Speaking at the opening ceremony of a new combat vehicle factory in Zalaegerszeg in southwest Hungary, Orban said the drones will be produced in cooperation with Israeli defense technology company UVision, and with a German partner that he did not specify.
Archiv: production / capacities / orders / deliveries
Prices Rally As Crude Oil, Products Draw Down
This week, SPR inventory dropped for the third week in a row losing another 1.6 million barrels for the week to reach 368 million barrels—the lowest amount of crude oil in the SPR since October 1983.
U.S. crude oil production rose during the week ending April 7, to 12.3 million bpd. U.S. production is now 800,000 bpd lower than the peak production seen in March 2020, but 500,000 bpd higher than this time last year.
Sudan fighting prompts fears oil supply could be affected
Concerns were rising April 17 over oil production and exports in Sudan and its bigger-producing southern neighbor as fighting related to a vicious power struggle between military leaders rolled into a third day.
Sudan supports OPEC’s decision to cut oil production
(October 19, 2022)
On Tuesday, the Sudanese foreign ministry voiced its support for OPEC +’s decision and denounced “the campaign” against Saudi Arabia.
“The Ministry of Foreign Affairs has closely followed the repercussions of the OPEC+ decision to reduce oil production (…), the campaign against the Kingdom of Saudi Arabia, and the attempts to blame it for the consequences of the decision.” the ministry said in a statement.
U.S. Sends Delegation To Saudi Arabia To Discuss Energy And Security
(Apr 14, 2023)
White House Coordinator for the Middle East and North Africa and the U.S. Special Presidential Coordinator for Global Infrastructure and Energy Security visited Saudi Arabia officials on Friday to discuss regional security and energy matters.
Oil Steady After Four Weekly Gains as IEA Warns of Price Rises
West Texas Intermediate futures traded above $82 a barrel after posting the longest run of weekly gains since June. A surprise production cut by OPEC+ will tighten the market more than previously expected and lead to further price increases, inflicting more pain on consumers, the IEA said on Friday.
Saudi Arabia’s national oil company raked in a record $161 billion profit last year, as the Ukraine war and OPEC+ drove a 46% increase
(12.03.2023)
Aramco boosted its dividend — a crucial source of funding for the Saudi Arabian government — to $19.5 billion for the final quarter, up 4% from the previous three-month period.
US and European peers such as Chevron Corp. and Shell Plc also reported blowout earnings and are returning billions of dollars to shareholders through larger dividends and buybacks. Aramco, until now, has instead focused on using its extra cash to increase output.
… and reform pensions so that most Czechs work until 68. This is the age in which most citizens are no longer fit and healthy. It is good to add that pensions in the Czech republic are ridiculously low, and the country spends a below-average share of GDP in the EU comparison.
What a shame. To appease the warmongers, during this time the Czech government raised annual military budget to match 2% GDP as they are planning to purchase F-35 fighter jets costing 100 billion CZK. The pension cuts will save them 19 billion this year.
Russia‘s War In Ukraine Helps Oil Giant Saudi Aramco Post Historic $161 Billion Profit In 2022
The announcement came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscow‘s oil and natural gas in Western markets. Aramco‘s results mirror the huge profits seen at U.S. and British oil giants.
Rare Earths Reserves: Top 8 Countries (Updated 2023)
(Feb. 20, 2023)
Global rare earths reserves amount to 130 million MT. With demand for rare earth minerals ramping up as hype about electric vehicles and other high-tech products continues, it will be interesting to see how the top producers contribute to future supply.
U.S. And EU Look To Launch Trade Talks On Critical Minerals
The United States and the European Union could launch talks on critical materials trade when U.S. President Joe Biden welcomes European Commission President Ursula von der Leyen in the White House on Friday.
Biden Turns the U.S. Into a Shadow Member of OPEC
(13.12.2022)
President Biden has urged the Organization of the Petroleum Exporting Countries to increase production of oil and criticized the cartel harshly when it declines to do so—most recently on Dec. 4. But actions speak louder than words. Under the Biden administration, the U.S. has been acting as shadow member of the cartel.
Oil surges to multi-year highs as Russian supply shortfall looms
Crude prices posted their largest weekly gains since the middle of 2020, with the Brent benchmark up 21% and U.S. crude gaining 26%. The most commonly traded oil futures closed at levels not seen since 2013 and 2008, respectively.
Russia Discussed With Several OPEC+ Members Plans To Reduce Crude Oil Production – Kremlin
Earlier in the day, Russian Deputy Prime Minister Alexander Novak said Russia would voluntarily reduce crude oil production by 500,000 barrels per day in March in order to contribute to the restoration of market relations.
OPEC+ Exports Show Russia Surges While Saudi Arabia Dials Back
(03.02.2023)
It’s also unclear exactly what drove the decrease in Saudi shipments, which dropped by 580,000 barrels a day last month, or about 8%.
Saudis Unwilling To Upset Putin As Biden Begs For More Crude
(Jul 03, 2022)
The world’s largest crude oil exporter, Saudi Arabia, continues to keep close ties with Russia while the top oil consumer, the United States, pleads with major producers—including the Kingdom—to boost supply to the market and help ease consumers’ pain at the pump. While the U.S. and its Western allies are sanctioning Moscow and banning oil imports from Russia, U.S. President Joe Biden is also turning to Saudi Arabia to ask it to pump more oil as Americans pay on average $5 a gallon for gasoline.
Biden’s Quest for Saudi Oil Faces Reality-Check of Slim Capacity
The US president’s visit to a country he once vowed to isolate represents a significant thawing of relations, but the Saudis and their OPEC partners have limited spare production capacity to offer in return for this political concession. Some market watchers also question whether tapping this supply buffer would calm energy markets, or just make matters worse.
“A surge in Saudi production seems unlikely,” said Ben Cahill, senior fellow at the Center for Strategic and International Studies.
OPEC+ to stick to oil supply rise plan as Biden heads to Saudi – sources
(23.06.2022)
OPEC and allied producing countries including Russia will likely stick to a plan for accelerated oil output increases in August, sources said, hoping to ease surging oil prices and inflation pressure as U.S. President Joe Biden plans to visit Saudi Arabia and the Middle East.
Macron tells Biden that UAE, Saudi can barely raise oil output
(27.06.2022)
„I had a call with MbZ,“ Macron was heard telling U.S. President Joe Biden on the sidelines of the G7 summit, using shorthand for UAE leader Sheikh Mohammed bin Zayed al-Nahyan. „He told me two things. I‘m at a maximum, maximum (production capacity). This is what he claims.“
„And then he said (the) Saudis can increase by 150 (thousands barrels per day). Maybe a little bit more, but they don‘t have huge capacities before six months‘ time,“ Macron said.
Saudi Arabia’s energy minister traveled to Russia in a show of support for the fellow OPEC+ member just as the US encourages the cartel to pump more oil and isolate Moscow
(18.06.2022)
What has the US-China trade ‘war’ achieved?
(04.10.2021)
On July 6, 2018, US President Donald Trump unilaterally imposed a 25 per cent tariff on Chinese imports of around $34 billion, and further tariffs in 2018 and 2019 — claiming that trade between US and China had been unfairly skewed in China’s favour and needed to be rebalanced. The ostensible reason put forward was the persistence of what were called “unfair trade practices” and “technology theft” by China.
Thereafter, the trade war has continued into the administration of President Joe Biden, and morphed into a technology war, which is probably what it was always about.
China to create rare-earths giant by joining three state companies
(October 24, 2021)
China accounts for 60% of the world‘s production of rare earths according to the U.S. Geological Survey. The top export destinations are Japan (49% by value) followed by the U.S. (15%), according to Chinese media.
For the Xi leadership, rare earths can also be used as a diplomatic trump card. When China protested Japan‘s nationalization of the Senkaku Islands in 2010, Beijing stalled exports of rare earths as a means to pressure the Japanese side. The new move to restructure the rare-earth industry, therefore, may affect rare-earth supply to Japan and the U.S., analysts warn.
China says the West should respect its ‚own pace‘ as Europe and US face magnesium supply crisis
The paper said the magnesium shortage was not a simple issue that could be resolved by increasing production from China.
„Global supply chains face challenges of climate change targets, high inflation and logistics obstacles,“ it noted in an editorial on Monday.
Joint open letter – Transport heads call on world leaders to secure global supply chains
29 September 2021
Since the outset of the COVID-19 pandemic, the maritime, road and aviation industries have called loudly and clearly on governments to ensure the free movement of transport workers and to end travel bans and other restrictions that have had an enormously detrimental impact on their wellbeing and safety. Transport workers keep the world running and are vital for the free movement of products, including vaccines and PPE, but have been continually failed by governments and taken for granted by their officials.
Our calls have been consistent and clear: freedom of movement for transport workers, for governments to use protocols that have been endorsed by international bodies for each sector and to prioritise transport workers for vaccinations as called for in the World Health Organization’s SAGE Roadmap for Prioritizing Uses of COVID-19 Vaccines in the Context of Limited Supply.
Heads of government have failed to listen, to end the blame-shifting within and between governments and take the decisive and coordinated action needed to resolve this crisis.
The workers who keep global supply chains moving are warning of a ‚system collapse‘
(29.09.2021)
Seafarers, truck drivers and airline workers have endured quarantines, travel restrictions and complex Covid-19 vaccination and testing requirements to keep stretched supply chains moving during the pandemic.
But many are now reaching their breaking point, posing yet another threat to the badly tangled network of ports, container vessels and trucking companies that moves goods around the world.
UK supply chain crisis to last until at least 2023, business leaders warn
With materials costs rising 30 to 40 per cent as the global economy struggles to reopen after Covid-19 shutdowns and international freight rates up 10-fold from pre-pandemic levels, manufacturing groups said inflation was now “baked in” to the UK economy.
Wright said inflation in the food and hospitality sector was running at a “terrifying” 14 to 18 per cent.
U.S. Factory Output Falls in Fresh Supply-Chain Warning
Production at U.S. factories fell by the most in seven months in September, in part reflecting a sharp pullback in the manufacturing of motor vehicles as well as broader backlogged supply chains and materials shortages.
Bennett said to tell Merkel Israel wants to advance controversial submarine deal
An unnamed senior Israeli official told Hebrew media that while hosting Merkel for a private dinner at the end of her two-day visit to Israel, Bennett said that he had ordered a reexamination of the deal and that the defense establishment had concluded that the Dolphin-type submarines are necessary.
Surge in UK wholesale gas prices fuels winter energy crisis fears
(28.09.2021)
European gas prices rose by 10%, with price pressure exacerbated by a dwindling supply from Russia.
Supply dropped on Tuesday as the flow of Russian gas via the Yamal-Europe pipeline fell by more than half, the Interfax news agency reported, citing data from the grid operator Gascade.
The situation in the UK, where market prices have quadrupled in the past year, is particularly acute.
Gazprom warns of a gas-short winter for Europe
(20.09.2021)
“The gap in terms of injecting gas into European [underground gas storage] UGS facilities cannot be closed. Europe is going to enter the autumn/winter period with a gas shortage in its UGS facilities. The question is, how big is the shortage going to be?” the Russian executive said.
“They might even break new records very soon,” Miller said. He went on to note that despite European prices, Asian markets continued to pay a premium. As a result, gas is flowing into Asia.
Gas supplies to China via Power of Siberia hit 10 bln cubic meters, says Gazprom CEO
(17.09.2021)
„The supplies to China are on the rise, having reached more than 10 bln cubic meters of gas totally since the beginning of deliveries under the 30-year contract (contract on supply via Power of Siberia – TASS),“ he said.
Miller considers the contract with China unique – the largest in the world.
U.S. sanctions spur China and Russia to build up cross-border links
(29.09.2021)
In December 2019, Russia‘s state-run Gazprom began operating the Power of Siberia — a natural gas pipeline connecting the Russian Far East and northeastern China. Another pipeline is in the works.
China and Russia plan to increase bilateral trade to $200 billion in 2024.
Global supply chains at risk of collapse, warn business leaders
(29.09.2021)
At the peak of the crisis 400,000 seafarers were unable to leave their ships, with some working for as long as 18 months over their initial contracts, the letter said. Flights have been restricted and aviation workers have faced the inconsistency of border, travel and vaccine restrictions/requirements, it added.
Additional and systemic stopping at road borders has also meant truck drivers have been forced to wait, sometimes weeks, before being able to complete their journeys and return home.
Chinese chip firms temporarily halt production due to nationwide power curbs
A number of chip enterprises in China have halted production temporarily, including suppliers of semiconductors for foreign companies, amid a severe nationwide power shortage due to soaring coal prices and policies to reduce energy consumption.
CWTC, a semiconductor packaging material supplier for NXP and Infineon Technologies, released a notice on Sunday saying that its factory in Suzhou, Jiangsu had suspended semiconductor production from September 26 to 30, in accordance with the local policy on power reduction.
China‘s Zhejiang orders production suspensions to meet energy targets
(25.09.2021)
Nearly 80% of the affected companies are in Ma‘an, where a production halt order was issued for Sept. 21-30, according to the official.
The central government is pressing local authorities to reduce energy consumption as part of a national green transition strategy to lower emissions of climate-changing greenhouse gases. Beijing aims by 2025 to reduce national energy consumption per unit of GDP by 13.5% from 2020 while cutting carbon emissions 18%. Local governments have been given specific reduction goals.
Uncertainty in China power reduction policy haunting supply chains
(28.09.2021)
A number of Chinese provinces are enforcing power cuts in line with the country‘s energy consumption and carbon reduction goals, catching many firms off guard, and it remains unknown whether the policy will become a long-term one.
Asian factories stagnate as China’s slowdown, supply constraints hit
(01.09.2021)
China’s waning economic momentum dealt a fresh blow, with the official Purchasing Manager’s Index (PMI) on Thursday showing the country’s factory activity unexpectedly shrank in September due to wider curbs on electricity use.
In Deep Ship: A deep-dive into the supply-chain crisis
One root of the problem…
In 2020, COVID-19 become a global pandemic, and lockdowns ensued: factories, restaurants, and shops all closed,bringing global supplychain almost to a halt. In this context, container carriers had no visibility on future demand and did the only reasonable thing: cut capacity.
There is no economic sense in moving half-empty ships across the globe; it is costly, especially for a sector operated on tiny margins for a very long time.The consequence was widespread vessel cancellations, which soared in the first months of 2020 (figure 3).Progressively, more trade lines and ports were involved as containment measures were enacted globally.
(…)
At present 10% of global container capacity is waiting to be unloaded on ship atthe anchor outside some por