Another spike in Covid infections in China is threatening more downward pressure for oil prices, as Chinese authorities reported a new daily record in new infections on Thursday. According to Reuters, China recorded close to 32,700 new infections on Thursday, of which only around 3,000 were symptomatic but this does …
Read More »Coal is Casting a Shadow over China’s Remarkable Renewable Achievements
China is struggling to balance its pressing need to shore up energy security with its ambitions to position itself at the forefront of the global clean energy transition. As the world gears up for the 27th annual United Nations Climate Change Conference, more commonly known as COP27, the world’s major …
Read More »Qatar Signs 27-Year Deal with China as LNG Competition Heats up
QatarEnergy has signed a 27-year deal to supply China’s Sinopec with liquefied natural gas (LNG), the longest such LNG agreement so far as volatile markets drive buyers to seek long-term deals. Following Russia’s invasion of Ukraine in February, competition for LNG has become intense, with Europe in particular needing vast …
Read More »China’s Record Coal Output to Weigh on Prices amid Weak Demand
China’s coal production is set to climb for the sixth year in a row, reaching a new record, as the Beijing government acts to ensure supplies in the top miner and consumer of the fuel, spurring further declines in prices. Output could reach 4.4 billion tons in 2022, driven by …
Read More »Oil Rises as U.S. Inventories shrink; China COVID Fears Limit Gains
Oil prices rose further on Wednesday after data indicated that U.S. crude inventories shrank substantially in the past week, although the introduction of new anti-COVID curbs in major Chinese cities put a lid on gains. Data from the American Petroleum Institute showed that U.S. crude stockpiles fell a bigger-than-expected 4.8 …
Read More »Russia, China Switch to National Currencies in Payments for Gas
Russia said on Friday that it and China had switched to national currencies in their trade for natural gas, implementing a deal they signed in early September. Noting that Beijing already paid for Russian gas on the basis of the ruble-yuan parity, Deputy Prime Minister Alexander Novak said in a …
Read More »Oil Falls as Geopolitical Tensions Ease, China COVID-19 Concerns Return
Oil prices fell for a second day in early Asian trade on Thursday (Nov 17) as concerns over geopolitical tensions eased and rising numbers of COVID-19 cases in China added to demand worries in the world’s largest crude importer. Brent crude futures dropped by 62 cents, or 0.7 per cent, …
Read More »China Embraces Increased Coal Use for Energy Security
China is adding coal plants to tackle energy security concerns, but this doesn’t mean it is backing away from its previously stated emissions curbs, Chinese delegates said at the COP27 summit this week. China may be adding new coal plants to prevent a repeat poor performance from recent years that …
Read More »Iraq’s New Prime Minister Doubles Down on Oil & Gas Deals with China and Russia
It is possible that U.S. Secretary of State, Antony Blinken, believed for a moment that his call to the new Iraqi Prime Minister, Mohammed Shia al-Sudani, saying that Washington “is eager to work with the government and people of Iraq to improve respect for human rights, increase economic opportunities, advance …
Read More »Asia Shares Mixed on China COVID Outlook
Asian share markets were mixed on Tuesday and oil was weaker as investors sought to digest the economic implications of China’s COVID policy adjustments and a rescue package for the country’s struggling property sector. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.1%, following mild losses for …
Read More »