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 »China’s Covid Concerns Continue to Weigh on Oil Prices
Crude oil began trade today with a gain on the resurgence of hopes that Chinese demand is about to enter recovery mode. The hopes followed announcements from China that some pandemic restrictions will be relaxed. The gains, albeit modest, reflect a reversal in market sentiment, which just last week led …
Read More »Oil Extends Rangebound Run as Traders Eye China, Dollar Outlooks
Oil switched between gains and losses, as the market remains caught between the outlook for global growth and China’s easing of COVID restrictions. West Texas Intermediate futures traded near US$89 a barrel and have been in a range of just over US$10 for the last month. The dollar rose for …
Read More »China Urges Japan to Safely Dispose of Nuclear-Contaminated Water
A Chinese Foreign Ministry spokesperson Friday once again urged Japan to respond to the legitimate concerns of all relevant parties and dispose of nuclear-contaminated water in a scientific, open, transparent, and safe way. According to reports, the International Atomic Energy Agency (IAEA) announced Wednesday that its technical task force would …
Read More »China Replaces Alaskan Expensive Crude with Russian Oil
China’s passion for Alaskan oil appears to be over as the country turns to Russia. Surging Chinese energy demand amid Covid lockdowns on the US West Coast prompted Alaskan oil exporters to ship more crude than any time in two-decades, and nearly all of it went to the East Asian …
Read More »Oil Drops again on China’s COVID Challenges, Higher Inventories
Oil fell for a third day on a challenged Chinese demand outlook and after an industry report pointed to rising US inventories. West Texas Intermediate sank toward $88 a barrel after sliding 4 per cent over the first two days of the week. Swelling virus outbreaks in China show the …
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 »Oil Prices Fall as China Demand, Recession Concerns Outweigh Supply Woes
Oil prices fell on Tuesday as recession concerns and worsening COVID-19 outbreaks in China sparked fears of lower fuel demand, outweighing supply worries. Brent crude fell 31 cents, or 0.3 per cent, to $97.61 a barrel by 0434 GMT, while U.S. West Texas Intermediate (WTI) crude fell 36 cents, or …
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