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☆ Trump’s pick for fracker-in-chief will have a tough time pumping a lot more oil
▼ + stars: | 2024-11-18 | by ( Auzinea Bacon | Chris Isidore | ) edition.cnn.com time to read: +4 min

Trump has said he wants to lower gas prices — which currently average $3.07 per gallon — to below $2 a gallon. But the American oil industry is already booming and increasing output doesn’t mean gas prices will drop. After oil prices shot up in 2022 in the wake of Russia’s invasion of Ukraine and the sanctions on Russian oil imposed by western countries, major oil companies reported record profits. But are we going to increase oil production by another 50%? OPEC+, a group of leading oil-producing countries, even delayed plans to increase production because of concerns about excess supply.

Persons: Donald Trump, ” Trump, Trump, Chris Wright, Wright, Andy Cross, Andy Lipow, ” Lipow, “ It’s, Biden, ”, Bob McNally, George W, Bush, CNN’s David Goldman, Matt Egan Organizations: CNN, Liberty Energy, Liberty, Denver Post, US Energy Information Administration, P, Insights, Eurasia Group, Texas Intermediate, OPEC, Lipow Oil Associates, Energy, Oil Locations: Denver, States, Saudi Arabia, Russia, Eurasia, Ukraine, China, OPEC

☆ The U.S. President has more influence on oil flows outside than inside of the country: Analyst
▼ + stars: | 2024-10-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe U.S. President has more influence on oil flows outside than inside of the country: AnalystJim Burkhard from S&P Global Commodity Insights discusses the impact of the upcoming US elections on oil flows.

Persons: Jim Burkhard Organizations: P

☆ Dangerous times for the oil market, oil analyst says
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDangerous times for the oil market, oil analyst saysAndy Critchlow, EMEA head of news at S&P Global Commodity Insights, discusses the recent fluctuations in global oil prices due to the ongoing tensions in the Middle East.

Persons: Andy Critchlow Organizations: P, Commodity

☆ OPEC will want to put pressure on Iraq around compliance, analyst says
▼ + stars: | 2024-09-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC will want to put pressure on Iraq around compliance, analyst saysAndrew Critchlow, global head of news at S&P Global Commodity Insights, discusses oil prices and OPEC.

Persons: Andrew Critchlow Organizations: P, Commodity Locations: Iraq

Nickel mining in Indonesia has surged, making it the world's top producer of the metal. With over 14 active mines, Indonesia supplies more than 40% of global nickel demand, driven by its crucial role in electric vehicle (EV) batteries. The rapid growth in nickel production is closely linked to Indonesia's partnership with China, the largest global EV battery producer. Chinese investments have bolstered Indonesia's mining capabilities, focusing on refining nickel locally following a 2022 ban on raw nickel exports. Increased nickel production in Indonesia has led to oversupply and lower prices, impacting producers in Australia and Canada.

Persons: Jason Sappor, Tesla, Todd Malan, It's, Elon Musk Organizations: P, EV, Talon, Talon Metals, Tesla Inc Locations: Indonesia, China, Australia, Canada, America, United States, Michigan, Minnesota

☆ How a second Trump administration might risk the investment case for green energy
▼ + stars: | 2024-07-27 | by ( Hakyung Kim | ) www.cnbc.com time to read: +9 min

For years, China ramped up green energy production capacity, becoming the global leader in renewable energy manufacturing, from solar to wind to battery. In a second Trump administration, prices for imports from China are likely to surge for green energy producers. The view is that First Solar will benefit the most within the U.S. solar sector from greater trade restrictions, according to Baird. Ultimately, that may curtail the number of green energy startups and private companies that want to go public, Schleif said. "It's been really hard to compete with Chinese companies in any way, shape or form."

Persons: Donald Trump, Trump, Biden, Baird, Ben Kallo, Green, Carol Schleif, Schleif, Joe Biden, Andy Poreda, Tobin Marcus, Wolfe, TAN, Morgan Stanley, Elon Musk's, Advisory's Poreda, Poreda, It's Organizations: P, BMO Family Office, Biden White, Sage Advisory, Republican, Senate, White, Wolfe Research, Republican National Convention, Biden, JPMorgan, Materials Corp Locations: China, U.S, North America, Albemarle

☆ Nantucket wind turbine failure was ‘highly unusual and rare.’ But it wasn’t the first
▼ + stars: | 2024-07-20 | by ( Ella Nilsen | ) edition.cnn.com time to read: +4 min

CNN —The massive offshore wind turbine blade that broke and spread fiberglass and foam debris across Nantucket beaches this week was one of several recent failures of blades made by GE Vernova – a top US wind turbine manufacturer. Several GE Vernova blades have broken on onshore and offshore turbines in Germany, Sweden, Lithuania and the United Kingdom in recent years. Broken wind turbines are “highly unusual and rare,” a GE Vernova representative told Nantucket residents and officials on Wednesday. WBZTown of Nantucket CurrentLast year, three GE Vernova blades broke at the Alfstedt-Ebersdorf onshore wind farm in Germany. The total number of broken turbine blades has been relatively low compared to the large number of blades manufactured each year.

Persons: it’s, Indra Mukherjee, ” Mukherjee, Mukherjee, Julia Pschribülla, Pschribülla, Brooke Mohr Organizations: CNN, GE Vernova, GE, Nantucket, Copenhagen Infrastructure Partners, P, WBZ, Energy Locations: Germany, Sweden, Lithuania, United Kingdom, Avangrid, Copenhagen, Nantucket, Massachusetts, East Coast

☆ Offshore wind projects have been dogged by inflation and culture wars. Now they’re making a comeback
▼ + stars: | 2024-04-18 | by ( Ella Nilsen | ) edition.cnn.com time to read: +6 min

CNN —After a disastrous year marked by high costs, accusations of environmental harm and project cancellations in 2023, there’s a sense the US offshore wind industry is on a rebound. But offshore wind is increasingly Trump-proof, according to a top White House climate official, wind CEOs and an industry analyst. “This year will be a significant year for offshore wind development,” BOEM director Elizabeth Klein told CNN in a statement. The US supply chain for offshore wind is still being built; therefore, projects are turning to European manufacturers to get blades, gearboxes, and other components. Now, he said, Northeast governors “just want to make sure their states have energy.”New York has been aggressively pursuing offshore wind projects, rebidding previously canceled projects and accepting those projects at higher prices.

Persons: ”, Sam Huntington, “, aren’t, Donald Trump –, Trump, Ali Zaidi, that’s, ” Zaidi, we’ve, Zaidi, “ We’re, ” Huntington, Elizabeth Klein, Matthew J, Lee, There’s, Clint Plummer, ” Plummer, Pedro Azagra Blázquez, ” Blázquez, rebidding, Plummer, they’re Organizations: CNN, P, White House, White, Biden, US Bureau of Ocean Energy Management, Vineyard, New, Boston Globe, Power Locations: Wisconsin, Trump, Europe, Gulf of Maine, Oregon, New Bedford, Massachusetts, Huntington, New York, Danish, Asia, Friendly, New England, York

☆ Rerouting of oil is starting to impact the market, analyst says
▼ + stars: | 2024-02-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRerouting of oil is starting to impact the market, analyst saysAndy Critchlow, head of news, EMEA, at S&P Global Commodity Insights, discusses the outlook for the oil market amid geopolitical tensions.

Persons: Andy Critchlow Organizations: P, Commodity

☆ Surging U.S. oil production may set a record in 2024, shielding consumers from Mideast war and pressuring OPEC
▼ + stars: | 2024-01-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Supply is forecast to grow by 1.5 million barrels per day to a new high of 103.5 million barrels per day, according to the IEA. Demand will grow by 1.2 million barrels daily, down from 2.3 million in 2023, with the post-pandemic recovery over and major economies set to slow. WTI and Brent closed out 2023 down more than 10% and OPEC+ production cuts have so far failed to lift prices. Goldman Sachs, for example, says oil prices could double if there is a prolonged disruption to shipments through the Strait of Hormuz. 'Golden era' Stronger U.S. oil production in 2023 surprised even oil industry CEOs such as Chevron's Wirth and Occidental's Vicki Hollub, they told CNBC in recent interviews.

Persons: Michael Wirth, Wirth, CNBC's Brian Sullivan, Goldman Sachs, Walt Chancellor, Daniel Yergin, Brent, Adi Imsirovic, Imsirovic, Yergin, Bob Yawger, Yawger, Matt Smith, Smith, Chevron's Wirth, Occidental's Vicki Hollub, I'm, Macquarie, Chancellor, Hollub, — Organizations: P, Energy Information Agency, Chevron, P Global, CNBC, Economic, West Texas, Center for Strategic, International Studies, OPEC, Bank of America, Oil, International Energy Agency, IEA, Brent, Mizuho, Gulf, Americas, Western Hemisphere Locations: East, U.S, Macquarie, Davos, Switzerland, Canada, United States, United Kingdom, OPEC, Brazil, Guyana, Americas, Europe, Red, Kpler, Iran, Hormuz

☆ Red Sea crisis could jeopardize inflation fight as shipping costs spike globally
▼ + stars: | 2024-01-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

In this article HLAG-DEMAERSK.B-DK Follow your favorite stocks CREATE FREE ACCOUNTA ship transits the Suez Canal towards the Red Sea on January 10, 2024 in Ismailia, Egypt. Sayed Hassan | Getty ImagesU.S. shipping costs are spiking as attacks in the Red Sea disrupt global trade, raising fears that inflation might pick up again if the disruption persists. But the Red Sea crisis is now having a significant impact further afield with shipping costs between Asia and the U.S also spiking. Shipping rates from North Asia to the U.S. East Coast have jumped 137% to $5,100 for a 40-foot container from early October, according to S&P Global. JPMorgan told clients on Tuesday that the fight against inflation could stall in the coming months if shipping costs push the price of goods higher.

Persons: Sayed Hassan, John Kirby, Kirby, Biden, Chris Rogers, Mark Hopkins, we're, Hopkins, It's, Balika Sonthalia, Sonthalia Organizations: Getty, P Global Market Intelligence, P, U.S ., U.S . East Coast, U.S . West Coast, JPMorgan, Federal Reserve, . National Security, White, Moody's, CNBC, Kearney, The New, The New York Federal, HSBC Locations: Suez, Ismailia, Egypt, South Africa, Asia, Europe, North Asia, Israel, U.S, U.S . East, U.S . West, The New York, Panama

☆ Despite Biden climate change pledges and conservative complaints about a war on energy, the US is on pace for record oil and gas production in 2023
▼ + stars: | 2023-11-30 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

US oil and gas production is having a record year. US oil production reached an all-time high of 13.2 million barrels a day last month and has remained that high since. US natural gas production is also set a record-high this year, and show no indications of slowing. The numbers poke a hole in arguments made by Republicans who claim Biden administration policies have thwarted US energy production. Still, Hare said: "It's clear that the Biden administration is not running a war against fossil fuels, or if it is, it's a very unsuccessful war."

Persons: Biden, Joe Biden, Donald Trump, Reed Olmstead, Bill Hare, Hare Organizations: Service, Republicans, Politico, Trump, P, Commodity, Analytics, Associated Press Locations: Biden's

In total, the cancellations equate to nearly one-fifth of President Joe Biden’s goal of 30 gigawatts of offshore wind power by 2030. Despite the setbacks, offshore wind continues to move forward, the White House said, citing recent investments by New York state and approval by the Interior Department of the nation’s largest planned offshore wind farm in Virginia. Hardy spoke at the American Clean Power industry group’s offshore wind conference in Boston last month on a panel with Morris. Phil Murphy, has established increasingly stringent clean energy goals, moving from 100% clean energy by 2050 to 100% by 2035. “Offshore wind is a lot bigger than Ørsted.”The first U.S. commercial-scale offshore wind farms are currently under construction: Vineyard Wind off Massachusetts and South Fork Wind off Rhode Island and New York.

Persons: jeopardizing, Ørsted, Joe Biden’s, Biden, Timothy Fox, “, Molly Morris, David Hardy, Hardy, Morris, “ We’re, ”, Walt Musial, Musial, Conor Bambrick, Phil Murphy, Murphy, Catherine Klinger, Catherine Bowes, ″ Bowes, Michael Brown, ” ___ McDermott Organizations: WASHINGTON, Biden, Interior Department, Interior’s Bureau of Ocean Energy Management, Industry, ClearView Energy Partners, Ørsted, American Clean, National Renewable Energy Laboratory, Energy Department, P, Environmental, ., Democratic Gov, New, U.S, Offshore, Ocean, ___, AP Locations: New Jersey, U.S, Danish, New England, Massachusetts, Connecticut, New York, Virginia, Interior’s, Gulf of Mexico, East Coast, Washington, Norwegian, Jersey, United States, Boston, Europe, Virginia Beach, Rhode Island, . New Jersey, Rhode, North America, Providence , Rhode Island, Hill, Albany , New York, Catalini, Trenton , New Jersey

☆ Insight: US solar panel manufacturing boom threatened by cheap imports
▼ + stars: | 2023-11-03 | by ( Nichola Groom | ) www.reuters.com time to read: +7 min

[1/5] Solar panels from SunPower are installed on residential buildings at a model home display in the Eureka Grove neighborhood of Granite Bay, California, U.S., October 5, 2021. But global solar panel prices have collapsed due to a wave of new Asian production capacity in recent months, leading many in the U.S. solar industry to worry many of these proposed factories may be uneconomical. U.S. officials have repeatedly warned that over-reliance on Chinese clean energy technology could pose a security risk similar to Europe's historical dependence on Russian natural gas. A White House spokesperson did not respond to questions about recent market challenges facing domestic solar manufacturers, but said Biden's policies had generated a huge wave of investment and were revitalizing American manufacturing. Mike Carr, executive director of the Solar Energy Manufacturers for America trade group, said factories could be delayed, extending U.S. dependence on China.

Persons: Nathan Frandino, Joe Biden’s, ”, Edurne Zoco, Wood Mackenzie, Mike Carr, ” Carr, Brian Lynch, Jekyll, Hyde, Lynch, Danny O'Brien, Meyer Burger, Hari Achuthan, Richard Valdmanis, David Gregorio Our Organizations: REUTERS, P, U.S . International Trade Commission, Companies, Reuters, Energy, Solar Energy Manufacturers, America, Insights, U.S . Commerce Department, Solar Energy Industries Association, Convalt Energy, Treasury Department, Commerce Department, Thomson Locations: Eureka Grove, Granite Bay , California, U.S, Europe, China, United States, Malaysia, Thailand, Cambodia, Vietnam, India, Mexico, Hanwha, Colorado, Asia, New York, Maine

The decision by Saudi Arabia and Russia to extend the voluntary cuts drove up oil prices to over $90 a barrel in late September. Saudi crude exports to China rose to nearly 1.6 million bpd in September, up from 1.2 million bpd in August and 1.37 million bpd in July, Kpler data showed. U.S. CRUDE EXPORTS FALLAs the U.S. sees less crude imports, it has exported less oil to Europe. U.S. crude exports to Europe fell to 1.86 million bpd in September and 1.84 million bpd in August, from 2.01 million bpd in July, Kpler data showed. Tight supply led the premium for front-month Brent crude futures to rise to as much as $3.26 a barrel above the second month , the highest since 2022.

Persons: Lucy Nicholson, Matt Smith, Smith, refiners, Vortexa's Rohit Rathod, Adi Imsirovic, Brent, Stephanie Kelly, Alex Lawler, David Gregorio Our Organizations: Port, REUTERS, Brent, Organization of, Petroleum, Total U.S, Americas, Kpler, West, Surrey Clean Energy, CSIS, Midland, P, Insights, Thomson Locations: Port of Long Beach, Port of Los Angeles, Los Angeles , California, U.S, Saudi Arabia, Europe, Russia, Nigeria, Algeria, Saudi, China, Richmond , California, Los Angeles, Midland, Brent

☆ Fact Check: Niger did not hike uranium price to 200 euros per kg after 2023 coup
▼ + stars: | 2023-10-17 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

Niger did not raise the price of uranium from 0.80 euros per kilogram to 200 euros per kg following its July 2023 coup, contrary to claims made online. Uranium is traded in an open market and governments do not directly control uranium prices, experts told Reuters. Market data also show that uranium prices were much higher than 0.80 euros per kg before the coup and have not neared 200 euros in the months since. Reuters previously addressed the false claim that Niger banned uranium exports to France and the EU in an August fact check. Niger did not raise the price of uranium from 0.80 euros per kg (0.38 USD per lb) to 200 euros per kg following the July 2023 coup in the West African nation.

Persons: Mohamed Bazoum, Euratom, Jonathan Hinze, UxC, ” Hinze, ”, Kathleen Tanzy, Tanzy, Read Organizations: Uranium, Reuters, Nigerien, Nuclear Association, European Union, Facebook, P, Commodity, EU, Thomson Locations: Niger, Russia, France, West African

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. Reuters' analysis of China's savings on oil purchases from the three sanctioned countries compares what Chinese importers would have paid by purchasing similar grades from non-sanctioned producers. For imports of Venezuelan oil, mostly heavy grade Merey, China saved an average of $10 a barrel versus comparable Colombian Castilla crude, the calculations based on the trader data showed. With January-September inflows of Venezuelan oil at around 430,000 bpd, according to the average of the Vortexa and Kpler data, China's savings from buying Venezuelan oil was $1.17 billion. TEAPOT MARGINSWith state refiners Sinopec and PetroChina refraining entirely from buying Iranian and Venezuelan crude, teapots have feasted on discounted oil from the two suppliers.

Persons: Aly, Kang Wu, Brent, Viktor Katona, Chen Aizhu, Muyu Xu, Tony Munroe Organizations: REUTERS, refiners, Reuters, P, Administration, Customs, Vortexa, Russia's, Castilla, Brent, U.S . State Department, U.S ., Thomson Locations: Zhuhai, China, Russia, Iran, Venezuela, SINGAPORE, United States, Moscow, Tehran, Caracas, East, West Africa, South America, Beijing, Kpler, Kozmino, Baltic, Ukraine, Europe, India, Brazil, Urals, Oman, U.S, Venezuelan, teapots, Shandong, Israel

Dealmaking in the U.S. oil and gas patch has picked up pace as producers sought to replenish their inventory after years of under-investment. The most-prized targets for Chevron could be Coterra Energy (CTRA.N) or Devon Energy (DVN.N), he added. Others mentioned included Matador Resources (MTDR.N), Permian Resources (PR.N) and Diamondback Energy (FANG.O). Still, the Exxon deal, the industry's largest since 2016, also set off worries about stiff regulatory scrutiny over anti-competitive concerns. Exxon does not anticipate antitrust hurdles to complete the deal, expected by early 2024.

Persons: Exxon Mobil's, Gabriele Sorbara, Siebert Williams Shank, Sorbara, Dado Ruvic, Andrew Dittmar, Elizabeth Warren, Sven Del Pozzo, Mrinalika Roy, Chris Sanders, Sriraj Organizations: Exxon, Natural Resources, Co, Chevron, ConocoPhillips, ExxonMobil, Pioneer, REUTERS, Devon Energy, Matador Resources, Diamondback Energy, U.S, P, Insights, Thomson Locations: U.S, Bengaluru, Washington

The five-year plan includes proposed sales in the Gulf of Mexico — the nation’s primary offshore source of oil and gas — in 2025, 2027 and 2029. The three lease sales are the minimum number the Democratic administration could legally offer if it wants to continue expanding offshore wind development. The lease program will guard against environmental damage caused by oil and gas drilling and other adverse impacts to coastal communities, Haaland said. “The (oil leasing) program is definitely informed by the IRA and the connection that the IRA makes between offshore oil and gas leasing and renewable energy leasing,” he said Thursday, referring to the Inflation Reduction Act. The Interior Department can’t sell the rights to drill for oil and gas offshore without first publishing a schedule that outlines its plans.

Persons: Joe Biden's, Biden, Democratic Sen, Joe Manchin, Manchin, Harris, Deb Haaland, ”, Haaland, “, Biden's, Ryan Lance, Willow, Dyani Chapman, Tommy Beaudreau, Interior Department can’t, Rene Santos, Santos, Beth Lowell, Abigail Dillen, Sen, Dan Sullivan, ___ Brown, Becky Bohrer Organizations: WASHINGTON, Democratic, Biden, Interior Department, Interior Department’s, of Ocean Energy Management, drillers, BP, ExxonMobil, ConocoPhillips, Alaska Environment, Interior, P, Gulf, American Petroleum Institute, Chevron, Associated Press Locations: Gulf of Mexico, Alaska, Gulf, Mexico, West Virginia, Chevron, Brazil, Guyana, Louisiana, Oceana, Gulf Coast, Billings, Mont, Juneau , Alaska

☆ Biden's IRA Drives Surge in US Imports of Chinese Used Cooking Oil
▼ + stars: | 2023-09-22 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +3 min

By Andrew HayleyBEIJING (Reuters) - U.S. incentives to boost consumption of more environmentally friendly fuel has created a new market for used Chinese cooking oil, worth almost $390 million in the last 12 months and growing rapidly, China's customs data shows. In the first eight months of 2023, Chinese exports of used cooking oil (UCO) to the U.S. totalled almost 384,000 metric tons, customs data shows. Used cooking oil can be refined into fuels such as biodiesel and SAF, which can be blended with conventional fuels to reduce carbon emissions. State-run Chinese oil majors Sinopec and PetroChina, which are among those shipping UCO cargoes to the U.S., according to Kpler, did not respond to requests for comment. Used cooking oil can be one-third the price of fresh vegetable oil, and has lower carbon intensity than non-waste feedstocks such as palm or canola oil.

Persons: Andrew Hayley BEIJING, Biden, Kpler, Sophie Byron, Global's Byron, Andrew Hayley, Stephanie Kelly, Christian Schmollinger Organizations: U.S, SAF, P, Argonne National Laboratory, U.S . Department of Agriculture, Exports, European Commission, European Union Locations: China, U.S, California, Argonne, U.S . China, Europe, Germany

SINGAPORE, Sept 5 (Reuters) - The dominating theme in crude oil markets is that there are too many competing narratives and driving factors to allow for anything approaching a clear view of the path ahead. So, what are the main issues clouding the crude oil market, both for the short and longer terms? - What will happen to Chinese oil demand? - Even if a soft landing can be achieved, interest rates may stay elevated for an extended period, which eventually flows through into crude trading. - How does the change in the main global price benchmark of Brent affect trading?

Persons: Brent, APPEC, Jamie Freed Organizations: P, Insights, Brent, Midland, Reuters, Thomson Locations: SINGAPORE, Asia, Singapore, OPEC, United States, Brazil, Russia, Iran, Venezuela, Rotterdam, China, UKRAINE, Ukraine

☆ China's recovery is 'significant' in driving overall global oil demand, says S&P Global
▼ + stars: | 2023-09-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's recovery is 'significant' in driving overall global oil demand, says S&P GlobalCarlos Pascual, senior vice president for global energy and international affairs at S&P Global Commodity Insights discusses how China's economic recovery and the G7 price cap on Russian oil affect global oil demand and supply.

Persons: P Global Carlos Pascual Organizations: P Global, P

☆ A worldwide lithium shortage could come as soon as 2025
▼ + stars: | 2023-08-29 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesThe world could face a shortage for lithium as demand for the metal ramps up, with some analysts forecasting that it could come as soon as 2025. BMI, a Fitch Solutions research unit, was among those that predict a lithium supply deficit by 2025. In a recently published report, BMI largely attributed the deficit to China's lithium demand exceeding that of its supply. "We expect an average of 20.4% year-on-year annual growth for China's lithium demand for EVs alone over 2023-2032," the report stated. While that could point to a global lithium surplus next year, shortages could start to plague supply chains in 2028.

Persons: Susan Zou, Corinne Blanchard, Deutsche, Blanchard, Zou Organizations: Sigma, Bloomberg, Getty, BMI, Fitch Solutions, Economic, Rystad Energy, P, Commodity, EV Locations: Itinga, Minas Gerais, Brazil, China, skyrocket, transportations, U.S, Europe

☆ Asia's refiners face profit crunch as Kuwait cuts crude exports
▼ + stars: | 2023-08-18 | by ( Muyu Xu | ) www.reuters.com time to read: +5 min

Lower Kuwaiti exports follow cuts from OPEC kingpin Saudi Arabia that have pushed Brent prices close to $90 a barrel and left little wriggle room for Asia's refiners, reliant on the Middle East for more than two-thirds of crude imports. Chinese refiners, which have invested heavily in new plants designed to process sour oil, are especially exposed. Discounted oil from Russia has eased some of the pain, replacing some Kuwaiti supply, largely to China and India. Additionally, Kuwait's joint venture 230,000 bpd Duqm refinery in Oman is scheduled to start operation by end-2023, which could reduce Kuwaiti crude exports by a further 100,000 bpd to 200,000 bpd in 2024, the consultancies said. Formosa could replace Kuwaiti supply with grades such as Iraq's Basra Medium, Qatar's al-Shaheen and Oman crude, Lin said, adding it can also process U.S. light sweet crude.

Persons: Brent, Asia's, Janiv Shah, Sun Jianan, Al Zour, consultancies, KPC, Lin, al, James Forbes, Muyu Xu, Florence Tan, Sonali Paul Organizations: Kuwait Oil Tanker, Oil, Companies, Lower, Saudi, United Arab, Rystad Energy, P, Kuwait Petroleum Corp, Shenghong, Taiwan Formosa Petrochemical Corp, FGE, Dubai, Brent, Thomson Locations: Kuwait, Pier, Companies Kuwait, SINGAPORE, OPEC, Lower Kuwaiti, Saudi Arabia, Russia, China, India, Iraq, United Arab Emirates, UAE, Taiwan, Pakistan, Philippines, Thailand, Oman, PetroChina's, Guangdong, Japan, South Korea, Vietnam, Formosa, Basra, Shaheen, Brent, Dubai

REUTERS/Jennifer Hiller/File PhotoSINGAPORE, Aug 4 (Reuters) - Surging U.S. crude exports in 2023 are pushing down oil prices in Europe and Asia, proving a key source of supply as producers cut output and sanctions on Russian crude disrupt trade flows. U.S. crude exports are also easing the loss of supply after Saudi Arabia deepened output cuts from July, above what major producers agreed to in June. The widening exports illustrate the increasing influence of crude from the U.S., the world's biggest oil producer, in the global market. U.S. crude exports have averaged 4.08 million barrels per day so far in 2023, up from an average of 3.53 million bpd in 2022, according to the Energy Information Administration. PRESSURE EXTENDSThe pressure exerted from the WTI Midland exports is even extending to Asian markets for Middle Eastern crude.

Persons: Jennifer Hiller, Brent, it's, Joel Hanley, Rohit Rathod, Adi Imsirovic, John Evans, Muyu Xu, Alex Lawler, Arathy, Florence Tan, Simon Webb Organizations: REUTERS, Midland, P, Energy Information Administration, WTI Midland, United, Dubai, Surrey Clean Energy, Gazprom Marketing, Organization of, Petroleum, Exchange, Futures, Thomson Locations: Texas, U.S, SINGAPORE, Europe, Asia, Saudi Arabia, United Arab Emirates, Midland, Dubai, Africa, Brazil, Singapore, WTI, Saudi, London, Houston

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