It seems that story is being reported / repeated more and more. That post linked to Simon Watkins.
Now, this from Alex Kimani: how much oil can OPEC realistically add? For Alex:
- Only 5 producers in the OPEC+ alliance are able to significantly boost output in the short term
- Africa's oil giants Nigeria and Angola are the hardest hit, with the pair having pumped an average of 276kbpd below their quotas for more than a year now
- U.S. shale cannot be expected to fill the supply gap
China and LNG: link to Tsvetana Paraskova -- China seeks long-term US LNG supply amid energy crisis.
Several Chinese energy giants have intensified discussions with U.S. liquefied natural gas (LNG) exporters to secure long-term supply deals in light of record spot prices in Asia, rising demand, and the specter of power shortages.
China and many other energy importers in Asia are scrambling to procure gas and coal supplies ahead of the winter amid a global energy crunch. The higher demand after the pandemic and the muted supply response have sent China’s coal futures and Asia’s LNG spot prices to record highs in recent days.
Threatened with power outages, China is now looking to secure long-term U.S. LNG supplies, despite the tense bilateral relations and the trade spat. Long-term deals would also protect buyers from spikes in spot LNG prices, which the market is seeing these days.
At least five major Chinese energy firms, including China National Offshore Oil Company (CNOOC) and Sinopec, are in advanced discussions for long-term LNG deliveries with American suppliers including Cheniere Energy and Venture Global.
Hey, Greta: coal generation in UK jumps as wind speed drops. Link to Charles Kennedy.
Coal met some 3 percent of the UK’s electricity demand on Friday morning, reaching its highest level of Britain’s power generation in one month, amid lower wind speeds this week and an outage at a gas-powered plant.The last time the UK generated 3 percent of its electricity from coal was in early September when low wind generation reduced renewable power supply and triggered the massive spikes in UK wholesale electricity prices.
Utility Uniper fired up its coal-powered plant in Ratcliffe early on Friday, while the gas-fired plant in Pembroke, Wales, operated by RWE, suffered an unplanned outage.
Over the past week, gas has consistently accounted for the largest share of the UK’s electricity generation, according to data from National Grid ESO. For example, on Wednesday, gas produced 44.8 percent of Britain’s electricity, more than wind with 19.2 percent and nuclear with 12.6 percent.
Surging natural gas prices and warm and still weather in September forced the UK to fire up an old coal plant that was on standby in order to meet its electricity demand.
Germany: new administration says Germany will exit coal in 2030, eight years earlier than expected. US LNG companies will bank money. Link here.
Space poll:
- which billionaire will win the space race? The results surprised me:
- Jeff Bezos: 13%
- Elon Musk: 56%
- that other guy: 31%
New poll: when we last posted WTI it was trading above $82. Jim Cramer said WTI has peaked. Quick poll: will WTI trend lower (by at least a dollar) on Monday?
Half a million bopd combined from Angola and Nigeria are irrelevant. There are several million barrels of oil per day offline, volunatarily, from Saudi Arabia, Kuwait, UAE, Iraq, and Russia. That is the cartel boosting prices. And they know they can get away with it because let's go Brandon has an anti US oil policy.
ReplyDeleteAgree 1,000%. As soon as I see Nigeria, Angola, Libya, and a half dozen others, my eyes glaze over. On this, we are on the same page of music. LOL.
Delete