• 17 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 19 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 21 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 22 hours Schlumberger Warns Of Moderating Investment In North America
  • 23 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 24 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 1 day Mexico Says OPEC Has Not Approached It For Deal Extension
  • 1 day New Video Game Targets Oil Infrastructure
  • 1 day Shell Restarts Bonny Light Exports
  • 1 day Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 1 day Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Alt Text

Gold Prices Could Spike As India Resumes Imports

Gold purchases in India imploded…

Alt Text

Is South America Set For A Gold Rush?

A Chinese gold miner is…

No One Expected This Central Bank Move In Metals

No One Expected This Central Bank Move In Metals

Big news this week in the platinum sector. Confirming that this space is seeing some of the most critical shifts anywhere in the natural resources world.

As has been the case over the last few weeks, the developments center on the world's largest platinum producing nation, South Africa. Where industry is contemplating a unique strategy to save the embattled sector.

As reported by Reuters, a sweeping new accord has been drafted between South African platinum mining companies, labor unions, and the government. With one of the key points being a plan to increase central bank holdings of platinum as a reserve currency. Related: OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy?

The document hasn't been released yet, with Reuters commenting on a leaked draft. But the news service said that the plan includes "wide interventions" aimed at encouraging central banks to use platinum as a reserve asset instead of gold. Particularly focusing on Brazil, Russia, India and China -- as well as South Africa itself.

The report gave little detail on what measures might be used to encourage these nations to buy platinum. But the suggestion is an intriguing one -- and could have big implications for the platinum price. Related: Can Oil Continue To Rally Like This?

The new agreement could also have some important implications for platinum production. With mining companies reportedly agreeing to hold off on closing uneconomic mines in South Africa, focusing instead on selling such assets so they can remain operational.

The report didn't discuss which entities might buy such loss-making mines. But this could be a prelude to strategic deals being done in the sector -- Russia, one of the nations mentioned as a potential platinum buyer, has indeed been very active in the Zimbabwe platinum mining sector recently. Related: Did The Fed Intentionally Spark A Commodity Sell-off?

The agreement will reportedly be signed by all parties on Monday, after which we should get more details on all of these plans. Watch for these developments, which could change the course of the global platinum sector.

Here's to new reserves,

Dave Forest

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News