European Nations Join Azerbaijan In Ambitious Green Project

Azerbaijan, Georgia, Hungary, and Romania have reached an agreement to push ahead with a project to generate green energy from renewable sources in Azerbaijan and to export the power to Europe via a subsea cable under the Black Sea. The project is called the Caspian Sea-European Union Green Energy Corridor. Meeting in the Romanian capital, Bucharest, on July 25, officials from the four countries signed a memorandum of understanding to establish a joint venture between their national electricity grid operators in order to coordinate activities and…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/European-Nations-Join-Azerbaijan-In-Ambitious-Green-Project.html

U.S. To Unfreeze Iran’s Oil Money In Exchange For Prisoner Release

The United States has agreed to give Iran access to $6 billion in currently frozen Iranian oil revenue currently held in South Korea, media reported on Thursday—in exchange for the release of five Americans imprisoned in Iran. Iran has released five Iranian/American dual citizens, which now remain under house arrest in a hotel in Tehran. The prisoners will be held in the hotel for weeks until they can board an airplane to return to the United States. A lawyer for one of the prisoners cautioned that “there are simply no guarantees about…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-To-Unfreeze-Irans-Oil-Money-In-Exchange-For-Prisoner-Release.html

Fossil Fuels Still Account For 82% Of Primary Global Energy Consumption

As I indicated in the previous article, BP has turned over publication of the annual Statistical Review of World Energy to the Energy Institute (EI). The Statistical Review is instrumental in providing comprehensive data on global oil, gas, and coal production and consumption, as well as on carbon dioxide emissions and renewable energy statistics. The full report and all data can be found at this link. Today, I will cover the recently published 2023 report’s highlights. Overview The newest Review shows the world remains heavily…

Read more at: https://oilprice.com/Energy/Energy-General/Fossil-Fuels-Still-Account-For-82-Of-Primary-Global-Energy-Consumption.html

Morocco’s Green Energy Potential: Europe’s Ticket Away From Russian Fuel?

Morocco is trying to turn around its energy legacy, from an energy mix heavily dependent on imported fossil fuels, to becoming a net exporter of clean energy. Morocco’s sunny climate, coastline, and wide open spaces lend themselves to massive scale solar and wind farms, and its proximity to Europe puts the country in a prime position to be a key source of energy for the European Union. While the potential is enormous, so too are the challenges facing the North African nation.  The biggest challenge for Morocco will be to balance its…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Moroccos-Green-Energy-Potential-Europes-Ticket-Away-From-Russian-Fuel.html

Investment Funds Turn Bullish On Copper

Via Metal Miner The Copper Monthly Metals Index (MMI) rose 3.79% from July to August. Copper prices started to show uncertainty last month amid an absence of directional strength. A lack of bullish or bearish patterns that would otherwise drive prices translated into minimal momentum to the upside or downside. Copper prices today continue to move in a sideways range.  Weak Chinese Trade Data Weighs on Copper Prices Despite a long-term bull narrative and the prospect of a soft landing in the U.S., copper prices remain somewhat hesitant. While…

Read more at: https://oilprice.com/Metals/Commodities/Investment-Funds-Turn-Bullish-On-Copper.html

Peak Gasoline? American Drivers Go Further, Burn Less Fuel

Drivers are putting a record number of miles on U.S. roads, according to US Department of Transportation data—but they’re using less fuel to do it. According to Bloomberg, ‘the era of peak gasoline is already in the rear-view mirror” even with more miles driven. U.S. DOT data suggests that drivers in the United States broke the June travel record, driving 283 billion vehicle miles. Meanwhile, implied gasoline data for June was 5% below 2019 levels. U.S. drivers are driving more with less fuel due to improvements in…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Peak-Gasoline-American-Drivers-Go-Further-Burn-Less-Fuel.html

The Sahel Tug-of-War: U.S. And Russia Face Off For Influence In Niger

After a series of coups swept across Africa’s impoverished Sahel states over the past three years, leading to a larger Russian military presence, U.S. Secretary of State Antony Blinken in March made a historic trip to Niger, Washington’s key ally in the region. “Niger is really an extraordinary model at a time of great challenge – a model of resilience, a model of democracy, a model of cooperation,” Blinken, the first U.S. top diplomat to visit Niger, said at the time. “It’s one that we deeply value and…

Read more at: https://oilprice.com/Geopolitics/International/The-Sahel-Tug-of-War-US-And-Russia-Face-Off-For-Influence-In-Niger.html

Russia Expands Oil Exports To China Via Arctic

With Europe out of the picture due to sanctions, Russia has begun rerouting oil previously destined for the continent to China and Asia via the Arctic Ocean’s North Sea Route (NSR). Russia sent two initial crude oil shipments to China in mid-July, with four more oil tankers currently headed the same way via the Arctic, each carrying around 750,000 barrels of crude oil. The Arctic shortcut is around 30% faster than the traditional route through the Suez Canal, and experts are saying the NSR will be key to diverting the flow of crude…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Expands-Oil-Exports-To-China-Via-Arctic.html

The Inflation Reduction Act Is Fueling A Green Energy Manufacturing Boom

An increasing number of investments have been made in a wide range of clean energy projects since the introduction of the Inflation Reduction Act (IRA) by U.S. President Biden in the summer of 2022. The reform appears to have set in motion a renewable energy boom that many other parts of the world hope to follow. One area of development that has been accelerated by the IRA and other related policies is clean energy manufacturing, with Biden encouraging greater national production of energy components to create jobs and reduce the reliance on foreign…

Read more at: https://oilprice.com/Energy/Energy-General/The-Inflation-Reduction-Act-Is-Fueling-A-Green-Energy-Manufacturing-Boom.html

OPEC: Robust Demand, U.S. Hurricane Season Could Tighten The Market

Potential fuel production outages during the upcoming U.S. hurricane season could tighten the Atlantic Basin market in the coming weeks, OPEC said in its Monthly Oil Market Report (MOMR) on Thursday. The cartel is upbeat on the “stability of the global oil market” amid lower-than-average gasoline and middle distillate inventories in the United States and Europe and expectations of healthy fundamentals in the second half of 2023.  “Despite the current elevated level of global refinery runs, gasoline and middle distillate…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Robust-Demand-US-Hurricane-Season-Could-Tighten-The-Market.html

OPEC’s Oil Production Slumps As Saudi Arabia Cuts Output

OPEC’s crude oil production from all its member states fell by 836,000 barrels per day (bpd) to 27.31 million bpd in July, due to a 968,000 bpd decline in Saudi output as the Kingdom nearly delivered its promised 1-million-bpd cut last month. Production in Saudi Arabia, Libya, and Nigeria dropped last month compared to June, while rising production from Iran, Angola, and Iraq offset some of the Saudi reduction, according to secondary sources in OPEC’s Monthly Oil Market Report (MOMR) published on Thursday. Libya and Iran, however, together…

Read more at: https://oilprice.com/Energy/Energy-General/OPECs-Oil-Production-Slumps-As-Saudi-Arabia-Cuts-Output.html

Iraq’s Oil Exports To The U.S. Jump By 30.5%

Iraq boosted its oil exports to the United States by 30.5% in the first five months of 2023, according to data by the U.S. Energy Information Administration (EIA) calculated by the Shafaq News agency.   Compared to the same period in 2021, the total Iraqi exports to the U.S. between January and May 2023 surged by 61%. Per the EIA data of U.S. imports of Iraqi oil, February saw the biggest volume of Iraqi oil entering the United States so far this year, 12.168 million barrels. March 2023 was the month with the lowest U.S. imports between…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iraqs-Oil-Exports-To-The-US-Jump-By-305.html

Germany At Risk Of Natural Gas Shortages For Years To Come

Germany will continue to be at risk of natural gas shortages until the 2026/2027 winter season unless it takes measures to add LNG terminals, additional gas storage capacity, or pipelines, INES, the group of German gas storage operators, said in its August gas update on Thursday. “Without further infrastructure measures, the risk of a gas shortage in cold temperatures still exists and will probably continue to accompany us until the 2026/27 winter,” INES’s head Sebastian Bleschke said in a statement. The group expects structurally…

Read more at: https://oilprice.com/Energy/Energy-General/Germany-At-Risk-Of-Natural-Gas-Shortages-For-Years-To-Come.html

Turkey Expects UAE To Initiate $51 Billion Investment Deal By Year-End

Turkey expects the first investments from the United Arab Emirates (UAE) into its economy to start flowing by the end of this year after the two countries signed a major investment deal last month. “We have very productive dialogue with Gulf countries, with the most concrete example being the $51 billion financial investment package announced by the UAE,” Turkey’s Treasury and Finance Minister Mehmet Simsek told the Yeni Safak newspaper in an interview published on Thursday. In July, Turkish President Recep Tayyip Erdogan signed…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Turkey-Expects-UAE-To-Initiate-51-Billion-Investment-Deal-By-Year-End.html

Shell To Explore Offshore Drilling Opportunities In Malaysia

Shell is set to begin geophysical surveys next week to explore potential drilling opportunities offshore Malaysia, Upstream reported on Thursday. The work at the site of the survey is expected to continue through September.   Shell will be looking for drilling opportunities in the acreage offshore Sarawak which include the supermajor’s MLNG, SK 439, and SK 440 production sharing contracts, according to Upstream. Petroleum Sarawak Exploration and Production (PSEP) of Malaysia is Shell’s partner in the SK 439 and SK 440 blocks.   …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Shell-To-Explore-Offshore-Drilling-Opportunities-In-Malaysia.html

Here’s the inflation breakdown for July, in one chart

The consumer price index rose 3.2% in July from 12 months earlier, slightly less than expected.

Read more at: https://www.cnbc.com/2023/08/10/heres-the-inflation-breakdown-for-july-2023-in-one-chart.html

Supreme Court blocks Purdue Pharma’s $6 billion opioid settlement, will hear challenge

The deal by Purdue Pharma would protect its Sackler family from civil opioid claims. The Supreme Court blocked the deal at the request of the DOJ.

Read more at: https://www.cnbc.com/2023/08/10/supreme-court-blocks-purdue-pharmas-6-billion-opioid-settlement-will-hear-challenge.html

Amazon axes some private label brands as part of wider cost cuts

Amazon sells goods from its own brands, in addition to those from third-party sellers and other retailers, on its sprawling e-commerce website.

Read more at: https://www.cnbc.com/2023/08/10/amazon-axes-some-private-label-brands-as-part-of-wider-cost-cuts.html

Stop searching for ‘the next Warren Buffett’ — The ‘Oracle of Omaha’ is impossible to copy

Buffett took control of Berkshire in 1965 — and the conglomerate is now more successful than ever.

Read more at: https://www.cnbc.com/2023/08/10/the-search-for-the-next-warren-buffett-is-over-hes-sui-generis.html

A buying opportunity has emerged in this A.I. darling, two top analysts say

Investors may want to consider snatching up shares of this artificial intelligence darling, according to some Wall Street analysts.

Read more at: https://www.cnbc.com/2023/08/10/a-buying-opportunity-has-emerged-in-this-ai-darling-two-top-analysts-say.html

Disney wants sports leagues as ESPN partners, but it’s not clear sports leagues want ESPN

Partnering with sports leagues on ESPN may make sense for Disney, but it’s not yet clear it makes sense for the leagues.

Read more at: https://www.cnbc.com/2023/08/10/disney-wants-sports-leagues-as-espn-partners-but-its-not-clear-they-want-espn.html

X CEO Linda Yaccarino explains reason for getting rid of Twitter name

X CEO Linda Yaccarino explained to CNBC on Thursday why the company decided to get rid of its Twitter branding.

Read more at: https://www.cnbc.com/2023/08/10/x-corp-ceo-linda-yaccarino-says-she-has-autonomy-under-elon-musk.html

Trump election trial: Special counsel Jack Smith seeks Jan. 2 start date

Special counsel Jack Smith proposed a Jan. 2 start date for Trump’s trial on charges of attempting to overturn his loss in the 2020 presidential election.

Read more at: https://www.cnbc.com/2023/08/10/special-counsel-wants-jan-2-trial-in-trump-election-case.html

16 Michigan Republicans accused of being fake electors for Trump plead not guilty

16 Michigan Republicans accused in fake elector scheme challenging charges, after the final nine pleaded not guilty or had pleas entered by judge in state court Thursday.

Read more at: https://www.cnbc.com/2023/08/10/16-michigan-republicans-accused-of-being-fake-electors-for-trump-plead-not-guilty.html

TV giants clash over NBA, NHL games as local rights go up for grabs

Rights to local NBA and NHL games may be on the market as the Diamond Sports’ bankruptcy progresses. Broadcast station groups want those rights.

Read more at: https://www.cnbc.com/2023/08/10/nba-nhl-games-spur-tv-showdown-as-local-rights-go-up-for-grabs.html

Record hot ocean temps could turbocharge the hurricane season, says NOAA

There’s a 60% chance this year will have above-normal hurricane activity, according to the agency.

Read more at: https://www.cnbc.com/2023/08/10/noaa-record-hot-ocean-temps-could-turbocharge-the-hurricane-season.html

Hawaii wildfires: Biden vows immediate aid, deploys military to assist victims

Biden declared a major disaster in Hawaii two days after wildfires rapidly swept across parts of Maui, devastating the historic city of Lahaina.

Read more at: https://www.cnbc.com/2023/08/10/hawaii-wildfires-biden-vows-aid-deploys-military-to-help-with-rescue.html

PayPal’s stablecoin may be a payments catalyst, but it will face these near-term hurdles, BofA says

PayPal’s new stablecoin is in its early days, and things could get worse for it before they get better, according to Bank of America.

Read more at: https://www.cnbc.com/2023/08/10/paypals-new-stablecoin-will-face-these-near-term-hurdles-before-it-takes-off-bofa-says.html

Top Dem’s Family Sold BlackRock Stock Weeks Before His Committee Announced Investigation

Democratic Rep. Ro Khanna of California reported selling large quantities of BlackRock shares weeks before the committee he sits on announced a probe into the company.

According to disclosure forms reported by the Daily Caller, trusts linked to both his children and wife sold BlackRock stocks totaling between $32,000 and $130,000 between March and June 2023.

Khanna sits on the Congressional Select Committee on the Chinese Communist Party, which notified the financial giant in early August that it was under investigation over its ties to more than 60 Chinese companies identified over human rights violations or national security concerns, according to the

Read more at: https://www.zerohedge.com/political/top-dems-family-sold-blackrock-stock-weeks-his-committee-announced-investigation

American Cylons

By Philip Marey, Senior US Strategist at Rabobank

In the underappreciated scifi series Battlestar Galactica, a ragtag fleet of surviving humans is chased through the galaxy by artificial lifeforms known as the Cylons. However, on this side of the galaxy we are still concerned whether our Cylons are made by the Chinese or the Americans, oblivious of the Cylon destiny to join forces and remove us all from this planet.

Yesterday, President Biden signed an executive order on investments by US persons in semiconductors, quantum computing and artificial intelligence in China. It will be required to inform the US government about investments in these three sectors and investments in some of these technologies will even be prohibited.

Both Democrats and Republicans are worried that US knowledge and investment will help China develop technology that can be used in a military conflict with the US. However, US industrial lobby groups have tried to limit the scope of the executive order, and found the US Treasury Department and the US Commerce Department on their side. Balancing economic interests and national security priorities will be a challenge. Since this executive order has been more than one year in the making, it has already impacted the behavior of US investors, delaying or slowing down their transactions in China.

In some areas, by now, China may actually prefer domestic investment because they don’t want US regulators to have access to sensitive information in areas where the Chinese are leaping ahead of the Americans, in particular in artificial intelligence and quantum computi …

Read more at: https://www.zerohedge.com/markets/american-cylons

US-Iran Reach Prisoner Swap Deal, Tehran To Gain Access To $6BN In Oil Revenue

The United States and Iran have reached a rare prisoner swap deal which will reportedly lead to the freeing of five Iranian-American dual citizens, and in exchange Tehran has been guaranteed access to an estimated $6 billion in its own blocked oil revenue. The US is also expected to release an unspecified number of jailed Iranians.

The New York Times is describing that it is the culmination of two years of behind-the-scenes diplomatic negotiations. The American have yet to be released, but are said to have been moved from Iran’s notorious Evin Prison, and placed into house arrest as a first step.

“The move by Iran of the American hostages from Evin Prison to house arrest is an important development,” a lawyer for Siamak Namazi, one of the Americans released, said.

Most of the detained were arrested and imprisoned on the usual Iranian allegations of spying and espionage, though no evidence of these alleged crimes have been made public.

So far the US-Iranian …

Read more at: https://www.zerohedge.com/geopolitical/us-iran-reach-rare-prisoner-swap-deal-tehran-gain-access-6bn-oil-revenue

Moscow Trades Rails For Waves In Strategic Pivot

Authored by The Jamestown Foundation’s Paul Goble via OilPrice.com,

• Russia’s initial plan for a north-south trade corridor to bypass the Suez Canal has evolved into a strategy to avoid Western sanctions, but problems with land routes have forced a pivot towards sea lanes.
• This maritime focus could escalate geo-economic and geopolitical competition in the Caspian Sea and potentially volatile situations in the Indian Ocean due to Tehran’s willingness to deploy its navy for cargo protection from Russia.
• Russia is pressing forward with this sea-focused strategy, highlighting the importance of naval considerations in geopolitics and calling for heightened attention from Western analysts.

When Moscow announced plans in 2000 for the creation of a north-south trade corridor, its initial goal was to bypass the Suez Canal; however, recently, this passage has been used primarily to evade Western sanctions (Realtribune.ru, November 30, 2022). The Russian authorities have focused on the development of a railway network as the basis of the corridor, but problems with the land routes both east and west of the Caspian have significantly delayed the completion of these lines. The long-discussed Resht link, for example, was recently delayed for the third time and will not open until 2028 at the earliest (see EDM,

Read more at: https://www.zerohedge.com/geopolitical/moscow-trades-rails-waves-strategic-pivot

Wilko to stay open for now in race to save jobs

The homeware retailer will continue to pay its 12,500 staff after falling into administration.

Read more at: https://www.bbc.co.uk/news/uk-66460059?at_medium=RSS&at_campaign=KARANGA

Wegovy weight-loss drugmaker sees profits soar

Danish drugmaker Novo Nordisk said it was seeing “more patients than ever before”.

Read more at: https://www.bbc.co.uk/news/business-66466951?at_medium=RSS&at_campaign=KARANGA

Prototype ‘Brain-like’ chip promises greener AI, says tech giant

IBM says its prototype microchip could make artificial intelligence more energy efficient.

Read more at: https://www.bbc.co.uk/news/technology-66465230?at_medium=RSS&at_campaign=KARANGA

Ahead of Market: 10 things that will determine D-Street action on Friday

A small negative candle was formed on the daily chart with minor upper and lower shadows. Technically, this pattern indicates sideways movement in the market with a weak bias at the crucial resistance of 19,650 levels

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-determine-d-street-action-on-friday/articleshow/102616902.cms

Tech View: Nifty struggling to hold 20-DMA. What traders should do on Friday

Though Nifty seems to have formed a new lower top at 19645 levels on Wednesday, there is no indication of any sharp weakness from the lower highs.Nifty has been struggling to hold a short-term moving average i.e. 20 EMA mainly due to the underperformance from the banking pack.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-struggling-to-hold-20-dma-what-traders-should-do-on-friday/articleshow/102611454.cms

Sebi looks to raise threshold of outstanding long-term borrowings for large corporates

Under the current rules, large corporates are those that need to have an outstanding long-term borrowing of at least Rs 100 crore; a credit rating of ‘AA and above’ and a target to finance themselves with long-term borrowings (above 1 year).

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-looks-to-raise-threshold-of-outstanding-long-term-borrowings-for-large-corporates/articleshow/102618059.cms

The Tell: Can the stock-market rally survive rising Treasury yields? Here’s what history says.

Ned Davis Research describes three scenarios in which the shape and direction of the curve have produced “complicated” messages for the stock market.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7246-8DFF791D54CE%7D&siteid=rss&rss=1

Bond Report: 2-, 10-year Treasury yields end at one-week highs after July CPI, Treasury auction

Treasury yields jump as traders weigh the results of a 30-year bond auction, the latest inflation data, and remarks by San Francisco Fed President Mary Daly.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7246-4F7A33A5756A%7D&siteid=rss&rss=1

Plane tickets were cheaper again in July, but that won’t last for long, economists say

Airfares fell in July for the second consecutive month, but rising fuel prices and shifts in consumer behavior will probably cause prices to jump again.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7246-90AD1F727447%7D&siteid=rss&rss=1