Robust EV Demand Sends Argentina’s Mining Exports to a 10-Year High Exports of mined commodities from Argentina hit the highest in 10 years in 2022 driven by demand for EV battery metals, notably lithium. Argentina made $3.86 billion from mined commodity exports last year, Reuters reported, citing government data, with lithium exports alone skyrocketing by…
Russia becomes China’s Biggest Oil Supplier Russia surpassed Saudi Arabia as China’s biggest oil supplier with refiners taking advantage of cheap barrels to feed rebounding demand in Asia’s biggest economy following the end of Covid Zero. The Asian nation imported 7.69 million tons of crude from Russia last month, or 2 million barrels a day,…
Why the Brent Price Plunge hasn’t Attracted Asian Buyers Asia continues to prefer buying cheaper Russian oil and hasn’t turned to Brent-linked cargoes from the Atlantic Basin despite the recent 10% slump in Brent oil prices, which has narrowed Brent’s premium over Middle Eastern benchmarks to the lowest in over two years, traders told Reuters….
South Africa to wrap up current hikes with last 25 Bps on March 30 South Africa’s Reserve Bank will raise interest rates for the last time in this cycle by 25 basis points on March 30, in anticipation of slower inflation and a weak economy due to power disruptions, a recent Reuters poll found. A…
Huayou Starts Trial Production at Zimbabwe Lithium Mine Chinese battery minerals producer Zhejiang Huayou Cobalt (603799.SS) said on Wednesday it had started trial production of lithium concentrates at its Arcadia mine in Zimbabwe. Huayou, one of the biggest cobalt producers in the world, acquired Arcadia from Australia-listed Prospect Resources (PSC.AX) and its Zimbabwean partners in…
Texas Adds HSBC to Blacklist of Banks Boycotting Oil and Gas Texas has added HSBC to its list of companies that boycott the oil and gas industry, which could ban Texas government entities from investing in Europe’s largest bank and its funds and other products. HSBC ended up on Texas’ list after the bank recently…
U.S. Gasoline Demand Soars to Highest in Months Even before the arrival of summer driving season, gasoline demand climbed on Sunday and Monday compared to the four week average, Gas Buddy’s head of petroleum analysis Patrick DeHaan said on Tuesday. U.S. gasoline demand on Sunday and Monday was up 7% compared to the respective four…
Rivers Community Laments Poverty Despite Hosting 48 Oil Wells The Joinkrama clan in Ahoada West Local Government Area of Rivers State has lamented the level of environmental degradation, poverty and neglect in the area, despite playing host to 48 oil wells. Joinkrama, a host to Adibawa oilfield in Oil Mining Lease, OML, 27 operated by…
OPEC Secretary General calls for coordination between oil exporting Countries OPEC’s Secretary General Haitham Al Ghais and Iraq’s Prime Minister met over the weekend and called for coordinated action among oil exporters globally in order to reduce volatility in the oil market and avoid adverse impacts for consuming countries, Reuters reported citing a statement by…
Jean-Marc Cordier, renowned Oil trader, joins NNPC Ltd The Nigerian National Petroleum Company Limited (NNPCL) has announced Jean-Marc Cordier as its Head, Oil Trading Limited. Garba Deen Muhammad, Group General Manager Public Affair Division, NNPCL, made this known in a recent statement in Abuja. Cordier, was a former Vice-President of the Abu Dhabi National Oil…
