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Situation ReportApr 24, 2024 | 16:51 GMT
Australia: Woodside Energy's Shareholders Reject Climate Action Plan
At their Annual General Meeting, 58% of Woodside Energy's shareholders rejected the Australian gas producer's climate plan in a non-binding vote, though activist investors failed to oust the company's chair, Reuters reported on April 24.
READ MOREAssessmentsApr 18, 2024 | 21:10 GMT
Reassessing Russia's Ability To Finance Its War in Ukraine
Russia's ongoing economic challenges are unlikely to prompt Moscow to de-escalate in Ukraine in 2024 and 2025, though a decline in its oil revenues could combine with other factors to change its calculations in the long term. In recent weeks, reports have emerged that Russia is experiencing delays in receiving payments for its oil and oil products because banks in numerous countries are concerned about being designated with U.S. secondary sanctions. The caution stemmed from a December 2023 executive order issued by the administration of U.S. President Joe Biden that threatened to impose secondary sanctions on global financial institutions that help Russia circumvent primary sanctions, prompting foreign banks to start asking their clients for additional guarantees that sanctioned persons or entities are not the beneficiaries of a payment. The reports came amid increased Ukrainian strikes on Russian oil refining infrastructure, as well as tightening sanctions on Russia's so-called ''dark fleet''
READ MORESituation ReportApr 15, 2024 | 14:32 GMT
Iran, U.S.: House To Vote on Slew of Iran Sanctions Measures
The U.S. House of Representatives plans to vote the week of April 15 on a dozen bills sanctioning Iran and its allies for the April 13 attack on Israel, Axios reported on April 14.
READ MORESituation ReportApr 3, 2024 | 16:46 GMT
Nigeria: Dangote Refinery Begins Supply of Petroleum Products to Domestic Market
Nigeria's Dangote refinery began supplying the country's domestic market with petroleum products, Reuters reported April 2.
READ MORESituation ReportMar 28, 2024 | 19:11 GMT
Kenya, Uganda: Governments To Resolve Oil Import Dispute
Uganda’s energy ministry announced that it had reached an agreement with Kenya whereby Kenyan authorities would grant state-owned Uganda National Oil Co., or UNOC, a license to import petroleum products via the port of Mombasa, Reuters reported on March 28.
READ MORESituation ReportMar 25, 2024 | 17:14 GMT
Yemen: Houthis Target Chinese-Owned Oil Tanker in Red Sea, Despite Recent Agreement
Yemen's Houthi rebels targeted Chinese-owned oil tanker Huang Pu in the Red Sea on March 23 with four anti-ship ballistic missiles, one of which struck the ship and caused slight damage but no casualties, The National reported on March 24.
READ MORESituation ReportFeb 26, 2024 | 16:47 GMT
Libya: Oil Guards Shut Down Wafa Oil Field and Greenstream Gas Pipeline to Italy
The Libyan Petroleum Facilities Guards, or PFG, announced the "closure of all oil fields and ports" throughout the country following a 10-day ultimatum to the Tripoli-based Government of National Unity, or GNU, to increase their salaries, Alwasat News reported on Feb. 25.
READ MORESituation ReportFeb 7, 2024 | 17:20 GMT
Afghanistan: Chinese Oil Extraction Project Boosts Crude Output, But Faces Challenges
The Xinjiang Central Asia Petroleum and Gas Company's oil extraction project in northern Afghanistan has increased Afghanistan's daily output of crude oil to more than 1,100 metric tons (around 9,300 barrels), Voice of America reported on Feb. 6.
READ MORESnapshotsJan 30, 2024 | 20:38 GMT
In Venezuela, an Opposition Candidate's Disqualification Dims Hopes for Free and Fair Elections
In Venezuela, a Supreme Court ruling barring the leading presidential candidate from holding office effectively terminates a deal between the opposition and the government of President Nicolas Maduro to hold relatively free elections, opening the door to additional government repression and the snapback of U.S. sanctions. On Jan. 26, Venezuela's highest court, the Supreme Court of Justice (TSJ), upheld an earlier ruling against Maria Corina Machado, the leading opposition candidate in the 2024 presidential elections, that bars her from holding public office for 15 years. The court alleged that Machado took part in a ''corrupt plot'' with former U.S.-recognized interim President Juan Guaido to ''dispossess'' Venezuela of state assets, including some $32 billion tied to Citgo Holdings and 31 tons of Venezuelan gold held abroad. Machado stated that the court's decision essentially nullified a set of internationally-mediated agreements that the opposition's Unitary Platform and the Venezuelan government signed in Barbados
READ MORESituation ReportJan 16, 2024 | 16:10 GMT
Nigeria: Shell Agrees to Exit Nigerian Onshore Oil Sector
Shell agreed to sell its Nigerian onshore oil subsidiary, the Shell Petroleum Development Company (SPDC), to Renaissance, a Nigerian-led local consortium, according to a Jan. 16 press release from Shell.
READ MOREAssessmentsJan 15, 2024 | 14:00 GMT
What's in Store for Morocco in 2024
In 2024, Morocco will invest in social and economic plans with funds from bilateral partnership deals and existing loan agreements. But if economic and social conditions in the country worsen, Rabat may face political turmoil that results in a Cabinet reshuffle or the prime minister's resignation. Morocco is balancing its long-term investment and growth goals with a cost-of-living crisis. To this end, the country has unveiled several long-term development, social service and foreign investment plans to promote economic growth and stability over the past several years. For example, in 2023, Morocco and Spain signed bilateral deals in which the latter agreed to increase trade and investment in many of Morocco's growing economic sectors, while the former agreed to increase security measures to prevent irregular migration to Europe. The same year, the World Bank and the African Development Bank provided funding agreements to expand Morocco's existing social service programs and increase
READ MOREAssessmentsDec 5, 2023 | 21:50 GMT
What Another El-Sisi Term Would Mean for Egypt
Egyptian President Abdel Fattah el-Sisi's widely expected re-election will free him to pursue economic reforms and pragmatic ties with Israel, as well as measures aimed at growing the country's tourism and energy sectors. El-Sisi will very likely win a third term in Egypt's Dec. 10-12 presidential election -- which will be the country's first nationwide election since 2018 -- thanks to his government's sweeping crackdown on opposition candidates and supporters, along with its installation of administrative barriers that have dissuaded potential candidates from being added to the ballot. El-Sisi retains the support of the Supreme Council of Armed Forces, which heavily influences which candidates can run for office. But he has lost some support among Egyptian voters amid the country's worsening economic crisis. Winning re-election by a large margin would enable el-Sisi to claim he has a popular mandate to enact the policies he pledged to pursue during his third
READ MORESituation ReportNov 29, 2023 | 17:40 GMT
Panama: High Court Rules Mining Contract Unconstitutional, Cobre Panama Mine Closes
Panama's Supreme Court unanimously ruled that the National Assembly's approval of a contract with Canadian mining firm First Quantum Minerals Ltd. in October was unconstitutional, Reuters reported on Nov 28.
READ MORESituation ReportNov 20, 2023 | 16:54 GMT
Egypt: IMF Considering Loan Increase in Response to Israel-Hamas War
The International Monetary Fund's managing director said on Nov. 17 that the fund was "seriously considering" augmenting Egypt's loan in response to the economic impacts of the Israel-Hamas war, Reuters reported the next day.
READ MORESituation ReportOct 4, 2023 | 14:54 GMT
Iraq: Kurdish Oil Producers Unwilling to Restart Production Over Payment Issues
The Association of the Petroleum Industry of Kurdistan said in an Oct. 3 statement that its members are owed nearly $1 billion in unpaid arrears and that it will not resume oil production until it is clear how the association will be paid for the oil it produced, Rudaw Media Network reported on Oct. 4.
READ MORESnapshotsSep 18, 2023 | 17:23 GMT
Europe's Energy Prospects Ahead of the Winter Heating Season
Europe will avoid an outsize surge in energy prices this winter thanks to record-high storage and lower consumption, but a delicate supply and demand balance means price shocks remain possible. On Sept. 14, striking workers at U.S. oil and gas giant Chevron' s Wheatstone and Gorgon liquified natural gas (LNG) plants in Western Australia state began escalating action and threatened to increase stoppages over the "coming days and weeks." Industrial action at the two sites, which together account for 5-7% of global LNG supply, could escalate to a total halt or hours-long work stoppages for up to two weeks. European energy prices grew volatile at the news, as any prolonged strike action at the facilities could temporarily remove roughly 1 million tons of LNG from the global market, forcing Asian buyers to intensify competition with Europe on the global spot market. Separately, seasonal maintenance on Norway' s gas infrastructure continues
READ MORESnapshotsAug 31, 2023 | 20:23 GMT
What Russia and North Korea Stand to Gain From an Arms Deal
North Korea's potential provision of weapons to Russia's war effort in Ukraine could bolster Moscow's long-term arms procurement and provide Pyongyang with key imports and a chance to balance ties with Russia against China. On Aug. 30, U.S. National Security Council strategic communications coordinator John Kirby announced the United States had intelligence that North Korea and Russia were in high-level discussions for the former to sell weapons to the latter for its war in Ukraine. Kirby added that these negotiations may continue for months and could include North Korea providing Russia with multiple types of artillery ammunition and raw materials. This comes after North Korea's supreme leader Kim Jung-Un in mid-August urged his top officials to expand the country's weapons production capacity after touring munitions factories. In Ukraine, the Russian army is in need of greater supplies of artillery (of all kinds) to credibly threaten future offensives and mobilization measures.
READ MORESituation ReportAug 28, 2023 | 19:21 GMT
Australia: Chevron LNG Workers Permit Call for Strike, Industrial Action Set for Early September
Workers at U.S. energy giant Chevron's Gorgon and Wheatstone liquified natural gas (LNG) facilities in Australia voted to authorize their labor unions to strike, Reuters reported on Aug. 28.
READ MOREAssessmentsAug 26, 2023 | 13:00 GMT
The Weekly Rundown: Political Uncertainty in Guatemala, a Potential LNG Strike in Australia
A look at what the coming week will bring -- and a list of recommended RANE articles from the week that was.
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