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In diplomacy, what’s left unsaid often matters more than what’s said. After Chinese President Xi Jinping met the king of Saudi Arabia in December, both nations issued lengthy readouts extolling the burgeoning Saudi-Sino relationship in “all fields.” But in more than 5,000 words, the statements were silent on the much-hyped idea of using the yuan to price oil.

The communiques said nothing at all about it. Zero. zilch. Nada.

The inevitability of a petroyuan has become a popular take in the financial blogosphere: China flexing its muscles as an emerging power, elbowing one of the most visible and enduring signs of the 75-year US hegemony in the Middle East.

If you believe in conspiracy theories, the introduction of a petroyuan, and the ensuing collapse of the petrodollar, would be a first domino, potentially weakening the whole US financial system. Very serious stuff. A redrawing of the global economic map. The backdrop to crisis and wars.

Astonishing as it is, the narrative is an illusion.

Ask quietly in government circles in Riyadh, Abu Dhabi, Kuwait City or Doha about the petroyuan, and the response — even in the weeks following Xi’s visit to Riyadh — is unanimous: the petrodollar is here to stay. On a recent trip to the region, I didn’t hear a single official talking seriously about making preparations to introduce a new currency to the mix. The answers sound a lot like this: What’s in it for us? The greenback is freely convertible, the yuan isn’t; the dollar is liquid, the yuan isn’t. That’s the polite version; the more candid answers sounded even more emphatic about the absurdity of turning to a managed currency produced by an opaque and unpredictable financial machine.

As in every conspiracy, there’s a grain of truth in the petroyuan tale, however. Xi did encourage the region to embrace the yuan for oil trade. But rather than pricing oil in yuan, as many had expected, Xi simply asked Middle East producers to accept payments in yuan.

Middle East officials were lukewarm at best. In public, they are open to debate the merits, but not much more. “There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” Saudi Finance Minister Mohammed Al-Jadaan said last month. Thani Al Zeyoudi, the Emirati trade minister, said his country was prepared to discuss settling trade in different currencies, but only for “non-oil” deals.

In the region, the petroyuan is also seen as a door that, once opened, would invite followers. India may want a petrorupee, officials say; Japan, South Korea and Taiwan could seek similar arrangements. Although China is Saudi Arabia’s largest oil customer, taking roughly 26% of its oil exports, the combination of Japan and South Korea surpasses that share, reaching 28%. Add Taiwan, and the trio account for nearly one-third of Saudi petroleum exports. If you say “yes” to the petroyuan, how can you refuse, say, the petroyen and the petrowon?

Going beyond settling oil trade invoices in yuan is even harder. The appetite among OPEC producers to price oil in yuan using a Chinese exchange is almost nil. Middle Eastern national oil companies closely watch how Beijing tries to manipulate local commodity prices such as iron ore, cotton, coal or grains every time prices rise above its pain threshold. Having spent 60 years building a formidable cartel, why would Middle East nations cede pricing power to China?

Beyond Chinese capital controls, Middle East oil-producing nations have other reasons to stick to the dollar. A crucial one is that most of their currencies are pegged to the greenback, requiring a constant influx of dollars to support the arrangement. Those savings are held in dollar accounts, so Middle East countries have an interest in keeping the dollar strong.

Petroyuan fans play down the importance of the currency pegs. They do have a point, as those pegs can be abandoned or, at least, tweaked. But I haven’t seen any signs that’s about to happen. The other argument in favor of the petroyuan is that the US has weaponized the dollar via oil sanctions on Venezuela, Russia and Iran, making an alternative payment not only likely but necessary. Perhaps, but this isn’t the first time the US has imposed oil sanctions, and the dollar hasn’t suffered. Libya demanded — and got — payment in European currencies in the 1990s, as did Iraq.

Ironically, the only new petrocurrency to emerge of late has been the dirham of the United Arab Emirates. India is using it to settle some oil transactions with Russia, bypassing US sanctions. But for the past 25 years, the dirham has been pegged to the US dollar — another indication that the petrodollar remains the only petrocurrency that really matters.

Source: Bloomberg: Javier Blas

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(Bloomberg) – Months after UN-led climate talks, the demand for natural gas from the host of this year’s COP29 is growing in Europe and elsewhere.

Azerbaijan, which has the presidency of the 29th United Nations’ Conference of the Parties, exported almost 24 Bcm of natural gas in 2023 with half of the volumes going to Europe, according to Energy Ministry data.

“There’s absolutely no hint that” the gas demand will decline, Deputy Energy Minister Orxan Zeynalov said in an interview in the capital Baku. “Right now, we have a long list” of countries — both old and new buyers — for an additional 30 Bcm.

Producers like Azerbaijan have been stressing that the COP28 text also recognized the role that “transition fuels” like natural gas can play in moving to clean energy.

The bp Plc-led Shah Deniz deposit in December 2020 started supplying natural gas to Italy, Greece and Bulgaria via the so-called Southern Gas Corridor — a chain of pipelines connecting Azerbaijan’s Caspian Sea shores with Europe via Georgia and Turkey. Three more European countries, Romania, Hungary and Serbia, have since joined the list of buyers.

After Russia’s invasion of Ukraine triggered an energy crisis in the continent, European Commission President Ursula von der Leyen visited Baku in July 2022 and signed a memorandum of understanding to double natural gas purchases from Azerbaijan by 2027.

Despite the rising demands for its natural gas — exports to Europe last year rose more than 40% above 2021 levels — there are stumbling blocks. Getting an additional 10 Bcm to the continent by 2027 could prove difficult as European buyers are reluctant to commit to long-term gas purchases from Azerbaijan.

“We can’t do this without long-term guarantees that our gas will be needed,” Zeynalov said. “What will happen after 2040, for instance?”

Another hurdle is a lack of funding to expand the existing export infrastructure as some European lenders no longer finance fossil fuel projects. Energy Minister Parviz Shahbazov earlier complained that his country hadn’t received the “close cooperation” it expected from the European Union to boost natural gas supplies to the 27-nation bloc.

“Pipeline gas cannot be delivered in big volumes” without long-term sales contracts, Shahbazov said Tuesday at an energy conference in Baku, adding that his government expected the EU to help finance the expansion of the infrastructure and secure long-term contracts.

Source: Worldoil.com

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Green Deal ‘cannot go back’

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A Houston company will construct the largest new refinery in the last 50 years in Brownsville, Texas.

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Belgium’s Fluxys is offering long-term capacity for 2027-2044 at its LNG import facility in the port of Zeebrugge.

In operation since 1987, the LNG terminal is located in the outer port of Zeebrugge and currently has five tanks with a capacity of 566,000 cbm.

Fluxys is expanding the facility and it already increased the terminal’s capacity by 4.7 mtpa to 11.3 mtpa by adding three new open rack vaporizers.

In addition, 1.3 mtpa of additional sendout capacity is expected to be available by early 2026.

Fluxys LNG, a unit of Fluxys, ran a call for market interest between November 2023 and February 2024 to capture the feedback of market players regarding the LNG services of the Zeebrugge terminal and possible expansion plans based on the market demand.

“Many shippers expressed a serious interest in getting access to the Zeebrugge terminal and securing long-term regasification capacities,” according to the company.

In order to address such long-term demand, Fluxys has decided to convert its current short-term offering of additional slots into long-term capacities and consequently, increasing the nameplate long-term regasification capacity of the terminal from 110 to 134 slots per year as of April 2027.

Therefore, Fluxys proposed some modifications to the regulatory documents and conducted a market consultation in April 2024.

These amendments were approved by the regulator CREG on June 7, 2024, Fluxys said.

Fluxys announced that this additional long-term capacity for the period 2027-2044 will be offered to the market via a subscription window organized between June 10 and July 1.

The LNG services on offer are 2 lots of slots and each lot consists of 9 slots in 2027 available as of April 2027, and 12 slots per year as from 2028 until 2044.

A slot is a bundled product consisting of a berthing right, storage rights, and sendout rights, the company said.

Source: Lngprime.com

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Spanish liquefied natural gas (LNG) imports and reloads decreased in May compared to the same month last year. Russia and the US were the biggest LNG suppliers to Spain in May, according to Enagas.

LNG imports decreased by 30.6 percent year-on-year to about 17.1 TWh in May and accounted for 61.1 percent of the total gas imports. In April, LNG imports reached some 16.1 TWh and some 18.1 TWh in March, while in February LNG imports reached about 18.4 TWh and in January imports reached some 20 TWh.

Including pipeline imports from Algeria (8.79 TWh), France, and Portugal, gas imports to Spain reached about 28.2 TWh last month, a drop from some 34.7 TWh in May last year, Enagas said in its monthly report.

Moreover, national gas demand in May decreased by 8.5 percent year-on-year to some 22.4 TWh.

Demand for power generation dipped by 38.3 percent year-on-year to about 4.27 TWh last month, while conventional demand increased by 3.3 percent to 18.1 TWh, the LNG terminal operator said.

Storage facilities were were 93 percent full in May, compared to 91 percent in the same month last year and 87 percent in the prior month, according to Enagas.

Enagas operates a large network of gas pipelines in Spain and has three wholly-owned LNG import plants in Barcelona, Huelva, and Cartagena.

It also owns 75 percent in the Musel LNG facility, 50 percent in the BBG regasification plant in Bilbao, and 72.5 percent of the Sagunto plant, while Reganosa operates the Mugardos plant.

In August last year, Spanish power group Endesa delivered the first commercial cargo to the El Musel LNG terminal in Gijon.

Endesa completed in April this year the first reloading operation at the facility.

The seven operational Spanish LNG regasification terminals, unloaded 18 cargoes last month, down by 8 cargoes compared to May last year, the data shows.

Russia was the biggest LNG supplier to Spain in May with about 6.41 TWh, down from 9.66 TWh last year, and the country was followed by the US with 3.89 TWh, up compared to 1.96 TWh last year.

Nigerian LNG volumes to Spain dropped to 2.93 TWh last month from 6.81 TWh last year, while Qatari volumes rose to 1.74 TWh from 0.87 TWh last year. Spain also received 1.47 TWh from Algeria and 0.82 TWh from Trinidad in May.

Russia was the biggest LNG supplier to Spain in April and the US was the biggest supplier in January and February.

Also, Russia was the biggest LNG supplier in December last year and the US was the biggest supplier to Spain in October and November.

Spanish LNG terminals loaded about 1.19 TWh in May, the highest monthly figure this year but a drop compared to the previous year.

Reloads decreased by 44.7 percent compared to some 2.16 TWh in the same month last year and they rose compared to 0.45 TWh in April.

The LNG terminals loaded about 0.56 TWh in March, 1.07 TWh in February, and 0.92 TWh in January.

The Mugardos LNG terminal reloaded about 0.74 TWh of LNG, the Barcelona terminal reloaded about 0.27 TWh, and the Huelva terminal reloaded some 0.18 TWh during May.

Moreover, the number of truck loads at the LNG terminals rose by 7.6 percent year-on-year to 1,009.

The Huelva LNG terminal completed 198 truck loads in May, while the Barcelona terminal completed 195 truck loads and the Cartagena terminal completed 185 truck loads, the data shows.

Source: Lngprime.com

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The Liberal Democrats have launched their manifesto, emphasising the urgency of addressing climate change and reducing energy bills.

The party describes climate change as an existential threat, citing rising temperatures, wildfires, floods, droughts and sea levels affecting millions globally.

They argue that immediate action is essential both in the UK and worldwide to achieve net zero and prevent further environmental and economic damage.

The manifesto criticises the Conservative Government for its inadequate response to these challenges, referencing the independent Climate Change Committee’s warning that the government is not on track to meet its legally binding targets.

The Liberal Democrats commit to achieving net zero greenhouse gas emissions by 2045.

Key proposals include a ten-year programme to make homes warmer and more energy-efficient, beginning with free insulation and heat pumps for low income households and ensuring all new homes are zero-carbon.

The party also aims to expand incentives for rooftop solar panels and invest in renewable power, targeting 90% of the UK’s electricity from renewables by 2030.

Further measures include appointing a Chief Secretary for Sustainability in the Treasury, establishing a Net Zero Delivery Authority, and enhancing powers and resources for local councils to develop local net zero strategies.

The party also proposes national and local citizens’ assemblies to involve the public in climate decisions and restore the UK’s international development spending to 0.7% of national income, focusing on climate change.

Labour aims to decarbonise the electricity grid by 2030, five years earlier than the Conservative’s 2035 target.

Energy Secretary Claire Coutinho described Labour’s plans as ideological and warned of significant risks, including potential blackouts and high costs.

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Daily Standup Top Stories

Shell plans job cuts in offshore wind business as CEO refocuses on oil and gas

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

Stuart Turley: [00:00:15] Hello, everybody. Welcome to the Energy News Beat podcast daily stand up. My name’s Stu Turley, president CEO at the sandstone Group. Michael Sound. Having a little bit of fun today we’re getting ready for a visit with the Americans for prosperity tomorrow and Ted Cruz and all and 16 other CEOs. It’s going to be a blast. For tonight’s top stories, please. Let’s take a look. Shell plans to cut jobs in offshore wind businesses. CEO refocuses on oil and gas. Then we have Germany repurposes underground gas storage for green hydrogen. That’s a Hindenburg waiting to happen right there. True cost of abandoning the gold standard. This is a real problem. We should have never left the gold standard. Let’s take a look at the next one coming around the corner. How big tech has helped bring America’s new energy crisis. Oil falls on weak treasury auction, and it boosts the dollar. Conoco, Phillips to buy marathon oil and a $17 billion all stock deal that bolsters shale assets. I’ll tell you, this is kind of cool, but, Michael is going to go through this in a little bit more detail when he gets back. [00:01:37][82.6]

Stuart Turley: [00:01:38] So let’s get started and start running. Shell plans job cuts in northwest wind business as CEO refocuses on oil and gas. This is a Bloomberg story. And this is a quote British royal major begins the layoffs within months, mainly in Europe. Quote we are concentrating on select markets and segments to deliver the most value for our investors and consumers. A shell spokesperson said shell is looking amplification, meaning wind farms are not profitable and they are really focusing on money coming. Bang. That’s why you’re also seeing the they’re trying to, take a look and see if they want to list in the US to have access to the U.S investors. So this is going to be, very interesting to watch as another, major oil company is saying, hey, we’ve got to give money back to our investors. We’ve got to, be fiscally responsible. And that means not throwing your money down a wind turbine. [00:02:47][68.8]

Stuart Turley: [00:02:48] So let’s go over here and take a look at Germany. Germany repurposes underground gas storage for green hydrogen. Holy smokes. Batman. Germany’s government approved on Wednesday a draft law to enable faster deployment of hydrogen projects in infrastructure by fast tracking, permitting and environmental checks for hydrogen production, storage and transportation, and government sources told Reuters. I’ll tell you, I got one word Hindenburg. This is not a good thing. Hydrogen and pipelines and natural gas and renewing a natural gas storage plant, facility, in order to put in green hydrogen adds up to a lot of expense, a lot of technical corrosion. And is it going to be something that’s actually even going to make a difference on the overall, environment? I don’t think so. Germany, quote unquote, plans to spend €559,000,550 million, a direct grant and conditional payment mechanism, up to 157 billion, or €1.45 billion, to support the second Krupp steel Europe. And that’s trying to make you get to use, instead of natural gas, hydrogen. This has all the makings of another failure. My, transport, in repurposing underground gas storage for transporting and storing green hydrogen. If they pull it off, I want to be the first to admit and call up Edgar Lage. In the end, he’s the CEO of Saff. I would love to go visit with him. So if I’m wrong, I’d love to have him on the podcast. [00:04:48][119.6]

Stuart Turley: [00:04:49] Let’s go to the next one here. True cost of abandoning the gold standard. The gold standard is something that, we should have never left. Returning to the gold standard would limit the issuance of new currency. It’s the only way that we are going to get out of debt is to get a grip on our fiscal, sanity again. There are geopolitical reasons why the U.S abandoned the gold standard in 1971. I personally also think that we should have never left, and created the fed. You know, I believe that was 1913. And since the fed has been created, which is a different issue. We have lost 93% of the purchasing value of the dollar. So, I believe that we need to, I don’t know if we’ll ever get rid of the fed, but the fed is a non-government, governmental financial body. Here’s where we come into this. The conviction that the answer is yes is widespread in the fact that President Nixon closing the gold window in 1971, the convertibility of the U.S. dollar to gold in international foreign exchange markets, the original sin that doomed the inflationary hell of, fiat currency, i.e. currency unbacked by anything, tangible, such as gold or silver. It is the one of the biggest reasons that we are in trillions, $34 trillion worth of debt. And, we need to get back to it. We need to get back to, not being in debt. I don’t know that we’ll ever get there. So when we take a look at, this this is an excellent, story, from oil price.com. [00:06:46][117.7]

Stuart Turley: [00:06:48] Let’s go to the next story. How big tech has helped America’s new energy crisis. When we sit back and take a look. Big dig may be the single reason that we do not have an energy transition. I don’t believe that the word transition is properly used there. Tech giants have, propagandized against reliable fossil fuel power plants by falsely claiming to be 100% renewable and implying everyone to do, could do it. Epstein continued, in fact, this is Alex Epstein. In fact, they have just paid utilities to credit them for other solar and wind. Blame others for their coal and gas use. This is very much like Google. Google censors me, and they. I loved it when they said, green since 1977. And then they. Had to change it, and they’ve changed their stories and everything else. They’re not green. Do you know how much power they use and how much they. They don’t. Anyway, so Apple CEO Tim Cook got bragging, rights. California got brownouts. Even Texas, one of the better run states of the union, has made itself overreliant on unreliable energy sources. What a great quote in there. So, big tech firms have been loudly trumpeting on how green they have been quietly shopping. All the while they’ve been shopping for nuclear power to run their data centers. Nuclear is going to be the sustainable data center in a. I insurance companies are going to be the death of the energy transition. Either your electric vehicles won’t be able to be insured, or your insurance is going to go so high on your homes, and because of the fires and everything else. So anyway, big tech, insurance. You gotta love it. [00:09:01][133.1]

Stuart Turley: [00:09:01] Let’s go to Oil Falls as we Treasury auction, boost the dollar. I’ll tell you, this is kind of crazy. Oil retreated as another weak sale of treasuries raised. Concerned about raising yields, stoking, mood across the financial, markets. West Texas, WTI, settled about 80 bucks as equities declined. U.S. bench is up around 14%. U.S. benchmark crude is about 14% over 12 months because of the tensions across the Middle East and cuts, around, the Petroleum Exporting Countries, the producers group will hold an online meeting this Sunday and is projected to extend its, curbs into the second half of the year. So they’re not going to be doing that. I think it’s going to be pretty interesting. [00:09:55][54.1]

Stuart Turley: [00:09:56] Let’s go to Conoco Phillips to buy Marathon Oil in 17 billion almost stock deal that bolsters the shale assets. I have not gone through the details of this, but when they’re talking about it, it’s going to be reaching across Texas, New Mexico, North Dakota and adding 2 billion barrels of resources to, ConocoPhillips. Pretty strong purchase. I am going to be visiting tomorrow with Ted Cruz, Senator Ted Cruz and the folks over at Americans for prosperity and Steve Reese of Reese Consulting. And Steve knows a lot about this deal, and I will have some more information as we take a deeper dive on this. The acquisition of marathon deepens the portfolio. This is a quote, in fits within our financial framework, adding high quality, low cost of supply inventory adjacent to our leading U.S. unconventional position, ConocoPhillips CEO Ryan Lance said in a statement. Lance said the transition would grow Quantico Phillips earnings, cash flow and shareholder returns after the deal closes in the fourth quarter. ConocoPhillips expects shares buybacks worth 7 billion in the first year. That’s pretty strong. Anyway, hats off to ConocoPhillips for that. [00:11:19][83.2]

Stuart Turley: [00:11:20] Hey, with that like subscribe. Share. I’ll tell you what. Tell your friends, hug your pets, tell them about energy Newsbeat podcast. We appreciate one. And everyone, all of our fans. Thanks and have an absolutely wonderful day. [00:11:20][0.0][659.0]

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Oil retreated as another weak sale of Treasuries raised concerns about rising yields, stoking a risk-off mood across financial markets.

West Texas Intermediate settled below $80 as equities declined. The drop pared Tuesday’s 2.7% gains, which were driven by renewed geopolitical risks, including ship attacks in the Red Sea and Israel’s advance into the Gazan city of Rafah.

US benchmark crude is up about 14% over the past 12 months because of tensions across the Middle East and output cuts by the Organization of the Petroleum Exporting Countries and its allies. Still, the conflict between Israel and Hamas has failed to disrupt flows, and supplies outside of OPEC+ have remained abundant, limiting the gains.

The producers’ group will hold an online meeting Sunday and is projected to extend its curbs into the second half of the year. The expectation has helped both WTI and Brent to break above their 100-day moving averages in recent days.

OPEC+ faces a darkening demand outlook in China as flagging factory strength and a housing crash reduce consumption of plastics and fuels used in construction. The Asian nation has also curbed some crude purchases from the de-facto leaders of the alliance — Saudi Arabia and Russia.

In the US, Federal Reserve Bank of Minneapolis President Neel Kashkari said the central bank’s policy stance is restrictive, but additional interest-rate hikes haven’t been ruled out. Fed policymakers are widely expected to keep rates at a 23-year high when they meet next month in Washington.

Prices:

WTI for July delivery fell 0.8% to settle at $79.23 a barrel in New York
Brent for July settlement declined 0.7% to $83.60 a barrel.

Source: Rigzone.com

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The White House on Wednesday plans to announce new measures to support the development of new U.S. nuclear power plants, a large potential source of carbon-free electricity the government says is needed to combat climate change.

The suite of actions, which weren’t previously reported, are aimed at helping the nuclear power industry combat rising security costs and competition from cheaper plants powered by natural gas, wind and solar.

Nuclear proponents say the technology is critical to providing large, uninterrupted supplies of emissions-free power to serve soaring electricity demand from data centers and electric vehicles and still meet President Joe Biden’s goal of decarbonizing the U.S. economy by 2050.

“In the decisive decade for climate action, we need to pull as many of the tools for decarbonization off the sidelines and onto the field,” said Ali Zaidi, Biden’s national climate adviser.

Critics worry about the buildup of radioactive waste stored at plants around the country and warn of the potential risks to human health and nature, especially with any accidents or malfunctions. Biden signed a law earlier this month banning the use of enriched uranium from Russia, the world’s top supplier.

At a White House event on Wednesday focused on nuclear energy deployment, the Biden administration will announce a new group that will seek to identify ways to mitigate cost and schedule overruns in plant construction.

The group of climate, science and energy policy experts from White House and Department of Energy will work with project developers, engineering, procurement and construction firms, utilities, investors, labor organizations, academics, and non-governmental organizations.

It also said the Army will soon solicit feedback on deploying advanced reactors to provide energy for certain facilities in the United States. Small modular reactors and microreactors can provide energy that is more resilient to physical and cyber attacks, natural disasters and other challenges, the White House said.

The Department of Energy also released a paper outlining the expected increased safety of advanced reactors. And a new tool will help developers figure out how to cut capital costs for new nuclear reactors.

The youngest U.S. nuclear power reactors, at the Vogtle plant in Georgia, were years behind schedule and billions over budget when they entered commercial operation in 2023 and 2024. No new U.S. nuclear plants are currently being built.

Vogtle is now the largest U.S. source of clean energy, the White House said.

Nuclear energy accounts for about 19% of U.S. power generation, compared with 4% for solar and 10% for wind.

Source: Cnbc.com

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