barrel against the ICE Brent benchmark, delivered to China. Data shows that this is the lowest level of price...

Oil & Gas

Russia claims Ukraine "virtually destroyed" Sudzha Gas Station

Russia accused Ukraine of attacking its energy infrastructure on Friday, despite a ban on such strikes. It said a major piece of gas pipeline in Sudzha was virtually destroyed. An official from Ukraine said that Russia was responsible for the attack on Sudzha's gas transit point. It was not possible to confirm independently which side was responsible. Separate agreements were announced by the United States and Russia on February 2 to stop their attacks in the Black Sea, and to target each other's energy. These agreements are potential stepping-stones that Washington hopes can lead to a complete ceasefire and to...

Environment

Financial Times – March 28,

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Lakshmi Mittal, steel tycoon, plans to leave UK following non-domestic tax change OnlyFans fined 1mn PS for inaccurate age-checking Just Stop Oil for direct action protests The EU's watchdog will set capital requirements for insurers who hold crypto View the full article Lakshmi Mittal, a steel tycoon from India, is planning to leave Britain as a result of governmental crackdowns on non-domiciled citizens. He will be one of the richest entrepreneurs to relocate because of tax reform....

Pollution

Just Stop Oil, a UK-based climate protest group, has announced that it will cease direct action.

Just Stop Oil in Britain, which has been known for its high-profile actions, including throwing soup on a Van Gogh picture and disrupting sports and theater events, announced Thursday that they would be ending their direct action campaign. The group that has been campaigning for Britain to stop extracting oil and gas in 2030, and which over the past few years has become the most well-known protest organisation of the country, announced it would "hang up the hi-vis" at the end April. In recent months, activists of the group have painted the grave of Charles Darwin, British naturalist, at Westminster...

Oil & Gas

Reactions to Trump's auto tariffs

The U.S. president Donald Trump announced on Wednesday a 25% tariff for imported cars and light vehicles starting next week. This move will likely increase prices and slow production, according to auto industry experts. What are your reactions? NATIONAL FOREIGN TRADE COUNCIL (NFTC), WHICH REPRESENTS A LOT OF U.S. COMPANIES. VP TIFFANY SMITEH "Placing tariffs against imports of automobiles could damage the competitiveness and export-readiness of an industry which relies on international supply chains and market integration for its success. We urge the administration, to prioritize the market opening opportunities of auto companies that manufacture vehicles for export from the...

Refined Products

Russia expects the global oil demand to rise by 1.5 million barrels per day in 2025

News agencies reported that Russia's deputy prime minister Alexander Novak stated on Wednesday that the global oil demand is expected to rise by between 1.0 and 1.5 million barrels of oil per day this year. This compares to the latest expectation from the Organization of Petroleum Exporting Countries of a rise of 1,45 million bpd. Novak was quoted by Interfax as saying, "I am optimistic, because the rate of consumption increases every year. And judging from the fact that global economic growth will continue, demand for energy will increase." Experts and think tanks predict a possible oil surplus this year,...

Oil & Gas Refining

Gunvor CEO Tornqvist says that he does not expect oil demand to keep up with the growth in supply.

Torbjorn Tornqvist, the chief executive of global commodity trader Gunvor, said that he does not believe oil demand will keep up with current supply rates. He made this statement in a keynote address at the Financial Times Commodities Summit Global in Switzerland. He said, "We're gradually, slowly moving into a laxer environment", at the Lausanne summit. If producers continue to produce as they are, then the increase will come in line with what was planned. We don't expect demand to catch up. Four sources said on Monday that the Organisation of Petroleum Exporting Countries (OPEC+), which includes allies, will probably...

Oil & Gas

RPT, the aunt of Trafigura Mongolia's boss, ran its main partner company

Trafigura’s top executive for Mongolia has been suspended pending an investigation into a fraud scheme worth billions of dollars at the Swiss trading firm. The executive, however, lent more than $500 million from Trafigura to a company owned by his aunt. Lex Oil is Trafigura’s main counterparty in Mongolia. According to three sources and a document, it belonged to Erdenetuul who is the aunt of Trafigura’s suspended local boss Jononbayar Erdenesuren. Trafigura announced last October it had suffered a loss of $1.1 billion after an internal investigation found that employees within its Mongolian petroleum product supply business engaged "serious misconduct"....

Crude Oil

Sources say that OPEC+ is likely to go ahead with its planned increase in oil production for May.

Four sources said that OPEC+ would likely stick with its plan to increase oil production for a second month in a row in May. This is despite the steady price of oil and plans to make some members reduce their pumping to compensate past overproduction. OPEC+, a group consisting of OPEC producers and allies led by Russia and pumping over 40% of world oil. The group plans to increase its output by 135,000 barges per day in the month of May. This would be the second increase in a plan that aims to undo some of the millions barrels per...

Oil & Gas Refining

As peace talks continue, the most dangerous city in Ukraine is desperate for a break from drones.

Kherson, a Ukrainian city on the frontline of the conflict with Russia for three years, has more reasons than others to want to see an end to it. They are wary of talks because they have experienced occupation and constant attacks after Russian forces were pushed out. Serhiy (64), a security guard, is lying in a hospital with his foot bandaged. He claimed he was on his way to work as a security guard, when he was struck by a grenade that was dropped by a drone operated by Russian forces. He refused to reveal his family name, and asked...

Fossil Fuels

Fossil Fuels

Trump threatens to impose secondary tariffs on Russian crude oil if he is unable make a deal with Ukraine

Donald Trump, the U.S. president, said that if he felt Moscow was blocking his efforts in ending the war in Ukraine he would impose secondary tariffs ranging from 25% to 50%. These could begin within a month of no ceasefire. NBC reported that Trump told NBC News he felt angry and "pissed" when Russian president Vladimir Putin criticized Volodymyr Zelenskiy, the Ukrainian president's leadership. Trump told NBC News on the phone that he plans to meet with Putin this coming week. Trump repeatedly promised to end the "ridiculous war" in Ukraine during his presidential campaign of 2024. He has been...

Oil & Gas Equipment

Elliott takes big short position in Shell amid BP campaign

According to financial filings, the activist hedge fund Elliott Management in the United States, which is currently campaigning in its capacity as a BP investor for more changes at BP, has taken a large short position in Shell. Elliott's short positions, designed to earn money in the event that Shell's shares fall, amount to around 0.5% of Shell according to the data published by the Financial Conduct Authority on their website on Thursday. The data shows that this is the largest short position the company has had since 2016. Elliott took a position Tuesday when Shell provided an investor update...

Carbon Emissions

Shell, Equinor and TotalEnergies invest $714 Million in Carbon Storage Expansion

Shell, Equinor, and TotalEnergies announced on Thursday that they would invest 7.5 billion Norwegian crowns (713.66 million dollars) in expanding their flagship project for carbon storage in western Norway. This follows a recent customer agreement. They said that the decision was made after the partners signed an agreement for a 15-year period with Stockholm Exergi, to store and transport 900,000 tons of carbon dioxide annually at the Northern Lights facility. Shell stated in a press release that the expansion will more than triple CO2 injection capability at the site to 5 million tonnes annually, which is equivalent to 10% of...

Mining

Mineral Resources

Mineral Resources

New York Times Business News - March 31, 2019

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch their accuracy. If he believes that Moscow is blocking the efforts of President Donald Trump to end the conflict in Ukraine, he will impose secondary duties of 25 to 50 percent on Russian oil buyers. Nearly 40 countries, including China and Russia, have voiced their opposition to the plan of The Metals Company, a Canadian miner, to begin seabed mining on the Pacific Ocean. The company applied for exploration permits and permits to the U.S. Department of...

Mineral Resources

The VDMA Engineering Group in Germany has seen a weak recovery this year

The VDMA association reported on Monday that geopolitical conflicts, U.S. tariffs, and general uncertainty have clouded the prospects for a robust recovery. The engineering group reiterated its forecast and also called on Germany's new government to implement deep reforms including tax cuts, reducing regulations, and other measures to end what it described a paralysis of Europe's largest economy. In a press release marking the opening of the Hannover Messe, the BDI industry group echoed these calls but predicted a slightly less drastic decline in production this year of 0.5%. Ralph Wiechers, chief economist at the VDMA, said on the first...

Mineral Resources

London copper falls to two-week lows on trade war fears

The copper price in London dropped to a 2-week low on Monday amid increased concerns over a global trade conflict, and as U.S. president Donald Trump's tariffs were looming. As of 0330 GMT, the benchmark three-month Copper on the London Metals Exchange lost 0.4% and was $9760 per metric tonne. Trump announced Sunday that the reciprocal trade tariffs he intends to introduce in this week will be applicable to all nations. Investors are worried by the high uncertainty surrounding Trump's Tariffs. Some arbitrage traders could lose money if Trump imposes copper tariffs earlier. The Shanghai Futures Exchange saw a 0.7%...

Mineral Resources

London copper falls to two-week lows on trade war fears

The copper price in London dropped to a 2-week low on Monday amid increased concerns over a global war of trade, and as U.S. president Donald Trump's tariffs were looming. As of 0155 GMT, the benchmark three-month Copper on London Metals Exchange (LME), lost 0.4% and was $9753 per metric tonne. Trump announced Sunday that he will introduce reciprocal tariffs this week to all countries. Investors are worried by the high uncertainty surrounding Trump's Tariffs. Some arbitrage traders could lose money if Trump imposes copper tariffs earlier. Due to concerns about supply disruptions following an earthquake that occurred in Myanmar,...

Mineral Resources

London copper drops to a two-week low due to US tariffs

The copper price in London fell to a two-week low last Friday as the unease about looming U.S. Tariffs affected sentiment. As of 0717 GMT, the benchmark three-month price for copper on London Metals Exchange (LME), fell 0.5% to $9801.5 per metric tonne. The price had fallen briefly to $9,800 - its lowest level since March 17. Prices were down 0.6% for the week. Last month, U.S. president Donald Trump ordered an investigation into possible tariffs on imports of copper to rebuild U.S. manufacturing. The markets are nervous about Trump's promise to announce new tariffs, in addition to 25% on...

Mineral Resources

Gold reaches record highs as Trump's tariff plans spur demand for safe-haven gold

Gold prices reached a record high on Friday, as fears over President Donald Trump's new tariff plans fueled fears of a trade war around the world. This prompted a rush to the gold-safe haven. As of 0230 GMT spot gold rose 0.6%, to $3,073.79 per ounce. It had earlier reached a session high of $3.077.44. Bullion has risen 1.7% this week. U.S. Gold Futures rose 0.8% to $3.083.60. Gold is riding high at the moment. "Everything is in favor of gold, including U.S. economic policy, U.S. geopolitics and the slowdown in global growth," said Capital.com financial analyst Kyle Rodda. He...

Mineral Resources

US auto tariffs threaten global industry with higher prices and job losses

The announcement by Donald Trump of a 25% auto import tariff sent shockwaves around the globe on Thursday. Global carmakers warned that prices would rise immediately, and dealers expressed concern about job losses in large auto-exporting nations, including many U.S. allies. The new tariffs are expected to lead to a second round of large-scale U.S. duties that will be imposed next week. The auto tariffs could increase the cost of an average vehicle by thousands of dollars in the U.S., and dampen demand further at a moment when the industry is already struggling with the transition to electric vehicles. The...

Mineral Resources

Metlen, a Greek company, expects to produce 50 tonnes of gallium by 2028. This will be enough to meet EU requirements

Metlen, a Greek energy and metals company, said Thursday that its production of the critical mineral gallium (used in smartphones) will reach 50 tons in 2028, and be sufficient to meet all European Union needs. This week, the European Commission published a list 47 strategic projects in Greece to increase EU production of materials that it considers crucial for its energy security and transition. Gallium is one of them. It is also used to make high-quality semiconductors. Evangelos Mytilineos, Metlen’s Chief Executive Officer and President, told journalists that Metlen would produce 50 tons of gallium by 2028 to meet the...

Mineral Resources

What is Trump's new 25% tariff on US auto imports?

Donald Trump, who has been threatening new tariffs for weeks on imported vehicles, followed through with his threats on Wednesday. He said that a 25% tax would be imposed on cars not made in the U.S. next week. Trump will add a 25% tariff to previous duties on imported finished vehicles, starting April 3 at 12:01 am EDT (0401 GMT). The U.S. base tariff rate on automotive imports is 2.5 percent. The plan to disrupt the auto supply chain and trade sparked uncertainty among investors and customers, and retaliation threats were made. Global auto stocks fell from Asia to America....

Mineral Resources

Elon Musk’s Tesla will be less affected by Trump’s auto tariffs

Tesla, the electric vehicle manufacturer, was less affected by Donald Trump's auto tariffs than other automakers. Analysts said that Tesla's financial performance and supply chain may not be affected due to the large levies on global shipments, including cars and parts, to the United States. This is mainly because the company produces a majority of its products domestically. Even though Musk is now one of the primary advisors to President Trump, Musk's task may not be to improve the reputation of the brand worldwide. Musk was appointed by Trump as his chief adviser and has been tasked with cutting federal...

Mineral Resources

Elon Musk’s Tesla will be less affected by Trump’s auto tariffs

Tesla, the electric vehicle manufacturer, was less affected by Donald Trump's auto tariffs than other automakers. Analysts said that Tesla's financial performance and supply chain may not be affected due to the large levies on global shipments, including cars and parts, to the United States. This is mainly because the company produces a majority of its products domestically. Even though Musk is now one of the primary advisors to President Trump, Musk's task may not be to improve the reputation of the brand worldwide. Musk was appointed by Trump as his chief adviser and has been tasked with cutting federal...

Mineral Resources

Trump's 25% auto tariff sparks international criticism

Donald Trump, the U.S. president, announced on Wednesday a 25% tariff for imported cars and light vehicles starting next week. This move will likely increase prices and slow production. Here are some reactions from around the world. ELON MUSK is the CEO of TESLA It is important to note that Tesla has not been left untouched in this situation. Tesla's tariff impact is still substantial. The price of Tesla parts that are imported from other countries will be affected. "The cost impact is not insignificant." SHIGERU ISHIBA IS JAPAN'S PRIME MINISTER "Japan makes the most investment in the United States....