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This Century-Old Refinery Is Up For Sale
by Viktor Katona
27 Nov 2020 at 3:00pm
Each and every market recession seems to resurrect intense speculation that such and such underperforming refinery would need to be closed down for good as it is no longer expedient to maintain a loss-making asset. Europe had a wave of refinery closures after the 2008 financial crisis, with almost 20 refineries mothballed. Asia will most probably see a wave of downstream destruction in the coming decade as new capacity continues to come online. Latin America, however, is a story of its own ? a continent where a sizeable 7.5mbpd refining capacity?

OPEC?s Impromptu Weekend Meeting Delayed
by Julianne Geiger
27 Nov 2020 at 3:00pm
OPEC+?s meeting that was put on the books at the last minute for Saturday is now being delayed to Sunday, according to anonymous Reuters sources. No reason for the meeting delay has been given. The group had decided to get together at the last minute, ahead of the November 30 and December 1 full meetings, to discuss things about the plan for oil production starting in January. The group is expected to come to some sort of agreement on relaxing the current production quotas that OPEC+ is currently tasked with meeting. Most?

The World?s Most Controversial Pipeline Hits Another Hurdle
by Tsvetana Paraskova
27 Nov 2020 at 12:30pm
DNV GL, a Norwegian risk management and quality assurance firm, told Reuters on Thursday it had suspended work on the gas pipeline Nord Stream 2 to avoid sanctions under the recently expanded U.S. sanctions on the Russia-led project. Last month, the U.S. Department of State said it was broadening the sanctions against service providers and those funding vessels involved in the construction of Nord Stream 2 in a fresh attempt to prevent the project from completing. According to the new guidance in the Protecting Europe?s?

Oil Markets Hopeful As OPEC+ Meeting Looms
by Tom Kool
27 Nov 2020 at 12:00pm
Oil prices are set for a fourth consecutive weekly gain as positive vaccine news and hopes of an OPEC+ production cut extension boosts bullish sentiment.For Global Energy Alert members there are now two new free reports available in your dashboard. The first of these reports is on how to interpret stock charts and the second outlines the three biggest mistakes made by traders today. Make sure you become a member to read these reports and many more.Friday, November 27th, 2020Oil prices have held on to recent gains despite Covid-19 headwinds. Investors?

Brazil?s Oil Giant Slashes Its Five-Year Investment Plan
by Charles Kennedy
27 Nov 2020 at 11:00am
Brazil?s state energy giant Petrobras has cut its five-year investment plan by 27 percent to $55 billion, driven by the effects of the coronavirus pandemic. Reuters reported, citing a regulatory filing, that the company will focus its efforts on developing deepwater oilfields in the pre-salt zone that is estimated to contain billions of untapped barrels of oil. The pre-salt fields are Brazil?s main point of attraction for foreign energy firms, too. Of the $55 billion Petrobras plans to spend over the next five years, most will go towards?

Low Oil Prices Could Finally Bring Iraq And Kurdistan Together
by Viktor Katona
27 Nov 2020 at 10:00am
The relationship between Baghdad and Erbil has been strained ever since Iraq managed to eliminate the threat of the Islamic State. Both sides perceive the other?s endeavors with anxiety but are too cautious to entirely shut the door on a future amicable settlement. Today, as both sides struggle to survive the economic impact of COVID having been forced to postpone important projects, a conflict between the two seems increasingly likely. At the same time, finding a mutually agreeable solution to the Iraqi-Kurdish division would massively benefit?

Shipping Giants Clash With The EU Over Emissions Plans
27 Nov 2020 at 9:30am
Japan, South Korea and a fleet of international shipping groups have warned the European Union against its plan to add greenhouse gas emissions from the maritime sector to Europe?s carbon market. As the 27-country EU seeks to steer its economy towards ?net-zero? emissions by 2050, the executive European Commission wants to expand its carbon market to shipping. Currently, the policy requires power plants, factories, and airlines running European flights to buy pollution permits to cover their emissions. The proposal, formally due?

U.S. Regulators Launch An Investigation Into Tesla Safety Issues
27 Nov 2020 at 9:30am
In what appears to be a continuing spillover from Tesla's recent contested recall of its Model S and Model X vehicles in China due to suspension issues, U.S regulators are now investigating the issue. The U.S. NHTSA announced on Friday it had opened an investigation into about 115,000 Tesla vehicles over front suspension safety issues, according to Reuters. It said it would be looking into 2015 to 2017 Model S and 2017 to 2017 Model X vehicles after having received "43 complaints alleging failure of the left or right front suspension fore links".?

Oil Prices Are On Course For Another Weekly Gain
by Editorial Dept
27 Nov 2020 at 9:00am
U.S. West Texas Intermediate crude oil futures are putting in a mixed performance on Friday on low post-holiday volume. Earlier in the session, the U.S. futures contract fell more than 1% amid concerns about oversupply and doubts about a vaccine to end the coronavirus pandemic, but at the mid-session, the market is trading higher, putting it on course for a fourth straight week of gains ahead of an OPEC+ meeting early next week. Vaccine Issues Encouraging Profit-Taking In a slow news week, traders were once again focusing on a coronavirus vaccine,?

U.S. Shale Production Continues Its Decline
by Editorial Dept
27 Nov 2020 at 9:00am
1. Energy catches fire amid broad rally- Oil prices have remained mostly stuck in the low-$40s for months, but the oil market has participated in the broader lift in financial markets stemming from optimism surrounding effective vaccines. - Oil prices surged to their highest levels since March this week. Needless to say, energy stocks rocketed upwards on the news. - Diamondback Energy (NASDAQ: FANG) shot up more than 15 percent over two trading days. - ?It?s a total change of vibe,? Robert Yawger, director of the futures division?

Iran's Leading Nuclear Bomb Expert Assassinated
by Editorial Dept
27 Nov 2020 at 9:00am
Politics, Geopolitics & Conflict The Houthi rebels have claimed that they struck an Aramco distribution facility this week in Jeddah. Energy Ministry sources said there was a fire at the North Petroleum Products Distribution Station as a result of the attack, and satellite photos support this. While Libya has managed to bring up its oil production to 1.25 million bpd, its troubles are not yet over. There is now an issue of the Central Bank, which has historically handled all oil revenues. However, the NOC is now alleging that the Central Bank?

Why OPEC Is Worried About The UAE
by Editorial Dept
27 Nov 2020 at 9:00am
The UAE?s largest oil company, ADNOC, this week approved its oil investments for the next five years, to US$122 billion. As ADNOC?s five-year plans go, it?s not the largest, (2019-2023 5-year plan was $132 billion), but considering what a rough year 2020 has been for oil demand, it?s considerable. It may seem counterintuitive to pour substantial investments into oil production and oil refining at a time when OPEC is pulling back the reins on its producers in an attempt to draw down global oil inventories and rebalance the?

Gold Crashes Below $1,800
27 Nov 2020 at 9:00am
This year has been proving to be a gold speculator and investor?s dream after the yellow metal rallied hard to hit historical highs thanks to a perfect storm of a global pandemic, massive government stimulus packages, weakening dollar, and a stock market bull run that had finally run out of gas. The torrid rally represented the sharpest gain the metal has mustered in more than a decade. Wall Street hedge funds have been extremely bullish on gold, with some eyeing prices of $3,000 and even $5,000 per ounce. To wit, Bank of America Merrill?

Pemex Prepares For 2021 Oil Pirce Hedge
by Irina Slav
27 Nov 2020 at 8:30am
Mexico?s state oil company Pemex is preparing to launch its 2021 oil hedge that will protect its revenues, Reuters reports, citing an unnamed company source, who also said the company had been waiting for oil prices to recover before it begins hedging future production. According to the report, Pemex made $377.3 million from its 2020 hedge and $369 million from the 2019 hedge. The program for the 2021 hedge has already been approved by the company?s board of directors, the Reuters source said. The Pemex oil hedge is much smaller than?

British Military Sent On Secret Mission To Protect Saudi Oilfields
by Tsvetana Paraskova
27 Nov 2020 at 8:00am
The United Kingdom has had troops deployed in Saudi Arabia to protect its oilfields from attacks since February this year, The News reported this week, a local newspaper in Portsmouth in the UK. A small team from the 16th Regiment Royal Artillery, which is based near Portsmouth, were sent to Saudi Arabia to man Giraffe radars, which can track aircraft and missiles up to 75 miles away. After the report, the UK Ministry of Defence confirmed that the mission was to protect oilfields in Saudi Arabia, the world?s largest oil exporter,?

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