supplyanddemand
The International Energy Agency (IEA) is forecasting a significant surplus in the global oil market in the coming years, saying the imbalance will be driven by slowing demand growth and a surge in supply. The IEA’s recently published Oil 2024 report outlines a future where the oil sector will be comfortably supplied through 2030, although energy security will remain a crucial concern due to transformative forces within the sector. The report points to a slowdown in global oil demand growth as the green energy transition progresses. Even with robust demand from fast-growing Asian economies and ...
Investing News Network
China and Pakistan have agreed to strengthen their mining and energy cooperation, deepening their economic partnership under the China-Pakistan Economic Corridor (CPEC), part of China's Belt and Road Initiative. Reuters states that the announcement was made during Pakistani Prime Minister Shehbaz Sharif's recent visit to Beijing, where he sought to bolster bilateral ties and economic collaboration between the two nations. A joint statement emphasizes the nations' commitment to enhancing mining cooperation and implementing a comprehensive pact aimed at advancing mine development and industrial ...
Investing News Network
The gold price made moves in 2023 on the back of strong central bank buying and a tense geopolitical situation. With those factors still in play, the yellow metal has soared to record highs in 2024. Against that backdrop, independent precious metals consultancy Metals Focus forecasts that gold will average US$2,250 per ounce in 2024, up 16 percent from last year and a new record for the precious metal. Its annual Gold Focus report, released on June 6, explains what factors the firm believes are driving gold at the moment and outlines what investors should watch moving into the second half of t...
Investing News Network
Gold has long held the interest of investors looking for portfolio diversification, collectors on the hunt for rare pieces and fashionable people searching for accessories to complement their style. But outside of its financial and retail applications, gold has important uses elsewhere. According to the World Gold Council, of the 4,898.8 metric tons (MT) of gold produced in 2023, 12 percent, which works out to 297.8 MT, was consumed by the technology sector. Of that amount, 241.3 MT went toward electronics, while 47.1 MT was used in other industrial markets and 9.5 MT was allocated to dentistr...
Investing News Network
SQM (NYSE:SQM) has entered into a partnership agreement with Codelco, Chile's stated-owned copper miner, through which the two will jointly exploit lithium and other products in the country's Salar de Atacama. The joint venture is part of Chile's strategy to nationalize its lithium industry. Chile, which holds the world's largest lithium reserves and is a top producer of the battery metal, announced plans to nationalize its lithium industry in 2023. Codelco will own the majority of the joint venture, as required by Chile's nationalization plans. The partnership between SQM and Codelco will inv...
Investing News Network
Happy Tuesday and welcome to another edition of Rent Free. Since state legislatures are winding down their sessions—thus reducing the churn of state housing policy battles that are this newsletter's bread and butter—I figure I'd change the format of this week's Rent Free up just a little bit. For our lead story, I'm taking advantage of the slower news cycle to write about an unfair Taylor Swift smear and what it might teach us about the dynamics of rising housing demand and constrained housing supply. Following that opening act is a Q&A with this year's YIMBY pop sensation, Colorado Gov. Jared...
Reason
A recent study by SWISSAID shows that a high level of gold is being smuggled out of Africa, with over a metric ton (MT) of the yellow metal per day being illegally transported out of the continent in 2022 alone. The study, which provides a comprehensive analysis of Africa's artisanal and small-scale gold production, reveals that at least 435 MT of gold, worth approximately US$31 billion at current prices, was smuggled out of the continent that year. “Our study concerns a phenomenon that is already known, but whose magnitude we could only imagine until now,” said Yvan Schulz, co-author of the s...
Investing News Network
OPEC+ announced extensions for most of its oil production cuts at a gathering this past Sunday (June 2) amid struggling oil prices brought on by subdued demand and higher inventories of the fuel. The decision, reached at a meeting in Riyadh, Saudi Arabia, involves maintaining voluntary cuts of 1.65 million barrels per day (bpd) announced in April 2023 through to December 2025. The cuts were originally set to expire at the end of 2024. Meanwhile, voluntary cuts of 2.2 million bpd declared in November 2023 will continue until the end of September 2024, after which they will be gradually phased o...
Investing News Network
Speaking to the Investing News Network, Ben Finegold, director at Ocean Wall, shared his latest thoughts on uranium, covering supply and demand dynamics and his outlook for prices in 2024 and beyond. In his view, the market has only reached its third inning, meaning the story is nowhere near over. While investors will need to be more selective, Finegold remains bullish on the uranium spot price and sees uranium stock opportunities too. "You've got the supply side as fragile as it is, and you've got demand really starting to kick into gear over the next decade. And then you can throw (small mod...
Investing News Network
China's silver imports may surge in the coming weeks, fueled by a combination of strong industrial demand and a price advantage in the Chinese market, according to a report by Bloomberg. The news comes on the heels of a strong year for silver demand. Silver Institute figures show that although overall demand fell 7 percent in 2023, it still outstripped supply, resulting in a third consecutive structural market deficit. This trend is expected to continue in 2024, with industrial demand forecast to rise by 9 percent. The primary driver for the expected increase in Chinese silver imports is the b...
Investing News Network
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