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22 ноября, 01:00

Is The Aramco IPO The Ultimate Pump And Dump?

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It’s finally happening: after months of delays and mixed signals, Saudi Arabia is in the final stage of preparing for the launch of what most see as the biggest listing in history. This biggest listing in history, however, may turn out to be confined to the Kingdom of Saudi Arabia alone. Aramco was clear in its prospectus that it will target mostly Saudi investors, both institutional and retail. According to media reports, wealthy Saudi families were being bullied into becoming anchor investors in the company. For retail investors, Riyadh…

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22 ноября, 00:00

Musk: Tesla Truck Will Crush The Competition

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Elon Musk is making outrageous claims once again — this time about Tesla pickups that he says will be far better and more powerful than anything on the market. Musk is also taking on heavy-duty truck giants with the upcoming Tesla Semi, that's going to roll out next year. Add to all of its fully autonomous vehicle features, which Musk recently told stakeholders will come out by the end of this year. Tonight he'll be unveiling the “Cybertruck,” an electric pickup truck, as press days end at the LA Auto Show. Musk said he is…

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21 ноября, 23:30

U.S. Regulators Race To Save $20 Billion Of Oil & Gas Resources

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The U.S. federal agencies regulating offshore leases are considering granting royalty relief to new oil and gas drilling in shallow waters in the Gulf of Mexico, in a bid to avoid the stranding of what they estimate could be US$20 billion worth of American oil and gas resources. In new research this week, the Bureau of Safety and Environmental Enforcement (BSEE) and the Bureau of Ocean Energy Management (BOEM) recommend a discount royalty rate for what they propose should be the Gulf of Mexico Shallow Water Province of water depths fewer than 200…

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21 ноября, 23:00

China Adds Wave Of New Coal Fired Power Plants

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In recent months, eco-activist Greta Thunberg who has become synonymous with the global climate change movement has made consistent appeals at the developed world, demanding an end to its evil, polluting ways. She even went so far as to sue some of the bigger carbon polluters in the world — Argentina, Brazil, France, Germany, and Turkey — for violating her rights as a child by failing to adequately reduce emissions. And yet one nation has consistently escaped her steely gaze: China. Which is unfortunate, because whereas many of the…

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21 ноября, 22:00

World's Second Largest Lithium Miner Is Reeling From Low Prices

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Chile’s Chemical and Mining Society (SQM), the world’s second-largest lithium producer, continues to suffer from sustained weak prices and demand for the metal used in batteries that power electric vehicles (EVs) and high tech electronics, with profit falling almost 28% in the three months to Sept. 30.   The Santiago-based lithium giant said net income in the third quarter reached $60.5 million compared to $83.5 million a year earlier, while gross profit reached $134.2 million, lower than the $162.1 million recorded…

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21 ноября, 21:30

UK Oil Sector May Be Hit With More Taxes

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Shares in UK-listed oil companies slumped on Thursday as Britain’s main opposition party, the Labour Party, vowed to increase taxes on the sector in a pledge for a greener economy, drawing criticism from the oil industry association.   The Labour Party launched on Thursday a radical new manifesto ahead of the general elections in the UK on December 12. The manifesto, described by Financial Times as “Labour’s most leftwing manifesto in a generation,” pledges “introduce a windfall tax on oil companies, so that the…

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21 ноября, 21:00

North Sea Oil Is Doomed With Or Without Brexit

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The uncertainty of the future of Brexit has left the United Kingdom’s economy in stagnation as business investment falters on the eve of the nation’s December general election. While Boris Johnson tries to rally voters to instill their confidence in him to usher in a new era of economic prosperity and growth in Britain by way of leaving the European Union at any cost, the economy is, in fact, doing just the opposite. This is just one of the great ironies of Brexit, the separatist movement that just can’t seem to cut the cord. …

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21 ноября, 20:30

Maduro Pledges 30 Million Barrels Of Oil To Back Shaky Crytocurrency

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Venezuela will use some 30 million barrels of oil it has in storage as backing for its national cryptocurrency, the petro, Reuters reports, citing a speech by President Nicolas Maduro. “I will deliver these 30 million of barrels as a liquid, physical, material backing for the petro,” Maduro said on Venezuelan television. “The inventories of crude and products in storage tanks are available for immediate commercialization ... to sustain and back the operations of the sovereign Venezuelan crypto-asset, the petro.” Earlier…

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21 ноября, 20:00

World’s Most Optimistic Oil Trader Turns Bearish

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For virtually all of his career, legendary oil trader Andy Hall was a permabull when it comes to the price of oil. While that served him well for much of the past three decades as oil prices rose alongside China's ascent and relentless demand for crude, resulting in a personal fortune and making Hall one of the richest and most successful commodity traders in the world, it also was the reason for his demise, when after several years of declining oil prices following the OPEC near collapse on Thanksgiving Day 2014, Hall - who was unwilling to change…

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21 ноября, 18:30

EIA Predicts Higher Oil Prices And A Jump In U.S. Production

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In its latest Short-Term Energy Outlook (STEO), published this month, the EIA revised up its forecast of U.S. crude oil production by 30,000 bpd, or by 0.2 percent, from the October STEO. Forecasts for next year’s production are increased by 119,000 bpd, or by 0.9 percent, compared to the projections in the October outlook. One of the reasons for the EIA’s increased forecasts is the fact that it raised its estimate of crude oil prices. The EIA revised up its forecast of WTI Crude prices by $2 a barrel to $56 in November, and by $1 per…

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21 ноября, 18:30

This Small Nation Boasts The Lowest Breakeven Oil Price In The Middle East

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Qatar had a fiscal breakeven oil price of $48.80 per barrel this year, the lowest in the region, and expected to fall further to $45.70 next year, according to research from investment company Kamco. In terms of the breakeven oil prices for 2019 and based on average oil prices seen in YTD (year-to-date)-2019 ($64), only Qatar and Kuwait are expected to be in a comfortable position in terms of spending on budgeted expenditure,” the Kuwait-based company said, as quoted by the Gulf Times. Qatar is a relatively minor oil producer, with average…

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21 ноября, 18:30

Alberta Premier: Oil Cuts Could End Earlier

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Alberta’s crude oil production cuts, scheduled to last until the end of 2020 could end a month earlier, Premier Jason Kenney said in an interview with Reuters. “We hope it will end by this time next year at the latest,” Kenney said in Houston where he met with oil industry executives from Chevron, Phillips 66, and oil pipeline operators. Alberta’s previous government introduced obligatory production caps effective in January this year because of the crippling discount Western Canadian Select was trading at to West Texas…