• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours Solving The Space Problem For America’s Solar Industry
  • 6 hours Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 6 mins How Far Have We Really Gotten With Alternative Energy
  • 3 days Investment in renewables tanking
  • 7 days If hydrogen is the answer, you're asking the wrong question
  • 7 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)

Breaking News:

A Copper Buying Spree Is Set To Commence

Editorial Dept

Editorial Dept

More Info

Premium Content

High Power Prices Are Undermining Europe's Renewable Energy Plans

1. Drastic OPEC+ Cuts Signal Group Cohesion

- Having met in person for the first time in more than two years, OPEC+ agreed to cut oil production in November 2022 by 2 million b/d from current production targets, setting it on a collision course with the US.

- Because OPEC+ has already been underperforming by almost 4 million b/d, the real output curbs would amount to some 1.0-1.1 million b/d, according to the Saudi energy minister.

- The deal sent oil prices back to territory that most OPEC+ countries feel comfortable with, as ICE Brent is back at $95/barrel and WTI is increasingly flirting with the $90/barrel threshold.

- Angered that the OPEC+ move would lift gasoline prices right before the midterm elections, the Biden Administration threatened to initiate legal anti-trust action against the oil group.

2. Sliding Yuan Creates Headache Ahead of Party Congress

- As the 20th National Congress of the CCP is set to start on October 16, China’s monetary authorities have been desperately trying to keep the Chinese yuan from sliding even lower.

- Stronger even at the peak of COVID, the yuan tumbled some 7% from mid-August and hit a 14-year low of ¥7.25 per USD in late September, forcing the Chinese Central Bank to instigate a quick dollar sell-off.

- Whilst a weaker yuan makes Chinese exports more attractive, it also stokes further volatility in the country’s financial sector as foreign investors have…

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News