Russian officials reveal 2024 economic growth forecast – RIA

Energy News Beat

Analysts polled by the news agency expect GDP to turn sluggish due to high interest rates

The Russian economy will inevitably slow down in 2024 due to tight monetary policies pursued by the central bank, RIA Novosti reported on Saturday, citing a consensus outlook for the Russia’s GDP growth.

Gross domestic product is expected to see a moderate increase of 1.6% compared to the previous projection of 3.5%.

The slowdown will occur due to a reduction in state investment and subsidies of the construction sector, as private investment will not have a chance to turn into a full-fledged driver of the economy, according to Aleksander Abramov, head of the Laboratory for Analysis of Institutions and Financial Markets at RANEPA, as cited by the news agency.

“In 2024, we expect GDP growth at 1.5-2% with the main driver most likely to be demand from the population,” Abramov said.

According to Oleg Abelev, head of research at Ricom-Trust Investment Company, growth will also be dragged down by the weakening ruble.

Promsvyazbank analyst Denis Popov told the news agency that GDP would increase by a mere 1.2%, as factors driving a growth recovery are exhausted.

“Further economic growth will be facilitated by maintaining a stimulating fiscal policy, structurally high demand for investment in core assets, further growth of incomes amid a labor shortage, and policies supporting a faster increase in the minimum living wage,” Popov said.

Analysts polled by the news agency share the view that the Bank of Russia will not rush to soften its monetary policy, although the regulator has already completed its hawkish cycle.

On December 15, the central bank raised the interest rate by 100 basis points to 16%, explaining that inflationary pressures remained high. That marked the fifth hike since summer, when the base rate was 7.5%.

For more stories on economy & finance visit RT’s business section

 

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Iran’s oil trade with China stalls as Tehran demands higher prices

Energy News Beat

SINGAPORE, Jan 5 (Reuters) – China’s oil trade with Iran has stalled as Tehran withholds shipments and demands higher prices from its top client, tightening cheap supply for the world’s biggest crude importer, refinery and trade sources said.

The cutback in Iranian oil, which makes up some 10% of China’s crude imports and hit a record in October, could support global prices and squeeze profits at Chinese refiners.

The abrupt move, which one industry executive called a “default”, could also represent the backfiring of an October U.S. waiver on sanctions of Venezuelan oil, which diverted shipments from the South American producer to the U.S. and India, elevating prices for China as shipments dwindled.

The National Iranian Oil Co, China’s commerce ministry and the U.S. Treasury Department did not immediately respond to Reuters requests for comment.

Early last month Iranian sellers told Chinese buyers they were narrowing discounts for December and January deliveries of Iranian Light crude to between $5 and $6 a barrel below dated Brent, five traders who handle the oil or are familiar with the transactions told Reuters.

Those deals had been struck in November at discounts around $10 a barrel, the traders said.

“This is considered as an extensive default and the order to hike prices apparently came from the headquarters in Tehran, as they’re holding back supplies also to the intermediaries,” a China-based trading executive said.

An executive at a Chinese middleman that procures direct from Iran said the OPEC producer was “holding back some shipments”, leading to a “stalemate” between Chinese buyers and Iranian suppliers.

“It’s not clear how things would end,” this executive said. “Let’s wait a bit and see if refineries are willing to accept the new price.”

China has saved billions of dollars buying often deeply discounted oil from sanctioned producers Iran, Venezuela and, more recently, Russia – countries that supply almost 30% of China’s crude imports.

‘TEAPOTS’ SQUEEZED

It is not clear how extensive Iran’s cutbacks to China are. At least one buyer has accepted higher prices: a Shandong-based refiner bought a cargo late last month at discounts between $5.50 and $6.50 on a delivered ex-ship basis, two traders said.

The discounts could narrow further, as the latest offer heard was $4.50, the traders said. Last year’s average discount for Iranian Light, a key grade China buys with a high middle-distillates yield, was about $13, traders say.

“The buyers are still struggling to find a solution as the new prices are too high,” said a Shandong-based buyer. “But since they have limited choices and the Iranian side is very tough, the room for price negotiations is difficult and is not favouring Chinese buyers.”

China’s smaller independent refiners, called “teapots”, have become Tehran’s top clients since first buying Iranian oil in late 2019. They replaced state-run refiners, which stopped dealing with Iran over concerns about falling afoul of U.S. sanctions.

Teapots absorb about 90% of Iran’s total oil exports, usually passed off as oil originating in Malaysia or the United Arab Emirates, trade sources say.

Amid the tussle over prices, Iran’s overall exports and China’s imports from Iran have fallen.

China imported about 1.18 million barrels per day (bpd) of Iranian oil last month, down from 1.22 million bpd in November and 23% off October’s record 1.53 million bpd, tanker tracker Vortexa Analytics reckons.

That represents the bulk of Iran’s global seaborne crude exports, which another tracker, Kpler, estimates at 1.23 million bpd for December, down from 1.52 million bpd in November. Floating storage off Iran and nearby waters rose by about 2 million barrels to 15.5 million barrels over the past week, Kpler says.

“The Iranians want to play catch-up in prices with (Russia’s) ESPO. But they don’t fully realise the extent of sanctions on Iranian oil is different from that on Russian,” said a trading manager at an independent refiner.

Washington has sanctioned more than 180 people and entities related to Iran’s petroleum and petrochemical sectors since 2021, identifying 40 vessels as blocked property of the sanctioned entities.

The main restrictions on Russian oil have been a $60-a-barrel price cap imposed in December 2022 by the U.S. and its allies, aiming to punish Moscow over its invasion of Ukraine. Major buyer India has mostly paid above $60 for Russian oil, hitting $85.42 in November, the highest since the Group of Seven industrial powers imposed the cap.

(This story has been refiled to fix the spelling of ‘shipments’ in paragraph 3)

Reporting by Chen Aizhu and Muyu Xu in Singapore; Additional reporting by Alex Lawler in London, Parisa Hafezi in Dubai and Timothy Gardner in Washington; Editing by Florence Tan and William Mallard

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India as an Emerging Energy Supplier to the EU: Major Factors

Energy News Beat

Since the start of the Russia-Ukraine war in February 2022, energy trade (especially oil) between Russia and India has increased unexpectedly. Before the beginning of the war, India’s share of Russian oil imports was only one percent of its total oil imports. But in one year, the share of Russian oil in India’s total imports increased to 35 percent, making India the third largest buyer of Russian crude oil after China and the USA.

By the end of April 2023, India became the largest energy supplier to European countries. India’s rise to such position coincides with cheap Russian energy supply and the efficient role of oil refineries such as Indian Oil Corporation (IOC), Bharat Petroleum Corporations Limited (BPCL) and Nayara energy. Exporting refined oil to Europe, for instance, at a greater volume than even Saudi Arabia. The three contributing factors to this phenomenon include the Russia-Ukraine war and excess and cheap supply of Russian oil to India, EU sanctions and price caps on imports of Russian oil, and efficient Indian refining companies.

Since the early days of the war, India’s oil import from Russia at a comparatively cheap price has increased by 1,350%. The unexpected increase in the Russian energy supply to India helped both countries. For Russia, it helped continue the war against Ukraine and India while saving substantial foreign reserves. The surplus Russian energy supply enabled India to export energy to the resource-hungry European country, which was facing an energy crisis after the start of the war.

Within a year, India’s oil imports from Russia increased from 30.85 lakh tonnes to 55.9 million tonnes. After the sanctions and price caps were imposed, India exported the maximum amount of imported Russian oil to Europe. India is simply refining Russian oil and exporting refined oil to the European market. After buying cheap Russian oil, those countries refine and sell it to Europe and are called  ‘Laundromats’. However, India has been criticized for exporting clean oil to the EU by cleaning the filth of Russia.

The third factor is India’s oil refining industry, which is considered the world’s largest oil refining industry and can refine more than its energy demand. India’s oil reserve capacity is minimal and can not be reserved for over a month. In such a situation- where Indian refining companies are receiving cheap energy supply, which reduces refining costs- the role of Indian refining companies in increasing the export of petroleum products using the excess supply is commendable and beneficial for the Indian economy. Surprisingly, India has left behind Saudi Arabia in the clean oil export to the EU. For the EU, the import of Russian oil through Indian refinineries is a double-edged sword.  On the one hand, the EU requires alternative source of oil and one the other hand it struggles for the ben on the supply of Russian energy. However, the energy (oil) trade between the EU and India is legal under EU sanction but also criticised by EU’s chief diplomat Josep Borell  and demanded on May 2023 to crack down on India reselling Russian oil into Europe.

India has saved 35 thousand crore rupees in one year by buying cheap oil from Russia. On the other hand, it has also successfully built its position as a major supplier of petroleum products. No doubt, India has benefitted from its refining industry, it is hard to expect that India will remian a larger energy supplier to the EU after the end of the War as it seems to have a short-term capability. After the end of the war, India may loose the price discount over the Russian imported energy that could reduce India’s energy exporting status to the EU. Still, it has also tarnished India’s status to some extent. India has been blamed for supporting Russia by importing cheap Russian oil, indirectly helping Russia to reduce impact of the sanction. Nayara energy which is owned by Rosneft (a Russian oil company) has beneffited immensely from Russia’s cheap energy supply to India. Moreover, the energy trade in Ruble and Rupees also helped Russian currency to recover from sanctions.

In this changed geopolitical situation where the EU badly needs energy supply, India seems playing a significant role in global and European energy market by supplying energy. Hence, ongoing Russia-Ukraine war, cheap Russian oil supply and  geopolitical advantage have made India a temporary largest energy supplier to the EU.

Pramod Kumar is a PhD Research Scholar at ‘Centre for Russian and Central Asian Studies (CRCAS)’, School of International Studies (SIS), Jawaharlal Nehru University, New Delhi. He post graduated in Political Science with International Relations from Department of International Relations, Jadavpur University, Kolkata. The views and opinions expressed in this article are those of the author. – Source: https://thegeopolitics.com/india-as-an-emerging-energy-supplier-to-the-eu-major-factors/

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Daily Energy Standup Episode #280 – Weekly Recap: OPEC Dynamics, LNG Ventures, Regulatory Challenges, and Impacts on U.S. Energy Assets

Energy News Beat

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OPEC’s Influence on Oil Prices To Remain Significant In 2024

Fears of lower demand and rising non-OPEC supply threatens OPEC+ cuts. U.S. oil producers took everyone by surprise this year by adding 1 million barrels in daily output. OPEC’s share in the global total may […]

QatarEnergy, ExxonMobil moving forward with Golden Pass LNG work

Energy giants QatarEnergy and ExxonMobil released the latest construction update for their Golden Pass LNG export terminal on the US Gulf Coast near Sabine Pass, Texas. State-owned QatarEnergy owns a 70 percent stake in the […]

Appeals court delivers fatal blow to California city pushing natural gas ban

Afederal appeals court rejected a petition Tuesday to rehear a case related to a natural gas ban proposed by the City of Berkeley, California, which the panel ruled was illegal last year. The U.S. Court of Appeals […]

Chevron impairs California oil, gas production assets due to regulatory challenges

(Bloomberg) – Chevron Corp. will book fourth-quarter charges of $3.5 billion to $4 billion, citing assets it sold in the Gulf of Mexico and policies in California prompting the company to slash investments in the […]

Highlights of the Podcast

00:00 – Intro
01:18 – OPEC’s Influence on Oil Prices To Remain Significant In 2024
07:38 – QatarEnergy, ExxonMobil moving forward with Golden Pass LNG work
11:56 – Appeals court delivers fatal blow to California city pushing natural gas ban
14:24 – Chevron impairs California oil, gas production assets due to regulatory challenges
15:57 – Outro

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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

Michael Tanner: [00:00:14] What is going on, everybody? Welcome to another edition of the Daily Energy News Beat. Stand up here on this gorgeous Saturday, January six, 2024. Welcome to a weekly recap where we bring you the top stories from the shortened weeks of a mainly be on the stories we cover both on Wednesday and Thursday. Lots of great stuff going on, guys. You know Libya shutting down due to a protest. Oil spiking up. We’ve got you know, California, a Chevron slashing 4 billion in California amongst a host of stories. I’ll let the team decide which ones they want to cover. Before we dive in, guys, remember all the news and analysis you are about to hear brought to you by the world’s greatest website. www.EnergyNewsBeat.com the best place for all of your energy news doing the team do a tremendous job of keeping that website upbeat with everything you need to know to make sure that tip of the spear when it comes to the energy and oil and gas business, Apple Podcasts, Spotify, wherever you get your podcasts, follow us at Energy News Beat on YouTube. You can go ahead and hit the description below, see all of the links to the show and go ahead and hit the different timestamps. Jump ahead to whichever one you want to see. I’m going to go and turn it over to you and the weekly recap. We’ll see you next week, folks. [00:01:17][63.0]

Stuart Turley: [00:01:18] Hey, let’s start off with our buddies over there at OPEC, and I want to give a shout out to Irina Slav. I absolutely love Irene as she is an absolute hoot. Irina Slav at Substack dot com. OPEC’s influence on oil prices to remain significant in 2024. Mike, I just want to read these three bullet points real quick. Fears lower demand and rising non-OPEC supply threatens the OPEC cuts. Bullet point number two U.S. oil producers took everyone by surprise this year, adding 1 million barrels in daily output to go U.S. oil. OPEC’s share in the global total may have fallen because of the cuts, but it’s still pretty solid at 27% of the total. This is going to be the only time that I quite honestly may disagree a little bit with Irina No, I’m going to talk to her next Monday on the international show with our man, Cavett. And it is a great group, but David Blackmon and everybody else, damn it, Nina, here’s where I disagree a little bit. Oh, pick is losing the ability to manipulate prices because of the Dark Fleet and BRICS. BRICS is now really trading outside of the petro dollar. And there’s nothing in this next year that’s really going to show that BRICS is going to have their pricing matrices priced into the dollar, that you’re going to see the demise of the U.S. dollar kicking in with the pricing matrices stabilizing out under BRICS. That’s still yet to be determined, but they don’t have that handle yet. [00:03:12][114.3]

Michael Tanner: [00:03:14] Yeah, I mean, obviously the dynamics of OPEC plus have have stumbled a little bit with the addition of BRICS, if only because of the fact that there seem to be different. I love what I mean A does here is points out that, you know, the non-OPEC that first bullet point, non-OPEC supply threats are almost more important than the cuts happening elsewhere of OPEC. Now, you have to take us off the table. As she aptly points out, we’ve done an incredible job of adding barrels to the market, a little over 1 million barrels per day added back to the market. That’s one thing you won’t hear Joe Biden talk about on the campaign trail. You know, he’ll he’ll he’ll leave that convenient fact out that he was responsible for adding 1 million barrels of oil to do. The U.S. market kind of crazy. [00:04:00][45.3]

Stuart Turley: [00:04:00] It is crazy. But let’s give a shout out to our great oil and gas industry because the regulatory legislation, through regulatory actions taken by this administration have been horrific and the consumers getting it in the drive through, in fact, they’re getting hit in the back of the head with a shovel so hard by this administration’s regulatory actions, their price for energy is gone through the roof and they get hit in the back of the head with a shovel. They got to put their eyes back in their head, go around. It’s a. [00:04:30][29.5]

Michael Tanner: [00:04:30] Hard thing. I say it tongue in cheek because the cost of energy has also then risen, even though oil. And we even though we’ve added 1 million barrels to the market, energy costs for everybody have risen. So it’s you know, I’m you know we can thank Heinz 57 for that. So I think OPEC’s you know, opec+ is. [00:04:48][18.6]

Stuart Turley: [00:04:50] Large as a mud. [00:04:50][0.6]

Michael Tanner: [00:04:52] OPEC lots I think is really in an interesting position. They can continue to cut, cut, cut, cut, cut. And as we sit here right now, oil’s 70 bucks, not even some I mean, not even a fool. I mean, the only thing that me and I hate to say this, the only thing that’s going to save oil prices and what I mean save I mean, get it back to the 90, $100, $120 oil prediction that everybody had. I mean, let’s be very. Clear here. Everybody into a quarter three of 2023. Every talking head was saying 90 to $100 oil. As we stand today, in 2024, oil is 70 bucks. And the only thing that can possibly get us near is a full blown Lindsey Graham style war with Iran, which nobody wants and we should avoid at no cost. [00:05:33][41.1]

Stuart Turley: [00:05:33] That man needs to be run out of town. [00:05:35][2.0]

Michael Tanner: [00:05:36] He’s been lobotomized. He’s been lobotomized. [00:05:39][2.3]

Stuart Turley: [00:05:40] What a chatter head. Lindsey Graham being a Republican is absolutely a chatter head. And Lindsey Graham, if you’re listening to this show, you’re invited to come on this podcast. I will fly out and talk to you. I want to find out what you’re thinking. I want to look under your toupee and find out. [00:05:58][17.6]

Michael Tanner: [00:05:58] I’d prefer to talk to his stunt double. I mean, he’s been lobotomized, but that’s beside the point. Point is, outside of that horrific thought of war with a direct conflict with Iran. [00:06:07][9.2]

Stuart Turley: [00:06:07] But Iran Iran had their destroyer go into the Red Sea and oil burned for 12 hours. And so now you and I have talked about this last year. You can see war is break out and it really does not impact it. Here’s where I’m going to say it does impacted if Lindsey Graham gets his way because the I Iran is shipping everything that they can not in U.S. dollars you eliminate their man oil and then have may are you raising your hand? [00:06:43][36.1]

Michael Tanner: [00:06:44] I’m with you no I’m just saying I’m with also point of the matter is I’m you know all that being said do markets open today at at you know, 6:07 a.m. this morning markets open 730. What happened or excuse me 830 hour time we’ve seen an absolute tumble from 7 a.m. up at 70, a little north of 7350 all the way to currently trading here. I mean, it’s about 11:30 a.m. here on Tuesday is 7064. [00:07:09][25.5]

Stuart Turley: [00:07:11] And hang on, I think this is some of the politicians they’re doing some insider trading in. They called up and they had the stock market reduce it so they can short the mark. [00:07:24][12.8]

Michael Tanner: [00:07:25] I mean markets are down significantly. Don’t don’t get me wrong and come on you you they’re all just excellent traders. Oh, all right. Very interesting. We love I read to go check this one out in Qatar. [00:07:38][12.7]

Stuart Turley: [00:07:38] ExxonMobil moving forward with Golden Pass LNG work. This is huge. I always love seeing in Qatar and other foreign countries buying our great assets in Japan has bought a lot of the LNG facility so they can nail down theirs. They just announced that last month as well too. Then you have total energy buying enough for two nuclear reactors they have bought in their ERCOT that you’re not going to see that. I’ve got a bet with you. What right now we’re going to write this down. I bet you can’t find it in their earnings report coming up. So it’s going to be interesting to see where they bury that. Now, let’s go to this article. State owned guitar owns 70% stake in the Golden Pass project with capacity more than 18 empty pay and offtake, 70% in the capacity on long term contracts. 30% is only what ExxonMobil do. You know that that is horrific for energy security for the U.S.? [00:08:51][72.9]

Michael Tanner: [00:08:52] Yeah. No, it’s it’s it’s one of the few areas where I agree with our favorite Senator, John Fetterman. I mean, he’s he was all over the U.S., the Nippon Steel taking over U.S. Steel. He was all over. I mean, he he’s obviously come out of whatever sickness he had. And he’s like he’s like thinking it’s crazy. [00:09:09][16.8]

Stuart Turley: [00:09:09] Hey, do you think on a conspiracy theory he actually signed up for the chip for me? LOL No, I’m kidding. But I don’t know. I mean, wow, where did this come from? [00:09:19][9.7]

Michael Tanner: [00:09:19] You’re on the chip. If anyone’s on the chip, it’s you. Thank you. Thank you. Thank you. Very little we could point to about six months ago, Duke got the chip involved. It’s been put off the rails since, but no, it’s it’s very fascinating. And the government and specifically the Federal Trade Commission is going to have a they’ve got they’ve got their hands full right now. I’ve heard rumblings that they don’t like this Permian consolidation going on and that the Exxon Pioneer deal, the Chevron has a and all of these other ones are going to get a huge scrutiny. Look, from from the FTC from the standpoint of is this to do they think this is too much consolidation? I do believe it is, but we can discuss that in another look. The point is the problem is they’re too busy worrying about if Chevron should buy has two American companies. When you’ve got Japan coming in, buying up all our stuff. I mean, we like Japan. I got nothing against Japan, but we should be owning. U.S. Steel. You’ve got Qatar energy coming in, swooping up. You know, one of our most. Sabine Pass is one of our most important infrastructure, transit for natural gas. And now we’re going to take the biggest export terminal available near that. And we’re going to hand it over to Qatar because, oh, yeah, they’ve got our best interests at heart for sure. I know I’ve never been there, but. [00:10:35][75.4]

Stuart Turley: [00:10:36] I’m going to get my passport updated so I can go live there. Here’s one of the things that please. [00:10:40][4.1]

Michael Tanner: [00:10:41] Oh, yeah. Shooting this show at midnight. [00:10:42][1.6]

Stuart Turley: [00:10:43] Yeah, we’ll see. We’re off and running. Maybe. Hey, one of the things, though, is the Venezuela and Ghana item going off because that impacts Chevron and it has big time and it’s not being covered in the main news. It’s like, ho hum. I mean, Venezuela, come on. It’s overtaking all of our American oil companies that are out there drilling in Guyana, some of the largest areas in the world. [00:11:15][32.3]

Michael Tanner: [00:11:16] Yeah, man, I don’t think we’ll act that. That’ll actually I mean, it’s more you know, they still I’m not too worried about the Venezuela call. [00:11:23][7.3]

Stuart Turley: [00:11:23] Maybe he’s meeting with Russia. He’s signed the deal. He’s done some more things. [00:11:30][6.9]

Michael Tanner: [00:11:31] So you’re gonna coordinate that meeting between Putin and Mastro? [00:11:34][3.4]

Stuart Turley: [00:11:35] Actually, it’s kind of funny you mention that, because Armando asked me this morning if I was on the plane with the Venezuelan and Brazilian presidents and Putin. And I didn’t say, by the way, if it did happen, Putin would have said the US sanctions don’t matter because he doesn’t mind. It’s mind over matter. [00:11:54][19.3]

Michael Tanner: [00:11:55] Maybe mind over matter. Appeals Court Delivers Fatal Blow to California’s City Pushing Natural gas ban or Berkeley, California in a federal appeals court rejected their petition on Tuesday to rehear a case related to a natural gas ban that was proposed by Said city. The U.S. Court of Appeals from the Ninth Circuit ultimately denied Berkeley’s position petition excuse me, for rehearing this ban, which was a motion that it received from the Biden administration Democratic led states after it failed to receive a majority support from the court’s non recuse active judges. The Berkeley filed a motion last year basically that said their law, you know, it was overturned. Their law banning natural gas violated a federal statute that was then appealed by Berkeley. They worked it all the way up until the federal appeals court. It got turned down, which means it’s either going to be taken up by the Supreme Court or if what they do most likely is not pick it up. And this is going to stand as a win for your natural gas burner, you know, win for all the cooks and diners in California making imagine going to a diner and having my eggs cooked on a flat top. I got a flat top or a steak cooked without a gas grill. Unbelievable. Guys, I’m quote, coming out of the Air Conditioning Heating Refrigeration Institute. Absolutely. They’ve got lobbyists for everything, folks. The h r i. Naturally, the eight is a quote. Naturally, the h r i in particular are member companies that manufacture products of companies that use natural gas. I’m very pleased, although they did come out and say who they’re lobbying for. People will use equipment that uses natural gas. They’re very pleased. The fourth quarter denied Berkeley’s request, thereby allowing the Birkin’s residence elsewhere to clearly have choices with respect to their energy choices, according to the president and CEO over there. Stephen, you’re a, you know, absolute this was you know, Ban was originally enacted in July 2019. They went ahead and I passed and said if Ban was going to go into effect January 20, well, that came and went a little thing called COVID bye. Got in the middle of that. You know, the California Restaurants Association stepped up. I mean, when people said they’re coming for your natural gas stoves, this is the stuff we were talking, you know. Yes, I know everybody. You know, everybody, like on the Democratic side like to use that as a trope that all they said we were coming from natural gas stoves, but we’re not. You’re kind of or at least in California. Luckily, the good people of the ninth Circuit over there in California came through for us. We all get to enjoy our gas bills. Even the people in our favorite state, California,. [00:14:23][148.1]

Michael Tanner: [00:14:24] Chevron, just impaired. California’s there, their California oil, gas and production assets due to regulatory challenges. Absolutely unbelievable. They said in a filing today that Chevron will book fourth quarter chargers of 3.5 to 4 billion, citing assets that it said sold in Gulf of Mexico and policies in California, prompting the company to slash investments. Mainly they come out and said that it’s mainly taking the charges due to the California assets. You know, they’re going to continue to take this, but it goes to show you folks, they’re specifically saying this. What is this? They said in the filing it will impair oil and gas production business mostly in California because of, quote, continuing regulatory challenges. If Sue is here, he would say legislation, deregulation or regulation. Through to that he’d be pounding in regulation through legislation. This is what’s happening. And when you do this too much, the only companies that can afford to do this type of stuff are Chevron. And guess what? Even they’re going to get out of the business. Even they’re telling you we’d rather walk away and slash our investments by four, but move up $1,000,000,000 when and walk away instead of attempting to work. That means that there’s nothing to be done here. It means there’s zilch to be done. I’d be super nervous if I was a California producer. Even your cat. Even Chevron can’t figure out how to make it work. Now. There’s still some companies there that are making it work. You know, we we will we know a lot of people that produce a lot of oil in California. I’m not saying in a but I would be very nervous if I was because even the bigger companies can’t quite figure out what to do. [00:14:24][0.0][828.3]

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Tesla Cybertruck Falls 20% Short Of Its Advertised Range In Real-World Test

Energy News Beat

Almost everyone knows that the range estimates advertised by automakers should be taken with a grain of salt, and I’m talking about both electric and combustion vehicles.

That said, some EVs manage to beat range estimates in real-world testing done by publications like InsideEVsEdmunds, and Consumer Reports, which can alleviate some of the range anxiety that might be experienced by newcomers in the electric vehicle world.

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Range estimates are a tricky subject

Many, many electric cars have real-world range that differs from their EPA estimates. Some perform better, others perform worse. Tesla has sometimes been accused of overstating its range estimates.

Tesla isn’t on those lists, though. In fact, all of the EVs made by the American company have made headlines over the years because of their inability to match their advertised range in real-world conditions. And now, the brand-new Tesla Cybertruck joins its stablemates by driving less on a full charge than what Tesla is touting on its website—at least according to one test.

In the five-hour-long live stream (yes, it’s that long) embedded here, InsideEVs alum Kyle Conner, who runs the Out of Spec group of YouTube channels, got his hands on a Foundation Series dual-motor Cybertruck riding on 20-inch wheels wrapped in 35-inch all-terrain tires.

The topic of the video is simple: see how far the EV can drive on a full battery. The test was conducted at night in Texas, at an ambient temperature of about 45 degrees Fahrenheit (7 degrees Celsius), and a relatively constant speed of 70 miles per hour (112 kilometers per hour.)

The car was fully charged at a Tesla Supercharger and then Kyle drove it until the Cybertruck was no longer able to move under its own power. The AC fan was set to Low and the so-called Autopilot advanced driver-assistance system was not working, so it wasn’t drawing extra power, at least in theory.
Check out InsideEVs for the full article:https://insideevs.com/news/703326/tesla-cybertruck-real-world-range-test/

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Australia is becoming green, powerless and defenceless – And the US is following this great plan

Energy News Beat

Viv Forbes reminds us of how quickly peace can turn to war and how important energy and industrial strength suddenly was.

At this point Australia has lost half the refining capacity it once had and has only about one month of diesel and petrol. In the event of something hostile stopping the supply of foreign oil, Australian planes would be grounded in a couple of weeks. After Singapore fell, fuel was in such short supply, that cars and trucks were run on charcoal burners. When copper was needed for the war effort, one smelter was repurposed with parts cobbled together in a rush from many other smelters. But Australia has closed 6 smelters in the last 20 years. Where are the spare parts and spare expertise to reindustrialize if and when we need it?

Instead we ship off ore and hope the nice people at the other end send up back the things we need, while we build unreliable generators like talismans to weather Gods in the hope the world, apparently, won’t see as a climate pariah. The patsies quake at the thought of being “left behind” in a race to nowhere, while another nation burns half the coal in the world, will soon have the largest fleet of nuclear power plants and builds the largest navy.

As net zero strangles Australian industry, Australia is becoming green, powerless and defenceless

By Viv Forbes

History holds lessons which we ignore at our peril.

Japan was opened to trade with the US in the 1850’s. They were daunted by the naval power of Britain and the US but were determined to catch up.

In the 1930’s Japan attacked China, Mussolini attacked Ethiopia and Hitler planned how to avenge WW1 in Europe. Britain’s PM Chamberlain negotiated with Hitler and proclaimed he had achieved “Peace in our Time”.

But Churchill warned:

“Britain must arm. America must arm. We will surely do it in the end but how much greater the cost for each day’s delay.”

In November 1938, just after the signing of the Munich Pact, John Curtin (Leader of the Labor Party in the Australian Parliament), made this statement:

“. . I say that any increase in defence expenditure appears to be an entirely unjustifiable and hysterical piece of panic propaganda.”

Source: Hansard, p1095, Nov 2, 1938.

Just ten months later, in September 1939, Germany attacked Poland.

On this side of the world, the Japanese built a large navy and air force. However the Americans, British and Dutch controlled Asian oil supplies needed for trucks, tanks, ships and planes. With Britain pre-occupied with Germany and Italy in Europe, Japan decided on a huge grab for land and resources.

In 1931 Japan occupied Manchuria and by 1937 Japanese troops were attacking Chinese soldiers outside Beijing. Japan invaded French Indochina in 1940 and a large Japanese force threatened the Philippines where US General Douglas MacArthur was based.

On Monday 8 December 1941, Australian PM Curtin was told that Japanese aircraft had attacked the large US Pacific Fleet at Pearl Harbour and US bases in the Philippines.

Three days later, two “invincible” British warships, “Repulse” and “Prince of Wales” were sunk by Japanese planes off Malaya. Soon Japanese armies were rampaging through Asia towards Australia. In December 1941 Hong Kong fell. By Feb 1942, the British fortress of Singapore surrendered and Japanese bombs were falling on Darwin. By Sept 1942 the Japanese army had slashed their way down the Kokoda Track across Papua New Guinea. They could see the lights of Port Moresby and were looking across Torres Strait to Australia.

Further south, five Japanese submarines were snooping in the seas off Sydney harbour. Two midget submarines entered the harbour and one sub sank HMAS Kuttabul. The Japanese navy later bombarded Sydney and Newcastle.

By that time, most of Australia’s trained soldiers were fighting Rommel at Tobruk in North Africa or were in Japanese prison camps. Australian politicians discussed the infamous “Brisbane Line” – surrender of Australia north of Brisbane.

Suddenly Australia was on its own and needed to defend itself with what we had here

Armies need manpower, weapons, ammunition, vehicles, tanks, planes, ships, fuel and lubricants.

Soldiers volunteered and others were conscripted. Australian conscripts formed part of the force that met the Japanese on the Kokoda Track in Papua New Guinea.

Britain lost so many weapons at Dunkirk that Australian factories and American sportsmen were sending guns to them.

Enfield Rifles, Bren Guns and Vickers Machine Guns were produced in large numbers at the Small Arms Factory at Lithgow in NSW supported by feeder factories in the area. Australians even designed and built the fabulous Owen Machine Gun, so loved by our young Nasho’s in the 1960’s.

Owen Submachine gun. Photo by C. Bottomley

Australian coking coal was used to produce steel and thermal coal provided reliable electricity and powered locomotives. However, coal production was often interrupted by bitter strikes in the early war years. But after Hitler invaded Soviet Russia in June 1941, the communists among the coal miners suddenly became more supportive of the war effort.

Motor oil was produced in limited quantities from oil shale at Glen Davis in central NSW, but petrol was in serious short supply, and had been rationed since 1940.

With the fall of Singapore, this fuel shortage became severe, and charcoal burners suddenly appeared to keep cars and trucks moving. The demand for charcoal was so great that firewood became scarce so it was also rationed. Kerosene was also scarce so carbide lights were recovered from junk sheds and widely used.

To conserve supplies for soldiers, rationing was also introduced for tea, clothing, butter, sugar, meat and cigarettes. Australian farmers were forbidden to kill their own animals for meat (but many of them did anyhow).

Australian school kids got cards to be used to identify enemy planes overhead and fathers with picks and shovels were told to dig air raid pits in school grounds (even then I thought that our one-room Wheatvale school with 13 pupils was probably not a top priority target for Japanese bombers.)

We saw no enemy planes at Wheatvale but a bomber from our side was forced to land in our neighbour’s wheat paddock and a big convoy of American Jeeps and trucks stopped at our farm to make their morning coffee (it was the first time we ever tasted coffee).

A critical war time shortage was copper for cartridge cases and communications – Australia had mines producing lead, zinc, silver, gold and iron, but there was a critical shortage of copper. Fortuitously, just before the Japanese attack on Pearl Harbour, an exploration drill hole at Mount Isa had struck rich copper ore.

Mount Isa was then called on to avert a calamitous shortage of copper in Australia. With government encouragement, Mount Isa Mines made the brave decision to suspend their profitable silver/lead/zinc operations and convert all mining and treatment facilities to extracting copper.

The lead concentrator could be converted to treat copper ore, but the biggest problem was how to smelt the copper concentrates. Luckily the company had skilled engineers and metallurgists in the lead smelter. In a miracle of improvisation, scrap steel and spare parts were purchased and scavenged from old mines and smelters from Cloncurry, Mt Elliott, Mt Cuthbert and Kuridala and cobbled into a workable copper smelter. In 1943 the first Mount Isa blister copper was produced. Production continued after the war when Mount Isa returned to extracting the then more profitable silver/lead/zinc. Later, new plant was built enabling both lead and copper to be produced from this fabulous mine.

This story of the importance of self-reliance has lessons for today especially at a time when the final closure of the great Mt Isa copper mines has just been announced.

The war on carbon energy, net zero propaganda, the renewable energy targets, escalating electricity costs and the voices in Parliament calling for Emissions Trading Schemes have all unnerved our big users of carbon fuels and electricity.

Smelting and refining have become threatened industries in Australia. Already six major metal smelting/refining operations have closed in Australia this century and more are likely. The closures have affected copper, lead, zinc, steel and aluminium – the sinews of modern industry. And car manufacturing, with all its skills and tools, has gone.

Local production and refining of oil is also declining, while “lock-the-gate” picketers are trying to prevent domestic exploration and production of gas. More and more land and offshore waters are closed to exploration and mining, and heavy industry is scorned.

Australia has lost over half of its oil refining capacity and most of our liquid fuel comes from foreign refineries. At normal rates of usage, national reserves of diesel would last about three weeks and ULP about four weeks. But in the event of a panic for fuel, city food shelves and fuel supplies would be cleaned out in days, maybe hours. Commercial aircraft would be grounded in a fortnight and our Air Force soon after.

We are losing the resources, skills and machinery needed for our own security. And we fritter our declining resources on green energy white elephants like Snowy 2, green hydrogen, dream-time extension cables to transmit “green” electricity from Darwin to Singapore, hydrogen electrolyser magic in Gladstone, a Pioneer Valley pumped hydro scheme (Snowy 3?), massive new power lines to collect piddling energy everywhere and many other green dreams with net consumption of energy and metals.

Green Admirals hope to run our destroyers on recycled cooking oil and Green Generals are wasting energy designing electric bushmasters (with long extension cords?). These foolish green energy policies and the suicidal war on carbon fuels are killing real industry leaving us unskilled and defenceless – like a fat toothless walrus basking on a warm sunny beach.

And imagine the mental and physical capacity of the flabby WOKE recruits that an urgent conscription would produce today. And which toilet would they use? Hopefully a few bikie gangs would sign up? At least they know how to fight and could bring their own guns.

Australia plans to spend heaps of money and decades of time on AUKUS nuclear submarine dreams – another Snowy 2? Imagine the chance of getting our no-nukes mobs to build a nuclear-powered submarine in Australia that works and is launched before the barbarians are again knocking at our gate. Alexander Downer describes it “A political fantasy.”

Another Asian tiger in Beijing is currently gazing south at the resources locked up in Red-Black-Green Australia. Its advance guards are already installed in academia and the media.

The next war may be very short with simultaneous attacks on US military installations from South Korea and Guam to Pine Gap. And imagine when our power, radar, internet, social media and electric engines are suddenly disabled with an EMP from a well-placed neutron bomb. And the tankers carrying our fuel supplies from Asian refineries meet a guided torpedo or an armed drone.

Our rainbow warriors with ill-chosen air and naval equipment, insufficient ammunition, rationed fuel and lubricants and half-built nuclear submarines will surrender quickly.

Wake up Australia.

Viv Forbes,
Washpool Qld Australia 4360.

Viv Forbes is old enough to remember the end of WW2, was called up for National Service training in 1958 and also spent several years as a part-time soldier in Australia’s Citizen Military Forces. He was the founding Secretary of the Australia Defence Association in 1980.

Source: https://joannenova.com.au/2024/01/australia-is-becoming-green-powerless-and-defenceless/

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Is Biden About To Put 10 Million Hispanics On The Path To American Citizenship? – But using oil from Venezuela to pay for it? Come On Man…

Energy News Beat

ENB Pub Note: This article is from Andrew Korybko’s Newsletter on Substack. I had to read the article several times to believe the horror.  You can assume from the meetings with the Biden Administration in Mexico and soon meetings with the President of Mexico in DC that this deal has already been done.

In a nutshell:

Biden asks for 10 million Mexican visas for him to hand out.
Mexico asks for $20 Billion.
So Biden and their team look to release sanctions from Venezuela to pay for this illegal voter grab.
If the Republicans agree to this, the country will be a one-party system.
The Biden war on oil and gas hands the US energy security to China, Russia, Saudi Arabia, and the other BRICS members.
The meetings in Mexico were not about understanding the illegal open border and the origins of the migration. It is about gaining votes with taxpayer money.

Stay tuned for the ENB series on China’s connection to our energy security. 

Follow Andrew Korybko’s Substack HERE: https://korybko.substack.com/

If Biden gets the Republicans to go along with his Mexican counterpart’s proposal to grant work visas to those 10 million Hispanics who the latter claims have worked in the US for 10 years, then they’d be able to apply for a green card and eventually citizenship five years after that, which could lead to the imposition of one-party rule by 2032 if those new citizens in battleground states vote Democrat as expected.

Mexican President Andres Manuel Lopez Obrador, who’s known by his initials as AMLO, revealed during a press conference on Friday that “Mexico asked US authorities to grant visas to at least 10 million Hispanic migrants that have worked for more than 10 years in the country.” It also asked that the US pay regional states $20 billion in exchange for helping stem illegal immigration. AMLO added that the sanctions on Cuba and Venezuela should be lifted too since he partially blames them for this process.

If Biden complies with the first of his three requests, then that would place 10 million Hispanics on the path to American citizenship since they could turn their work visa into a green card, after which they could apply for citizenship with full voting rights after five yearsThe Pew Research Center cited US Census Bureau data from 2020 to report last November that at least 1.6 million illegals live in Texas and 900,000 in Florida, which could have serious implications for forthcoming elections if they’re legalized.

The UCLA Latino Policy and Politics Initiative “determined that Latino voters were decisive in sending President-elect Joe Biden to the White House”, with Latinos in 12 of the 13 states that they analyzed “support[ing] Biden over President Donald Trump by a margin of at least 2 to 1. And in nine of the 13 — including the battleground states of Wisconsin and Pennsylvania — the margin was at least 3 to 1. Only in Florida was Biden’s margin among Latino voters less than 2 to 1.”

With this trend in mind and recalling that Trump won Texas by a little more than 600,00 votes and Florida by less than 400,000 according to the Federal Election Commission’s official results from the 2020 election, those two could permanently turn blue by 2032 if their illegals obtained citizenship. Battleground states like Arizona, Georgia, Michigan, Nevada, Pennsylvania, and Wisconsin could join them considering the thin margins within which Biden won them and their own large illegal populations.

Referring back to the Pew Research Center’s official Census-informed report, it’s estimated that between 75k-175k live in Michigan and Wisconsin while 175k-400k live in Arizona, Georgia, Nevada, and Pennsylvania. Seeing as how Biden won those states by around 150,000, 20,000, 10,000, 10,000, 40,000, and 80,000 votes respectively, each of them with the possible exception of Michigan would easily turn Democrat if those illegals obtained citizenship and the UCLA’s identified trend holds as expected.

It was predicted in mid-November 2020 that “Biden’s America Would Be A Dystopian Hellhole” because “Amnesty & Open Borders Will Revolutionize The Electoral Landscape” by placing the US on “The Path To One-Party Rule”, which could then lead to mass disarmament and more state-backed racist violence. The first step in this plan is to place all illegal immigrants on the path to US citizenship, which is precisely what AMLO just proposed amidst the US’ fierce debate over its de facto open southern border.

The issue is so serious that the Republicans won’t approve more Ukraine aid unless Biden implements comprehensive border security reform to stem the tide after literally millions of illegals flooded into the country over the past three years of his presidency. Seeing as how so-called “moderate” Republicans have a tendency to sell out their principles after some time, and the vast majority of the party consider themselves to be “moderates” instead of MAGA, they might agree to amnesty as a “compromise”.

Biden could promise to implement more robust border security and order the government to turn back all illegals caught crossing the frontier instead of retaining his “catch-and-release” policy that’s encouraged so many to invade the country in exchange for them going along with amnesty. He might even add a humanitarian and economic dimension to his argument by claiming that it’s “the right thing to do” and could lead to them paying more taxes, which could sway most “moderate” Republicans.

If the Republicans agree to this “compromise”, then they’d be handing the country over to one-party Democrat rule by 2032, after which the dystopia that was warned about three years ago would become an irreversible reality. Their opponents’ liberalglobalist policies that would be imposed in the aftermath would also forever put an end to their own conservative-nationalist ones that they claim to support, thus completing the latest “American Revolution” that’s been ongoing since Obama’s time in office.

 

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A Jobs Report of an Economy Plugging Along Just Fine Despite 5.5% Rates & Recession Fears. But Wage Growth Heats Up

Energy News Beat

Average hourly earnings fuel worries on the inflation front.

By Wolf Richter for WOLF STREET.

It was the kind of jobs data you’d expect from an economy that is plugging along just fine. The number of payroll jobs created by employers was “better than expected,” the prior two months were revised down, and after revisions, over the past three months, companies added 494,000 workers to their payrolls, bringing the total number of jobs to a record 157.2 million, as per the surveys of employers.

In all of 2023, employers added 2.70 million workers to their payrolls, which was one of the better years of the past 25 years – despite the interest rates that the Fed jacked up to 5.5%:

Employment in the vast and diversified US labor market doesn’t suddenly plunge from one month to the next, unless there is some kind of shock, such as the Lehman bankruptcy or a lockdown. Efforts to measure the details of this vast and complex labor market monthly via surveys of employers and households create monthly ups and downs that then show up in the headlines, when in fact the trends did not change.

A cottage industry has sprung up around predicting what this or that number would be for the month, and then the headlines will have “more than expected” or “less than expected” in it, as if it made any difference what anyone expected about this monthly up-and-down noise.

So people poured over today’s jobs data, picking apart the monthly ups and downs, arguing over the seasonal adjustments, revisions, the structure of the data itself, and whatnot. But we want to see the trends.

Overall employment, those with salaried jobs and the self-employed, a broader and more volatile measure based on a survey of households, dropped bigly in December, after a big jump in November, after a drop in October, etc., and that stuff happens, I mean who wants to answer surveys just before Christmas or Thanksgiving.

So over the past three months, the total number of working people fell by 367,000. But over the prior three months, they’d jumped by 546,000, and that’s how it goes with this volatile stuff, and one month doesn’t show anything other than noise.

In all of 2023, total employment increased by 1.88 million, which is typical for an economy that is plugging along just fine – despite the 5.5% interest rates.

The number of unemployed people who are actively looking for a job, after wobbling higher from historic lows at the beginning of 2023, thereby showing some cooling of the overheated labor market, suddenly dipped by 446,000 over the past three months, and the three-month moving average shows this. Maybe more noise, maybe the beginning of a trend:

All year, folks have been hoping that a significant drop in the labor market would “force” the Fed to cut rates in 2023. But that didn’t happen. The labor market has been plugging along at a good clip all year, and the expected decline in jobs packaged with a recession – the most widely anticipated recession ever – has failed to appear.

We can quibble with some of the details, but overall, the jobs data has been fine all year, exactly what you’d expect from an economy that’s just plugging right along.

And there has been nothing in this labor market data that would “force” the Fed to cut rates and end this horrible record QT and start QE all over again in their dreams because QE, or the hopes for QE, has been the only thing that works for stocks.

But on the inflation front, some concerns are building up in the other direction: Average hourly earnings of “production and non-supervisory employees,” after cooling sharply, are reaccelerating.

These “production and non-supervisory employees” – the bulk of total employment but excluding the management types – include working supervisors and all employees in nonsupervisory roles, including engineers, designers, doctors and nurses, teachers, office workers, sales people, bartenders, technicians, drivers, retail workers, wait staff, construction workers, plumbers, etc.

The 3MMA in December rose to 0.39%. Annualized, that’s 4.8%, the highest since January 2023. The month-to-month wage increases jump up and down a lot. Maybe just more noise, or maybe the beginning of a new trend of wage growth in the 4% to 5% range:

Hot wage increases were a persistent topic during Powell’s press conferences in 2022 and earlier in 2023. Then the topic shifted to wage increases cooling off, which introduced the hot-button topic of being done with the rate hikes, and maybe seeing a few cuts in 2024 – a gazillion rate cuts, according to Wall Street bets, because, well, we don’t know why. So now we can look forward to the new topic of wage growth re-accelerating?

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Gavin Newsom’s Problems May Be About To Get Worse

Energy News Beat

Chevron, one of the world’s largest oil companies, has said in a securities filing that regulations in the state of California may hurt its business in the fourth quarter of 2023.

In a January 2 notice to the U.S. Securities and Exchange Commission, the company said that it “will be impairing a portion of its U.S. upstream assets, primarily in California, due to continuing regulatory challenges in the state that have resulted in lower anticipated future investment levels in its business plans.”

The announcement follows Democratic Governor Gavin Newsom approving legislation in March 2023 that he said would improve oversight of “Big Oil” in the state.

The move will have a financial impact on Chevron’s business, the company said, and will contribute to “non-cash, after-tax charges of $3.5 billion to $4 billion in the company’s fourth quarter 2023 results.”

Newsweek contacted Chevron for comment via email on Thursday morning.

The law had planned to establish an independent entity that aims to “root out price gouging by oil companies and authorizes the California Energy Commission (CEC) to create a penalty to hold the industry accountable,” according to Newsom’s office.

“With this legislation, we’re ending the oil industry’s days of operating in the shadows. California took on Big Oil and won. We’re not only protecting families, we’re also loosening the vice grip Big Oil has had on our politics for the last 100 years,” Newsom said in a statement after he signed the legislation into law last year.

In a letter to the CEC commenting on the legislation and its impact, Andy Walz, Chevron’s Americas products president, suggested that penalties that may be introduced as a result of the legislation may make gas prices more expensive.

“A margin penalty can only serve to further deter investment in the state’s energy market,” Walz wrote. “This is not hyperbole, nor is it merely hypothetical. California’s policies have made Chevron’s investments in its home state riskier than investing in other states, with projects being lower in quality and higher in cost.”

Walz went on to say that Chevron, whose global headquarters are in California, alone has cut back “hundreds of millions of dollars” on its spending in the state since 2022.

“California’s policies have made it a difficult place to invest so we have rejected capital projects in the state,” Walz said.

Source: Msn.com

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India to expand free-trade deals in 2024 – report

Energy News Beat

India is expected to progress on FTA negotiations with several countries, including Russia, in 2024

Multiple countries intend to sign free-trade agreements (FTAs) with India in 2024, driven by their interest in tapping into India’s  “large and rapidly growing market,” according to a report by the Global Trade Research Initiative (GTRI).

Negotiations for trade agreements are underway between India and several key economies, including the UK, US, EU, Switzerland, Norway, and the Russia-led Eurasian Economic Union (EAEU). The report suggested that India “may have completed or [is] nearing completion” of these agreements with all major economies, excluding China, by the year’s end.

Titled ‘India FTA Outlook 2024,’ the report highlights the countries’ motivation to establish trade agreements with India, primarily stemming from the challenge posed by high import duties hindering their access to the Indian market.

“By forming FTAs with India, they can access the Indian market without these import duties on substantial trade. This gives their companies an advantage over others in selling to the Indian market,” observed the report.

GTRI noted that India currently maintains a “comprehensive” FTA relationship with 22 countries and has agreements with 49 more countries in the pipeline. The report anticipates that India will have trade agreements with 71 countries once all deals in progress are completed, covering a substantial portion of India’s exports, amounting to US$337 billion, equivalent to 74.7% of revenue.

However, the report dismisses the likelihood of a surge in India’s exports to these countries currently negotiating FTAs, as many already impose low import duties. India’s path forward in negotiations, the report emphasizes, “requires strategic planning, adaptability, and a focus on improving the quality of Indian goods for the global market while safeguarding domestic interest.

Last week, a report in Business Today suggested that India is actively working to finalize FTAs with the UK, Oman, and a European bloc consisting of Iceland, Liechtenstein, Norway, and Switzerland, before the upcoming national elections. “Negotiations are on at full speed with the aim to conclude all three agreements by the end of January and latest by February,” a person familiar with the development told the outlet.

Challenges have arisen in the negotiations with the UK, mainly related to market access for liquor and automobiles. According to media reports, the 14th round of talks between the two sides will occur later this month. Last week, the Daily Express newspaper reported that Indian Prime Narendra Modi and his UK counterpart Rishi Sunak are eager to close the deal by April.

In a separate development, India’s FTA negotiations with Canada have been put on hold after diplomatic tensions escalated due to Ottawa linking Indian government agents to the murder of a Sikh activist near Vancouver. On the other hand, New Delhi has expressed its intention to resume FTA talks with the Eurasian Economic Union, comprising Kazakhstan, Kyrgyzstan, Armenia, Belarus, and Russia, this month, with the potential to expand India’s market access to Russia and CIS countries.

Where India Meets Russia – We are now on WhatsApp! ‎Follow and share RT India in English and in Hindi

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