The Permian Basin Is Out-Producing Saudi Arabia’s Ghawar Field

One of my 2023 energy predictions was that the U.S. would set a new annual oil production record this year. As we approach the midpoint of the year, this prediction is still tracking toward being accurate. The latest Weekly Petroleum Status Report from the Energy Information Administration (EIA) shows current U.S. oil production to be 12.4 million barrels per day (bpd). That’s an increase of 400,000 bpd from a year ago, but still short of the 13.0 million bpd level reached in November 2019. Nevertheless, year-to-date oil…

Read more at: https://oilprice.com/Energy/Energy-General/The-Permian-Basin-Is-Out-Producing-Saudi-Arabias-Ghawar-Field.html

UAE And Qatar Agree To Restore Diplomatic Ties

After a six-year rift, the United Arab Emirates and Qatar have reached an agreement to restore diplomatic ties. The dispute emerged when the UAE accused Qatar of sponsoring terrorism. “The Prime Minister and Minister of Foreign Affairs welcomed the restoration of diplomatic relations between the two countries, and expressed the State of Qatar’s aspiration to promoting partnership with the United Arab Emirates to reflect the depth of the fraternal relations between the two brotherly peoples,” Qatar’s foreign ministry said in a statement. This…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAE-And-Qatar-Agree-To-Restore-Diplomatic-Ties.html

A Look At South America’s Top 5 Economies And Their Oil Potential

Recent discoveries in offshore Guyana and Suriname have brought the spotlight firmly back on South America’s hydrocarbon sector, with analysts calling the Guyana Suriname Basin as the world’s most exciting frontier oil play. Exxon’s more than 35 oil discoveries in offshore Guyana have delivered a tremendous economic dividend for the impoverished country, which emerged as the world’s fastest-growing economy. Despite these events, Guyana, in comparison to South America’s leading economies and oil-producing countries,…

Read more at: https://oilprice.com/Energy/Crude-Oil/A-Look-At-South-Americas-Top-5-Economies-And-Their-Oil-Potential.html

Russia’s Crude Oil Processing Hits New Highs

Russian refineries processed  5.49 million b/d of crude in the week spanning June 8-14, a 2-month high, Bloomberg has reported. That’s close to 200,000 barrels a day more than the previous week’s clip as serious questions continue being asked about the country’s commitment to production cuts agreed on by OPEC+.  Back In February, oil prices received a boost after Russia’s Deputy Prime Minister Alexander Novak announced that the country would cut oil production by 500,000 barrels per day, or…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Crude-Oil-Processing-Hits-New-Highs.html

China And Russia’s Ice-Breaking Ambitions In The Arctic

Warming temperatures and thawing sea ice could soon allow for the expansion of maritime routes through the Arctic region at certain times of the year. Polar powers looking to capitalize not only on the shortened shipping lanes but also on the natural resources that exist there are eyeing up this geopolitically strategic space, with Russia and also China, which is a part of the Arctic Council and a self-defined ‘near-Arctic state’, having become two of the most prominent players in the region. Currently, the main shipping route between…

Read more at: https://oilprice.com/Geopolitics/International/China-And-Russias-Ice-Breaking-Ambitions-In-The-Arctic.html

Warren Buffett Bullish On Japanese Equities

Japanese stocks have been on a tear, up nearly 28% this year. Billionaire investor Warren Buffett’s Berkshire Hathaway added a spark in April when he traveled to Tokyo and increased his investment in five of Japan’s trading houses. A press release from the company Monday detailed that Buffett has further increased his stake in the trading houses, a sign that the billionaire has become more comfortable deploying capital in Japan than in Taiwan or China.  Berkshire said its stakes in trading houses Itochu, Marubeni, Mitsubishi,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Warren-Buffett-Bullish-On-Japanese-Equities.html

UK Labour Leader Unveils Onshore Wind Power Plans

Politics is very often about jargon and buzzwords, and the most frequent these days seems to be the commitment to turn Britain into a “superpower” of some sort. The country should be a “tech superpower”, an “AI superpower”, and today an “energy superpower” too, as Keir Starmer launches his bid for a future in which we mainly use clean energy. Starmer wants to “cut bills, create jobs and provide energy security” with his plans for clean energy. Obviously this is easier said than done. But…

Read more at: https://oilprice.com/Alternative-Energy/Wind-Power/UK-Labour-Leader-Unveils-Onshore-Wind-Power-Plans.html

Blinken And Xi Sit Down In “Positive Step” Towards Mending Relations

In an effort to halt the rapid decline in relations between the powerful rival countries, Secretary of State Antony J. Blinken met with President Xi Jinping on Monday in Beijing in a 35-minute meeting which the top US diplomat called a “positive step” toward mending ties. Blinken’s message that the US government is committed to responsibly managing relations appeared well received by Xi, coming at the end of Blinken’s two-day visit, with the Chinese leader remarking, “This is very good.” The meeting was held in the Great Hall of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Blinken-And-Xi-Sit-Down-In-Positive-Step-Towards-Mending-Relations.html

China Expands Influence In Latin America Through Belt And Road Initiative

As part of efforts to build more resilient global supply chains, Chinese investment in Latin America and the Caribbean under the decade-old Belt and Road Initiative (BRI) is continuing to drive major infrastructure projects and fuel trade. Since its inception in 2013 the BRI has played an important role in powering global economic growth, with emerging markets exporting raw materials to the country and importing refined products in return.   However, the country’s transition from a manufacturing-driven economy to a services-oriented…

Read more at: https://oilprice.com/Geopolitics/International/China-Expands-Influence-In-Latin-America-Through-Belt-And-Road-Initiative.html

UK Manufacturing Sector Soars Thanks To Aerospace Boom

The UK’s manufacturing sector is set to perform better this year than previously predicted, as the country’s “extremely strong” aerospace helps to drive growth, a new report said today. The country’s manufacturing sector is only set to contract by 0.3 percent this year rather than 3.3 percent, according to a quarterly survey by trade association Make UK and accounting firm BDO. The sector is then set to grow by 0.8 per cent in 2024, the report forecast. Make UK and BDO’s report said that the “positive picture”…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Manufacturing-Sector-Soars-Thanks-To-Aerospace-Boom.html

Labour Party Vows To Make The UK A Clean Energy Superpower By 2030

On Monday, Britain’s Labour Party, which is tipped to win the next general election, pledged to make the UK a clean energy superpower by the end of the decade. Labour leader Keir Starmer said on Monday that Labour’s mission is “to make Britain a clean energy superpower by 2030.”  “We will cut bills, create good jobs across the whole of the UK, and deliver energy security,” Starmer said, adding that a surge in homegrown renewable resources would make Britain less dependent on hostile regimes, including Putin’s.…

Read more at: https://oilprice.com/Energy/Energy-General/Labour-Party-Vows-To-Make-The-UK-A-Clean-Energy-Superpower-By-2030.html

India’s Oil Demand Set For Record High Despite Dipping In April

India’s crude oil imports fell slightly in April from a month earlier and refinery intake dipped month-on-month, according to data from the Joint Organizations Data Initiative (JODI), but on the following month of May, the world’s third-largest crude oil importer saw record fuel demand. In April, Indian crude oil imports dropped by 55,000 barrels per day (bpd) month-on-month, JODI data showed on Monday. But crude imports in February and March were much higher than in the same months of 2022 and the five-year average between 2018 and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Oil-Demand-Set-For-Record-High-Despite-Dipping-In-April.html

Saudi Arabia’s Crude Oil Exports Dropped To A Five-Month Low In April

Saudi Arabia, the world’s top crude oil exporter, saw its crude exports drop to a five-month low in April, a month before the first of the voluntary Saudi cuts began in May, data from the Joint Organizations Data Initiative (JODI) showed on Monday. In April, Saudi Arabia’s crude oil exports slumped by 207,000 barrels per day (bpd) from March, to 7.32 million bpd, according to JODI, which compiles self-reported data from many countries. In early April, Saudi Arabia and several large OPEC+ producers, mostly from the Middle East, shocked…

Read more at: https://oilprice.com/Energy/Energy-General/Saudi-Arabias-Crude-Oil-Exports-Dropped-To-A-Five-Month-Low-In-April.html

Germany Braces For Swings In Energy Demand And Prices

Europe’s biggest economy, Germany, is bracing for another summer of swings in energy demand and prices as the national weather service issues its first heat warning for the season for this week. Germany’s weather forecaster Deutscher Wetterdienst on Sunday issued the first heat warning for the year – “heat stress” – as temperatures are expected to exceed 32 degrees Celsius (89.6 F) in the early afternoon this week and nighttime temperatures will only see limited cooling. Humidity has also risen in many parts…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-Braces-For-Swings-In-Energy-Demand-And-Prices.html

Turkey And Iraq Discuss Restarting Kurdistan’s Oil Exports

Turkey and Iraq on Monday discussed technicalities on the resumption of crude oil exports from Iraq’s northern oilfields and from the semi-autonomous region of Kurdistan, but political-level agreements will also be needed to unblock around 450,000 barrels per day (bpd) of oil flows. On Monday, a technical delegation from Turkey visited Baghdad to discuss the restart of oil flows through an Iraqi-Turkey pipeline to the Turkish Mediterranean port of Ceyhan and then on tankers to the international markets, anonymous oil officials told Reuters.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Turkey-And-Iraq-Discuss-Restarting-Kurdistans-Oil-Exports.html

Why Amazon built a second headquarters and how the pandemic reshaped HQ2

The grand opening caps off plans that began six years ago with a highly publicized search for a location to build HQ2.

Read more at: https://www.cnbc.com/2023/06/19/why-amazon-built-hq2-and-how-covid-pandemic-reshaped-it.html

Xi tells Blinken in high-stakes meeting: World needs stable U.S.-China relations

The top U.S. diplomat will wrap up his rare two-day visit to Beijing amid simmering U.S.-China tensions.

Read more at: https://www.cnbc.com/2023/06/19/us-secretary-of-state-antony-blinken-to-meet-chinas-xi-jinping.html

Black executives see progress since George Floyd, but much work still to be done: CNBC survey

Black executives say diverse hiring and promotion has been a focus since the murder of George Floyd, but corporate America has a long way to go: CNBC survey.

Read more at: https://www.cnbc.com/2023/06/19/black-leaders-rate-corporate-americas-dei-progress-since-george-floyd.html

Ukraine war live updates: Ukraine says it’s recaptured 8 villages during counteroffensive | Denmark increases military support

Ukraine’s President Volodymyr Zelenskyy said the country’s armed forces are making gains in their counteroffensive.

Read more at: https://www.cnbc.com/2023/06/19/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

These stocks are on the verge of forming a bullish chart pattern

The market just enjoyed a big relief rally and some stocks are on the verge of breaking out even higher, according to a bullish chart pattern.

Read more at: https://www.cnbc.com/2023/06/19/these-stocks-are-on-the-verge-of-forming-a-bullish-chart-pattern-.html

Judge bars Trump from disclosing — or keeping — evidence in documents case

A federal judge ordered that Trump and his co-defendant cannot disclose court evidence to the public via “any news or social media platform.”

Read more at: https://www.cnbc.com/2023/06/19/judge-bars-trump-from-disclosing-or-keeping-evidence-in-documents-case.html

A.I. will make having a lucrative side hustle or startup much easier, says Airbnb CEO

Airbnb CEO Brian Chesky predicts that artificial intelligence will make it easier for aspiring entrepreneurs to create their own businesses. Here’s how.

Read more at: https://www.cnbc.com/2023/06/19/airbnb-ceo-brian-chesky-ai-will-make-entrepreneurship-easier.html

This investment manager is looking to bridge the racial wealth gap

Economic freedom has been more elusive for Black people. Veteran portfolio manager Jim Casselberry is trying to do something about that.

Read more at: https://www.cnbc.com/2023/06/19/this-investment-manager-is-looking-to-bridge-the-racial-wealth-gap.html

The 7 U.S. cities where a $250,000 salary is worth the least — New York is No. 1

Looking to make the most out of your money? Be wary of these seven cities where $250,000 has the least purchasing power.

Read more at: https://www.cnbc.com/2023/06/19/7-us-cities-where-250k-salary-is-worth-the-least-nyc-is-no-1.html

This is the best way to structure your workouts for peak health, says longevity researcher

The breakdown of your workout may be more important than its length. Here’s the ideal exercise structure for optimal health from a doctor who studies longevity.

Read more at: https://www.cnbc.com/2023/06/19/longevity-doctor-the-ideal-exercise-routine-for-a-long-healthy-life.html

Rand Paul: “Bill Gates Is Largest Funder Of Trying To Find Viruses In Caves And Bring Them To Big Cities”

Authored by Steve Watson via Summit News,

Senator Rand Paul teed off on globalist Bill Gates Sunday, heavily intimating that the billionaire’s obsession with funding research into deadly viruses led directly to the COVID pandemic.

Appearing on Fox News, Paul noted that Gates visited China last week.

“Bill Gates is the largest funder of trying to find these viruses in remote caves and bring them to big cities,” Paul asserted, referring to gain of function research.

“So what happened in China is they went eight to 10 hours south of Wuhan, two to 300ft deep into a cave, found viruses, and took them back to a city of 15 million,” Paul further explained.

“There are many, many scientists who think that Bill Gates is wrong in funding this,” he added.

“We don’t …

Read more at: https://www.zerohedge.com/political/rand-paul-bill-gates-largest-funder-trying-find-viruses-caves-and-bring-them-big-cities

“Extreme Greed”: A “Prescient Signal Of A Durable Economy” Or A Giant Bull Trap

Over the weekend, Goldman’s head of hedge fund sales Tony Pasquariello, wrote that while the Nasdaq was off to its best start in history…

… the easy money may have been made since “many folks – not all, but many – are now as long as they’ve been all year”, and with many shorts already stopped in, the price indiscriminate buying is largely behind us (more here).

Indeed, both objective and subjective measures of sentiment are starting to look very overbought and lofty: as we noted last week, the Goldman sentiment indicator into stretched territory (1.2), its highest level in years…

Read more at: https://www.zerohedge.com/markets/extreme-greed-prescient-signal-durable-economy-or-giant-bull-trap

In Another Potential Blow To Dollar Dominance, Kenyan President Urges Shift Away from Greenback In African Trade

Authored by Michael Maharrey via SchiffGold.com,

Dollar doubts continue to grow, threatening the greenback’s perch at the top of the global financial system.

Last week, Kenyan President William Samoei Ruto suggested that African nations should shift away from using the dollar in intercontinental trade.

Ruto made the comments during an address before the Djibouti parliament, saying the two countries should abandon reliance on the dollar in trade.

How is US dollars part of the trade between Djibouti and Kenya? … Why is it necessary for us to buy things in Djibouti and pay in dollars? Why? There’s no reason.”

Ruto emphasized that he is not “against” the US dollar.

We just want to trade …

Read more at: https://www.zerohedge.com/geopolitical/another-potential-blow-dollar-dominance-kenyan-president-urges-shift-away-greenback

Russian Nukes Will Stay In Belarus Indefinitely: Kremlin

Russia’s foreign ministry announced on Monday that the tactical nuclear weapons controlled by Moscow and placed on Belarusian territory will be stationed there without time limit.

Both Presidents Putin and Lukashenko days ago confirmed delivery of the first batch of nuclear warheads to Belarus. The new deployment is in response to ‘aggressive policies’ from NATO countries, and had been initially announced after months ago the UK said it would supply Ukraine with depleted uranium shells.

Image: EPA/EFERussian foreign ministry official Alexei Polishchuk said the move was a necessary “forced response” to the West upping its involvement in the Ukraine war, particularly through increasing supplies of heavier and heavier weapons systems, most recently tanks.

Polishchuk took the opportunity to once again blast Western nuclear hypocrisy, as other officials have done

Read more at: https://www.zerohedge.com/geopolitical/russian-nukes-will-stay-belarus-indefinitely-kremlin

Morrisons and M&S follow rivals to cut food prices

Basic items are to be discounted as retailers face pressure to help ease the cost of living.

Read more at: https://www.bbc.co.uk/news/business-65954247?at_medium=RSS&at_campaign=KARANGA

Record aircraft purchase announced at Paris Airshow

The deal between Indian carrier IndiGo and Airbus is the largest single order by any commercial airline.

Read more at: https://www.bbc.co.uk/news/world-asia-india-65952879?at_medium=RSS&at_campaign=KARANGA

Mortgage rates: Average two-year fix now above 6%

It is the first time since December that the rate has been as high as 6%, driving up costs for homeowners.

Read more at: https://www.bbc.co.uk/news/business-65931132?at_medium=RSS&at_campaign=KARANGA

Ahead of Market: 10 things that will decide D-Street action on Tuesday

Indian equity benchmarks Sensex and Nifty closed lower due to profit booking and heavyweights like ICICI Bank and Reliance Industries facing selling pressure, resulting in losses for many private banks. The PSU banks, however, saw the highest sectoral gains. Looking ahead, there may be more volatility as the Nifty has been witnessing significant swings in both directions for the past three trading sessions. In other global markets, European shares fell and the US was closed for Juneteenth on 19 June.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-d-street-action-on-tuesday/articleshow/101114616.cms

Adani Enterprises falls most in a month. Are bears wresting control from bulls?

Shares of Adani Enterprises, along with other Adani Group companies, have ended the day in the negative territory. The sharp fall in Adani Enterprises stocks of over 6% was backed by high volumes, making investors poorer by $1.4 billion. The fall in trading saw the stock snap a two-day winning streak, following a roller coaster ride in the last 3-4 months

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/adani-enterprises-stock-falls-most-in-a-month-are-bears-taking-charge-from-bulls/articleshow/101111927.cms

TPG Investments exits Shriram Finance; offloads 99.18 lakh shares for Rs 1,389 crore

Private equity firm TPG Investments sold all its shares in Shriram Finance through its Indian arm, TPG India Investments, which amounted to 2.64% of the company. The sale reportedly earned the PE firm INR13.89bn ($185.84m). Shriram Finance, offering consumer services such as automobile, commercial vehicle, business and gold loans, is majority public-owned with 74.49% stake, the rest being owned by promoters, and has performed well this year.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tpg-investments-exits-shriram-finance-offloads-99-18-lakh-shares-for-rs-1389-crore/articleshow/101113840.cms

Spotify’s Bill Simmons calls Prince Harry and Meghan Markle ‘grifters’ after podcast deal ends

Podcaster and Spotify SA executive Bill Simmons thinks Prince Harry and Meghan Markle are “grifters,” after the royal couple ended their relationship with the streaming platform following an unproductive production deal.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7216-9E78847B22EB%7D&siteid=rss&rss=1

The Tell: ‘Magnificent Seven,’ meet the ‘Junk Bond Five’ spurring the rally in distressed debt

The stock market isn’t the only place where a handful of companies are driving powerful gains. It’s happening too in distressed junk bonds.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7216-1EED283145D8%7D&siteid=rss&rss=1

Dow Jones Newswires: Raytheon gets $264 million U.S. Navy modification contract for missiles

Raytheon Technologies said Monday it will produce and deliver 571 AIM-9X Sidewinder missiles and parts for the U.S. Navy, U.S. Air Force and foreign military sales customers as part of a $264 million modification to a contract it received at the end of last year.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C0C4D5-7425-4434-F126-64EE6A9CCEDA%7D&siteid=rss&rss=1