Top 10 Countries With Largest Oil Reserves

We all know who the biggest producers of crude oil in the world are and can list the top three without effort. But here’s the thing – the biggest producers are not necessarily the countries with the biggest reserves. There are various reasons for that, as we shall see below. For now, suffice it to say it is one thing to have a natural resource and quite another to develop it fully. Here are the top ten countries richest in crude oil in ascending order. #10 Libya The North African country is estimated to have some 48.3 billion barrels of…

Read more at: https://oilprice.com/Energy/Crude-Oil/Top-10-Countries-With-Largest-Oil-Reserves.html

Concerns About A Diesel Crunch Are Easing

Fears of a diesel shortage have receded in recent weeks despite a drawdown in U.S. distillate inventories which have fallen in the past weeks and are around 11% below the five-year average for this time of the year.   Diesel markets in the U.S. and globally are less tight than feared at the start of this year when traders were bracing for the EU ban on Russian diesel and other product imports. The continued flow of diesel exports from Russia – to destinations other than Europe – as well as a slowdown in freight and manufacturing…

Read more at: https://oilprice.com/Energy/Energy-General/Concerns-About-A-Diesel-Crunch-Are-Easing.html

Biden To Veto Congressional Efforts To Overturn Solar Tariff Waivers

U.S. President Joe Biden will veto a bipartisan resolution to overturn his policy to waive solar tariffs on four Southeast Asian nations for two years, according to an exclusive Reuters report.  Last June, Biden waived tariffs on solar panels from Thailand, Vietnam Cambodia, and Malaysia in a bid to create a “bridge” while U.S. manufacturing ramped up.  However, last week, a U.S. House of Representatives committee voted in favor of restoring the tariffs on the solar panels, with Rep. Bill Posey, R-Fla., the primary sponsor of the resolution. …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-To-Veto-Congressional-Efforts-To-Overturn-Solar-Tariff-Waivers.html

Worries About Weaker Dollar Fuel Demand For Gold

Last week, the Treasury Department revealed that the federal deficit hit $1.1 trillion in the first half of the fiscal year ending in March, $432 billion larger than the same period a year earlier. Moreover, most of this expansion came in the month of March, as spending rose 36% year-over-year (not in small part due to rapidly rising interest costs). Longer-term, there is a clear widening trend that began back in 2015 that appears to now have resumed after some pandemic-inspired gyrations. And, if history is any guide, this deteriorating fiscal…

Read more at: https://oilprice.com/Metals/Gold/Worries-About-Weaker-Dollar-Fuel-Demand-For-Gold.html

Russian Oil Exports Remain High Despite Production Cut

Russia’s crude oil shipments continued to average a high of 3.4 million barrels per day (bpd) in the week to April 21 despite the 500,000 bpd production cut Moscow claims to be implementing by the end of this year, vessel-tracking data compiled by Bloomberg showed on Monday.  Russian crude oil shipments were only slightly down last week compared to the prior week, down by some 35,000 bpd to average 3.4 million bpd in the week to April 21, Bloomberg’s Julian Lee noted, commenting on the tanker-tracking data.    Russia’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Oil-Exports-Remain-High-Despite-Production-Cut.html

Brussels Troubled As Cheap Ukrainian Grain Distorts EU Market

Brussels was shocked when, on April 15, Poland and Hungary announced they would block all food products coming from Ukraine until the end of June. The measure was a direct response to the drop in prices on local markets because of the influx of foodstuffs from Ukraine. Slovakia and Bulgaria soon followed suit, with Romania still mulling such a ban. These countries, which have been among Kyiv’s biggest political supporters within the EU, have been struggling with two key initiatives the EU introduced last year to alleviate economic pressure on Ukraine.…

Read more at: https://oilprice.com/Metals/Commodities/Brussels-Troubled-As-Cheap-Ukrainian-Grain-Distorts-EU-Market.html

Oil Prices Rebound After Testing Monthly Lows

Crude oil futures were trending higher on Monday as hopes of a demand-led recovery seemed to win over growing concerns regarding the health of the global economy, particularly in key economies in the U.S. and Europe.  Brent crude was trading at $82.57/barrel at 12:24 p.m. EST, up 1.11%, compared to Friday’s settlement of $81.66/barrel, having tested monthly lows at below $80.50/barrel. Meanwhile, West Texas Intermediate (WTI) was trading at $78.67/barrel, up 1.03%, versus Friday’s close of $77.87/barrel. “Signs that central banks will continue…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Rebound-After-Testing-Monthly-Lows.html

Europe Looks To Turn North Sea Into Green Energy Hub

The leaders of some of Europe’s biggest economies are set to pledge to turn the North Sea into an offshore wind, hydrogen, and carbon capture energy hub.  The heads of state and government of Belgium, Denmark, Germany, the Netherlands, Luxembourg, France, Ireland, Norway, and the United Kingdom are meeting on Monday for the second edition of the North Sea Summit in the Belgian city of Ostend. The summit is also attended by European Commission President Ursula von der Leyen and the EU Commissioner for Energy Kadri Simson. …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europe-Looks-To-Turn-North-Sea-Into-Green-Energy-Hub.html

Teck Shareholders Divided Over Glencore’s Bid Due To Coal Concerns

Glencore’s ambition to take over Teck Resources has morphed into a protracted industry saga, and the Swiss commodities giant is now scrambling to win over the Canadian miner’s shareholders with promises of a third bid for the company. Its initial two offerings for Teck – the first totaling £19bn and the second including a £6.6bn cash sweetener – were knocked back by the miner’s senior leadership, including top shareholder Norman Keevil. Now, Glencore has gone to extreme measures, urging…

Read more at: https://oilprice.com/Energy/Coal/Teck-Shareholders-Divided-Over-Glencores-Bid-Due-To-Coal-Concerns.html

Tata Steel Launches Hydrogen Trial For Steel Production

Tata Steel, the giant Indian steelmaker, on Monday said it had started injecting hydrogen gas at a major plant in the world’s first test of such a large quantity of hydrogen gas continuously injected in a blast furnace.  The trial, part of Tata Steel’s plan to reduce coke consumption and carbon dioxide emissions, is injecting record-high volumes of hydrogen gas and is expected to continue for a few days.  The trial involves the injection of hydrogen gas using 40% of the injection systems of the blast furnace at Jamshedpur…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tata-Steel-Launches-Hydrogen-Trial-For-Steel-Production.html

Democrats And Republicans Clash Over Energy Policy Priorities

Last week House Speaker Kevin McCarthy released a proposed debt limit bill that he says would “responsibly raise the debt limit into next year.” The “Limit, Save, Grow Act of 2023” takes aim at many areas of spending, including the Inflation Reduction Act signed into law by President Biden in 2022. This bill has been hailed as the largest-ever investment in combating climate change. McCarthy’s proposal — which can be read in full here — contains a section called “Repeal Market…

Read more at: https://oilprice.com/Energy/Energy-General/Democrats-And-Republicans-Clash-Over-Energy-Policy-Priorities.html

India Accounted For 70% Of Urals Shipments In April

India’s oil importers sometimes experience delays in paying for the Russian crude when it’s above the $60 a barrel price cap set by the G7, but most of the current Indian imports from Russia are priced below that cap, a senior Indian official said on Monday.    “Nobody stops us from buying Russian oil at above the price cap level provided. We are not using western service,” India’s oil secretary Pankaj Jain said at an event as carried by Reuters.  The EU and G7 banned on December 5 maritime transportation services, including…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Accounted-For-70-Of-Urals-Shipments-In-April.html

Russia To Boost Natural Gas Exports To China By 50%

Russian plans to increase natural gas exports to China by almost 50 percent this year, Deputy Prime Minister Alexander Novak has said. Russia’s Gazprom sends gas to China via the Power of Siberia pipeline under a 30-year contract worth a total of $400 billion. The pipeline was launched in 2019, and last year saw 15.5 billion cu m of gas flow through it. This should increase this year to 22 billion cu m and gradually reach its full capacity of 38 billion cu m in 2027. “Last year’s gas supplies were at 15 billion cubic meters.…

Read more at: https://oilprice.com/Energy/Natural-Gas/Russia-To-Boost-Natural-Gas-Exports-To-China-By-50.html

Cheap Oil Helps Russia Snag Snare Of India’s Market From OPEC

Record imports of cheap Russian crude into India have undermined OPEC’s share of supply to the world’s third-biggest crude importer so much that OPEC’s share of all Indian oil imports has hit the lowest in at least 22 years, according to a Reuters analysis of data from industry sources.  As India’s imports of Russian crude surged in the past year, OPEC’s share of Indian oil supply slumped to as low as 59% in the Indian financial year ending March 2023, compared to as much as 72% in the previous fiscal…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Cheap-Oil-Helps-Russia-Snag-Snare-Of-Indias-Market-From-OPEC.html

EPA Targets Gas-Fired Power Plants With Carbon Capture Requirements

The Environmental Protection Agency plans to adopt requirements for gas-fired power generators to capture the carbon dioxide emissions of their facilities, Reuters has reported, citing unnamed sources. According to the sources, the new rules could be made public as soon as this week to cover both new and existing power generation facilities running on natural gas. Natural gas, Reuters notes, accounts for a quarter of total U.S. carbon emissions. Once these rules come into effect, utilities will have to choose what to invest in: gas-fired plants…

Read more at: https://oilprice.com/Energy/Natural-Gas/EPA-Targets-Gas-Fired-Power-Plants-With-Carbon-Capture-Requirements.html

NBCUniversal faces a set of company-defining decisions as CEO Jeff Shell departs

NBCUniversal must make decisions on Hulu, sports rights and a potential merger with Warner Bros. Discovery without CEO Jeff Shell.

Read more at: https://www.cnbc.com/2023/04/24/nbcuniversal-ceo-jeff-shell-leaves-behind-company-defining-decisions.html

Apple declares ‘resounding victory’ after decision reached in Epic Games appeal

An appeals court on Monday mostly sided with Apple over its App Store rules in a suit with Epic Games.

Read more at: https://www.cnbc.com/2023/04/24/apple-declares-victory-after-decision-reached-in-epic-games-appeal-.html

Bed Bath & Beyond vows it can pull off a sale – here’s what that means for shareholders

Bed Bath & Beyond is looking for a buyer willing to purchase the business to avoid an outright liquidation, but either way, shareholders will likely be wiped out.

Read more at: https://www.cnbc.com/2023/04/24/bed-bath-beyond-says-it-can-pull-off-a-sale.html

Nasdaq closes lower Monday as investors prepare for Big Tech earnings: Live updates

Investors are looking to a flurry of earnings reports, including several large-cap tech names.

Read more at: https://www.cnbc.com/2023/04/23/stock-futures-inch-down-as-wall-street-awaits-tech-earnings.html

Disney begins a second, larger round of layoffs, bringing the total to 4,000 jobs cut

Disney plans to reduce its workforce by 7,000 jobs as part of a larger reorganization that will see the company cut $5.5 billion in costs.

Read more at: https://www.cnbc.com/2023/04/24/disney-layoffs-second-larger-wave.html

Earnings playbook: Your guide to a busy week of earnings, featuring Meta and Amazon

Big Tech names Alphabet, Microsoft, Meta Platforms and Amazon are scheduled to post their latest quarterly results.

Read more at: https://www.cnbc.com/2023/04/24/earnings-playbook-your-guide-to-a-busy-week-of-earnings-featuring-meta-and-amazon.html

Bitcoin sinks to $27,000, and Gemini expands outside U.S. amid crypto crackdown: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Cory Klippsten of Swan Bitcoin explains what kind of investors are driving bitcoin’s price.

Read more at: https://www.cnbc.com/video/2023/04/24/bitcoin-sinks-27000-gemini-expands-outside-us-crackdown-crypto-world.html

GOP Gov. Jim Justice set to launch bid for Joe Manchin’s Senate seat in West Virginia this week

Top Republicans, including Senate Minority Leader Mitch McConnell, have courted Justice to mount a challenge to incumbent Democratic Sen. Joe Manchin.

Read more at: https://www.cnbc.com/2023/04/24/jim-justice-to-run-for-joe-manchin-senate-seat-in-west-virginia.html

Sen. Wyden asks billionaire Harlan Crow for a list of gifts to Supreme Court Justice Thomas

Supreme Court Justice Clarence Thomas has faced criticism for weeks over a report that Republican billionaire donor Harlan Crow treated him to luxury trips.

Read more at: https://www.cnbc.com/2023/04/24/supreme-court-senate-committee-seeks-harlan-crow-clarence-thomas-gift-list.html

Ukraine war live updates: Ukraine holds ‘strategic’ positions in Bakhmut; Kremlin spokesman’s son says he joined Wagner mercenaries

Russia’s defense ministry launched a major drive for army recruits with an advertising campaign telling potential recruits, “you’re a real man. Be one.”

Read more at: https://www.cnbc.com/2023/04/24/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

‘Crypto is dead in America,’ says longtime Bitcoin bull Chamath Palihapitiya

Tech investor Chamath Palihapitiya, who previously claimed Bitcoin has replaced gold and would eventually get to $200,000, now says “crypto is dead in America.”

Read more at: https://www.cnbc.com/2023/04/24/crypto-is-dead-in-america-says-tech-investor-chamath-palihapitiya.html

Supreme Court deals blow to oil companies by turning away climate cases

Decision means lawsuits filed by municipalities seeking to hold companies liable for harms caused by carbon emissions can move forward in state court.

Read more at: https://www.cnbc.com/2023/04/24/supreme-court-deals-blow-to-oil-companies-by-turning-away-climate-cases.html

Canadian billionaire Steve Apostolopoulos says he’s still in the running with his bid for the Washington Commanders

Canadian businessman Steve Apostolopoulos says he’s still in the running for the Washington Commanders.

Read more at: https://www.cnbc.com/2023/04/24/steve-apostolopoulos-still-in-hunt-for-washington-commanders.html

Disney Workers Hit With Second Round Of Layoffs, Affecting Thousands

Last week, an internal memo from Walt Disney warned about the second round of layoffs that would impact thousands of positions across their TV, film, and theme park divisions, along with corporate groups in every area. A Bloomberg article now confirms that the second phase of job cuts begins today.

The second phase of the three-round job cut lasts until Thursday and is expected to eliminate 4,000 workers from its entertainment unit, theme parks, and experiences and product divisions.

Cuts are coming to all of the company’s divisions, stretching from the company headquarters in Burbank, California, to Connecticut, where its ESPN sports networks are based. Hourly workers at the theme parks will not be affected, the company said. –Bloomberg

Disney announced in February it planned to eliminate 7,000 positions from its 220,000 workforces, a move to save $5.5 billion per year.

“The difficult reality of many colleagues and friends leaving Disney is not something we take lightly,” Disney said in a statement.

Disney’s old and then-new again CEO, Bob Iger, came out of retirement in November to lead the restructuring efforts. He elevated key allies in the company, including Alan Bergman and Dana Walden, the co-chairmen of Disney Entertainment.

It appears that Disney overhired.

Read more at: https://www.zerohedge.com/markets/disney-workers-hit-second-round-layoffs-affecting-thousands

“I Had To Find Out If This Was True…”

Authored by Michael Snyder via The Economic Collapse blog,

It appears that the crisis facing auto dealerships is far direr than any of us thought.

Financial institutions are starting to get extremely tight with their money, and that is putting extreme stress on dealers all over the nation.  Many of us expected that this would happen, but it seems that things are moving much faster than anyone would have anticipated.

Last week, I came across a tweet that absolutely floored me.

It was posted by a highly respected account known as “CarDealershipGuy”, and it contained some rather ominous news…

Past 10 days have been wild:

— Capital One shut off all dealer floorplans (aka inventory lines of credit)

— USA Auto Sales shut down 39 dealerships after losing i …

Read more at: https://www.zerohedge.com/personal-finance/i-had-find-out-if-was-true

White House Says No Large-Scale Military Evacuation Of Remaining US Citizens In Sudan

Following the weekend announcement by the State Department that all US personnel and their dependents had been safely evacuated from the US Embassy In Khartoum, which included about 70 US staff members, the White House has followed up by saying the spiraling security situation is “not conductive” for a large-scale military evacuation of all US citizens from the country.

White House national security spokesman John Kirby on Monday said that the worsening civil conflict means remaining Americans are on their own in terms of an evacuation, but that the State Dept. will continue assisting them “in planning for their own safety.”

“Well, we have military forces still prepositioned nearby in the region … if they’re needed, but quite frankly, the situation is not conducive and not safe to try to conduct some kind of a larger military evacuation of American citizens. He continued, “Actually, the violence is increasing is more dangerous today than it was just yesterday, the day before,” Kirby said in an interview on “CNN This Morning.”

Read more at: https://www.zerohedge.com/geopolitical/white-house-says-no-large-scale-military-evacuation-remaining-us-citizens-sudan

Is Everybody Lying?

Authored by John Rubino via Substack,

It took a while, but some of the biggest “official narrative” scams and cons of the past few years are finally being exposed.

High-ranking US officials have apparently been lying about public health, election integrity, and (of course) war. Among the things that have just come to light:

The Secretary of State created the laptop letter

Secretary of State Anthony Blinken is being investigated by the Committee on the Judiciary and the Permanent Select Committee on Intelligence for his prominent role in persuading 51 former intelligence officials to falsely discredit the “New York Post story regarding Hunter Biden’s laptop as supp …

Read more at: https://www.zerohedge.com/political/everybody-lying

CBI hired ‘toxic’ staff and failed to sack offenders

The CBI business lobby group says it “made mistakes that led to terrible consequences”.

Read more at: https://www.bbc.co.uk/news/business-65375311?at_medium=RSS&at_campaign=KARANGA

Prezzo to close a third of its restaurants as bills rise

The move, which puts 810 jobs at risk, comes after the chain was hit by soaring costs.

Read more at: https://www.bbc.co.uk/news/business-65375395?at_medium=RSS&at_campaign=KARANGA

£55bn withdrawn from Credit Suisse before rescue

The announcement gives an insight to the scale of the bank run that triggered the rescue of the Swiss lender.

Read more at: https://www.bbc.co.uk/news/business-65370751?at_medium=RSS&at_campaign=KARANGA

Bajaj Auto Q4 Preview: Weak export mix to dent earnings; margins likely to be under pressure

Brokerage Sharekhan estimates the topline to decline 11% quarter-on-quarter, while margins are seen contracting by 72 bps. However, revenue is expected to rise on a year-on-year basis, led by higher ASP on the back of a higher share of three-wheelers in the product mix.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/bajaj-auto-q4-preview-weak-export-mix-to-dent-earnings-margins-likely-to-be-under-pressure/articleshow/99722346.cms

Volume Shocker: MFs added highest number of shares of these 10 stocks in March

​In our MF analysis, ET Markets has identified 10 stocks that have experienced a significant increase in the number of shares held by mutual funds in March 2023, compared to the previous month. Our filter selected only those stocks which saw a net addition of over 2 crore shares (Data Source: ACE MF).

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/volume-shocker-mfs-added-highest-number-of-shares-of-these-10-stocks-in-march/in-demand/articleshow/99733724.cms

Nifty charts showing signs of upside breakout. How to trade on Tuesday

India VIX was up by 0.32% from 11.63 to 11.66 levels. Volatility spiked above 12 zones but later sunk and has overall dried up to consistently hover at its lower zones.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-showing-signs-of-upside-breakout-what-should-traders-do-on-tuesday/articleshow/99734568.cms

Brett Arends’s ROI: What was Tucker Carlson worth to Fox News? About $650 million, according to Wall Street.

Fox’s star leaving the network shocks investors more than Dominion settlement, writes Brett Arends.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71DE-738CC57E3159%7D&siteid=rss&rss=1

Don Lemon fired by CNN after 17 years with the news network

CNN said Monday that it has parted ways with longtime host Don Lemon.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71DE-6290B427A6EB%7D&siteid=rss&rss=1

Market Snapshot: Stocks struggle for direction ahead of tech-earnings onslaught

A cautious tone envelops markets as investors eye a busy period of corporate results and economic data that could color the Fed’s interest-rate decision.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71DD-CF980C3FC4DB%7D&siteid=rss&rss=1