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Explosive growth in Russia’s Arctic seaports

Goods volumes across the Russian Arctic were up almost 25 percent in 2018, information from the Russian Transport Ministry shows. A total of 92,7 million tons was handled by regional seaports, of which almost 70 percent was oil products and liquified natural gas. The by far biggest growth is found in Sabetta, the port handling liquified natural gas produced by Novatek in the grand Yamal LNG project. The port located on the northeastern tip of Yamal Peninsula in 2018 handled a total of 17,4 million tons of goods, an increase ...

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Venezuelan oil exports to U.S. still a primary source of cash

Venezuela’s oil exports to the United States remain the primary cash resource for its state-owned oil company, and efforts by the United States to cut off that revenue would likely force it to send crude to China, India or other Asian countries. U.S. refineries that depend on Venezuela’s heavy crude would have even more trouble securing supplies as Canadian and Mexican crude are often not as discounted and are limited in availability. The United States has considered moves to cripple Venezuela’s oil shipments, which account for nearly all of the ...

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Analysis: Malaysia’s RAPID to boost Asia’s product supply and Saudi crude oil flows

The start-up of the 300,000 b/d Refinery and Petrochemical Integrated Development, or RAPID, project in Malaysia will boost Asia’s refining capacity growth in 2019, increase Saudi crude inflows to the region and add to the supply of refined petroleum products. The RAPID facility, operated by Pengerang Refining and Petrochemical or PRefChem, a joint venture between state-run Petronas and Saudi Aramco, is among the largest greenfield oil refineries to start operations in Southeast Asia in recent years, supplementing the existing refining hub in adjacent Singapore. It underscores the shift of global ...

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Soybeans ease from 2-week high, wheat prices rebound

Chicago soybean futures slid on Monday to give up some of their gains from the last session, although concerns over adverse weather in top exporter Brazil kept a floor under the market. Wheat rose for the first time in three sessions, with prices supported by expectations of strong demand for U.S. supplies. The Chicago Board of Trade most-active soybean contract had dropped 0.2 percent to $9.23-1/2 a bushel by 0306 GMT, having climbed to its highest since Jan. 9 at $9.26 a bushel on Friday. Wheat gained 0.4 percent to ...

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India’s Coal Sector is in Need of a Boost

India’s coal sector clearly needs some urgent initiatives from the government in order to give it a boost. Some analysts say it’s time the government opened up commercial coal mining to the private sector. This would have a dual effect — it would attract global coal mining companies and also bring new technology and best practices into the country. Despite government promises to the contrary, there’s been heavy reliance on imported coal. Last February, the government decided to open the sector to private participation, touted as a historic move. The ...

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Focus: U.S. copper projects gain steam thanks to electric vehicle trend

Once seen as a laggard in the global mining industry, U.S. copper deposits have quietly drawn more than $1.1 billion in investments from small and large miners alike as Tesla and other electric carmakers scramble for more of the red metal. Four U.S. copper projects are set to open by next year – the first to come online in more than a decade – with several mine expansions also underway across the country, home to the world’s fifth-largest copper reserves, according to the U.S. Geological Survey. The rising popularity of ...

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Shale Oil Growth Headed For Slowdown, But When?

The shale oil revolution will remain in the spotlight in 2019 and promises to once again be one of the most crucial factors driving global oil markets. Rapid growth in U.S. oil production is single-handedly satisfying worldwide oil demand – and then some – forcing the OPEC cartel and its non-OPEC allies, led by Russia, to make price-supportive supply cuts to keep the market balanced. But how sustainable is the current state of play? How long can shale producers expect Saudi-led OPEC to effectively subsidize their operations and seize a ...

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JKM reveals three surprises in 2018 as LNG’s commoditization accelerates

The LNG market continues to confound expectations. The past year saw strengthening of Platts’ JKM despite new supply, as well as de-correlation from other commodities, and flattening seasonality. Meanwhile, in 2017/2018, large volumes of more flexible, market-priced LNG supplies reached final investment decision and were agreed for delivery. These will start to flow into the market in 2023/2024, providing an additional medium-term catalyst for the ongoing commoditization of LNG. 1. JKM decoupled from other LNG pricing indexations In 2017 there was a relatively high correlation of global LNG and gas ...

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Oil falls as U.S. adds new rigs, China weakness rattles market

Oil fell nearly 2 percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further, but the price is still on course for its strongest January gain for 14 years. Further weighing on oil markets, the trade dispute between the United States and China looks unlikely to end anytime soon and its impact on the Chinese economy is increasing. Brent crude oil futures were down $1.05 at $60.59 a barrel by 1300 GMT, while U.S. futures were down $1.02 ...

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Oil Producers Are Finding Growth at All Costs Too Costly

For years, the focus of oil producers in the U.S. has been on growing their production as fast as possible. Companies trumpeted their growth potential to investors as a sign of strength and their ability to cash in on higher oil prices. But that gusher of new production didn’t pay off. It was one of the factors causing oil prices to crash again at the end of last year (after crude supplies ran ahead of demand), sending oil stock prices down with them. As a result, more oil companies are ...

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Saudis to Keep Aramco’s Hold on Oil Intact Ahead of Share Sale

Saudi Aramco plans to retain exclusive rights to develop Saudi Arabia’s oil reserves even as the kingdom prepares a multi-billion dollar plan to open up to foreign investment. “There is no intention whatsoever to chip away at Aramco’s exclusivity and its concession,” Saudi Energy Minister Khalid Al-Falih told reporters on Saturday when asked whether the opening to international investors would extend to upstream oil and gas assets. OPEC’s biggest producer is preparing to sell shares in the state oil company in what could be the biggest initial public offering ever. ...

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Could Mexico Again Be An Oil Superpower?

The supply of oil and gas from Mexico over the next decade will depend very much on political decisions made in the next few years, but it is important to realize that the geological potential is very great and the economics are very favorable. The history of relying on a xenophobic ideology which until recently restricted resource development to the national oil company, Pemex. The company suffered from the usual challenges faced by state mineral enterprises, including political interference in decision-making and hiring, as well as a volatile and unpredictable ...

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European Markets Down As Coming Trade Talks And Fed Meeting Spooks Investors

European stocks fell Monday, as investor jitters returned ahead this week’s U.S./ China trade talks and the coming Federal Reserve meeting. Ocado Group and Marks & Spencer Group PLC (MKS.LN) stocks jumped after a possible technology tie-up was reported. What are markets doing? All major European indexes were in the red, with the Stoxx Europe 600 losing 0.5% to 355.95, after finishing up 0.2% for the previous week. France’s CAC 40 lost 0.5% to 4,900.12, Germany’s DAX 30 dropped by 0.3% to 11,247.33. Italy’s FTSE MIB Italy index fell by ...

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Currency Markets Muted Ahead Of Volatile Week Including ‘Plan B’ Brexit Vote

The U.S. dollar, and many of its rivals, kicked off the week on a muted tone, amid a jam-packed week, headlined by a Brexit vote, a Federal Reserve meeting, Chinese data and trade talks. The British pound saw the most significant early Monday action, as traders geared up for another round of tumultuous Brexit trading this week. Prime Minister Theresa May’s alternative plan to leave the European Union will be debated and voted on in Parliament on Tuesday. Her initial deal was rejected two weeks ago. The pound was weaker ...

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Central bank policy tightening: damned if they do, damned if they don’t

Central banks may be about to face one of their biggest challenges yet: Global economic growth is slowing, but they have struggled to build up their policy arsenals since the last crisis to effectively deal with another one. The U.S.-China trade war, worries about Britain’s imminent departure from the European Union, a potential recession in Italy and unrest in South America all pose risks for the global economy. While the U.S. Federal Reserve embarked on its current tightening cycle back in December 2015, the European Central Bank, Bank of England ...

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