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2023-01-23 15:51 | Report Abuse
Impending changes at GLCs
There are expected to be some changes at other government linked companies (GLCs), following the leadership change in Putrajaya last November.
Some say the changes could take place as early as after Chinese New Year.
Speculation is rife that there will be changes at the helm of the Employees Provident Fund (EPF). Its current chairman is Tan Sri Ahmad Badri Mohd Zahir and its CEO is Datuk Seri Amir Hamzah Azizan.
However, when asked about the possibility of changes, one senior EPF executive says, “Rather than musical chairs, one should focus on getting things done … In this period, of course there are a lot of rumours, but it’s only true when in black and white.”
Ahmad Badri, the former secretary-general of the Treasury, was appointed EPF chairman on May 1, 2020. Amir Hamzah, meanwhile, was appointed to the top job at EPF in March 2021 after a stint at state-controlled utility company, Tenaga Nasional Bhd, and a number of companies under Petroliam Nasional Bhd.
EPF is one of the oldest and largest retirement funds in the world with about RM1 trillion in assets under management.
Some of its key assets are banking and financial services outfit RHB Bank Bhd, in which the pension fund has 42.14% equity interest; Malaysian Resources Corp Bhd (36.21%), and highway operator PLUS Malaysia Bhd (49%). Khazanah controls 51% of PLUS Malaysia.
There is also speculation changes will take place at Permodalan Nasional Bhd (PNB), where the chairman is Tun Arifin Zakaria. The 72-year old former Chief Justice of Malaya may opt to leave, according to sources. His likely successor is not known.
PNB, which had RM336.7 billion in assets under management as at end-2021, has a number of subsidiaries. They include Malayan Banking Bhd, in which it has about 47% equity interest, and Sime Darby Bhd, where it has about 50% interest.
PNB is also a major shareholder of Sime Darby Plantation Bhd (56%), Sime Darby Property Bhd (57%), Sapura Energy Bhd (40%), developer S P Setia Bhd (about 60%) and Velesto Energy Bhd (52%), among others.
Also in the spotlight is ailing Boustead Holdings Bhd and its 59.42% shareholder, Lembaga Tabung Angkatan Tentera (LTAT).
The group managing director of Boustead Holdings, Datuk Seri Mohammed Shazalli Ramly, left in November last year after completing his two-year contract. Chairman Datuk Seri Mohd Redzuan Md Yusof, who was a former minister and member of parliament under Bersatu, resigned last week.
LTAT’s chairman is General (Rtd) Tan Sri Raja Mohamed Affandi Raja Mohamed Noor, while its CEO is Datuk Ahmad Nazim Abd Rahman.
Through Boustead Holdings, LTAT has 65% equity interest in Boustead Heavy Industries Corp Bhd, 57.4% in Boustead Plantations Bhd and 20.85% in Affin Bank Bhd. LTAT also has a direct 33.08% stake in Affin Bank.
It is understood that the contract of Lembaga Tabung Haji’s (LTH) managing director and CEO Datuk Seri Amrin Awaluddin is ending in May this year and according to sources, he is not keen to have it renewed.
Some of LTH’s large investments include 30% in IT and telecommunications company Theta Edge Bhd, almost 74% in TH Plantations Bhd, 48.28% in Bank Islam Malaysia Bhd and 28.26% in insurance player Syarikat Takaful Malaysia Keluarga Bhd.
2023-01-23 15:35 | Report Abuse
Impending changes at GLCs
There are expected to be some changes at other government linked companies (GLCs), following the leadership change in Putrajaya last November.
Some say the changes could take place as early as after Chinese New Year.
Speculation is rife that there will be changes at the helm of the Employees Provident Fund (EPF). Its current chairman is Tan Sri Ahmad Badri Mohd Zahir and its CEO is Datuk Seri Amir Hamzah Azizan.
However, when asked about the possibility of changes, one senior EPF executive says, “Rather than musical chairs, one should focus on getting things done … In this period, of course there are a lot of rumours, but it’s only true when in black and white.”
Ahmad Badri, the former secretary-general of the Treasury, was appointed EPF chairman on May 1, 2020. Amir Hamzah, meanwhile, was appointed to the top job at EPF in March 2021 after a stint at state-controlled utility company, Tenaga Nasional Bhd, and a number of companies under Petroliam Nasional Bhd.
EPF is one of the oldest and largest retirement funds in the world with about RM1 trillion in assets under management.
Some of its key assets are banking and financial services outfit RHB Bank Bhd, in which the pension fund has 42.14% equity interest; Malaysian Resources Corp Bhd (36.21%), and highway operator PLUS Malaysia Bhd (49%). Khazanah controls 51% of PLUS Malaysia.
There is also speculation changes will take place at Permodalan Nasional Bhd (PNB), where the chairman is Tun Arifin Zakaria. The 72-year old former Chief Justice of Malaya may opt to leave, according to sources. His likely successor is not known.
PNB, which had RM336.7 billion in assets under management as at end-2021, has a number of subsidiaries. They include Malayan Banking Bhd, in which it has about 47% equity interest, and Sime Darby Bhd, where it has about 50% interest.
PNB is also a major shareholder of Sime Darby Plantation Bhd (56%), Sime Darby Property Bhd (57%), Sapura Energy Bhd (40%), developer S P Setia Bhd (about 60%) and Velesto Energy Bhd (52%), among others.
Also in the spotlight is ailing Boustead Holdings Bhd and its 59.42% shareholder, Lembaga Tabung Angkatan Tentera (LTAT).
The group managing director of Boustead Holdings, Datuk Seri Mohammed Shazalli Ramly, left in November last year after completing his two-year contract. Chairman Datuk Seri Mohd Redzuan Md Yusof, who was a former minister and member of parliament under Bersatu, resigned last week.
LTAT’s chairman is General (Rtd) Tan Sri Raja Mohamed Affandi Raja Mohamed Noor, while its CEO is Datuk Ahmad Nazim Abd Rahman.
Through Boustead Holdings, LTAT has 65% equity interest in Boustead Heavy Industries Corp Bhd, 57.4% in Boustead Plantations Bhd and 20.85% in Affin Bank Bhd. LTAT also has a direct 33.08% stake in Affin Bank.
It is understood that the contract of Lembaga Tabung Haji’s (LTH) managing director and CEO Datuk Seri Amrin Awaluddin is ending in May this year and according to sources, he is not keen to have it renewed.
Some of LTH’s large investments include 30% in IT and telecommunications company Theta Edge Bhd, almost 74% in TH Plantations Bhd, 48.28% in Bank Islam Malaysia Bhd and 28.26% in insurance player Syarikat Takaful Malaysia Keluarga Bhd.
2023-01-20 21:18 | Report Abuse
After CNY can break 0.55c..Hidup Armada.
2023-01-20 21:16 | Report Abuse
China hunger for crude oil after mass opening of economy. Very very good news for our local rigs and fpso players. Ini kali lah...hidup Armada!!!!
Chinese imports of crude oil from Malaysia surged in December to a record 1.3 million barrels per day (bpd), placing Malaysia – whose daily crude production is three times lower – third among China’s biggest crude oil suppliers, only behind Saudi Arabia and Russia.
Chinese crude oil imports from Malaysia exceeded the volumes of crude purchases from OPEC heavyweights such as Iraq and the United Arab Emirates (UAE) last month, according to data from the General Administration of Customs of China cited by Bloomberg.
The volume of China’s imports of crude oil from Malaysia was three times the average daily production from the Southeast Asian producer between January and September 2022.
This has led many analysts to speculate that a large part of the crude from Malaysia – a known hub for ship-to-ship (STS) transfers – actually originated from producers under sanctions such as Iran, Venezuela, or Russia.
Generally, independent Chinese refiners are unfazed by sanctioned oil as their priority is to buy low-priced crude and make good profits refining it.
China continues to buy Iranian and Venezuelan crude, often masked as crude from Malaysia or Oman, various analyses and investigative reports have found over the past few years.
Venezuela is using false documents and tankers linked to Iran and is known for carrying sanctioned Iranian crude in the past, a recent investigation by Reuters showed. Venezuela is selling oil to Chinese refiners, passing it off as Malaysian crude in documents, the investigation showed.
Last year, Chinese customs data at times showed so many imports from Malaysia that analysts and observers believe that China continues to import sanctioned oil passed off as coming from Oman or Malaysia.
Meanwhile, Saudi Arabia was again the single biggest oil supplier to China in 2022, despite a surge in Chinese purchases of crude from Russia, which stayed second-placed on the list of top suppliers to the world’s largest crude oil importer.
2023-01-20 21:12 | Report Abuse
This is very good news for our local rig players. The news clearly pointed that Petronas need to extract more oil for export especially to China. China demand is rebound after mass opening of economy. Ini kali lah...hidup Velesto!!!
Chinese imports of crude oil from Malaysia surged in December to a record 1.3 million barrels per day (bpd), placing Malaysia – whose daily crude production is three times lower – third among China’s biggest crude oil suppliers, only behind Saudi Arabia and Russia.
Chinese crude oil imports from Malaysia exceeded the volumes of crude purchases from OPEC heavyweights such as Iraq and the United Arab Emirates (UAE) last month, according to data from the General Administration of Customs of China cited by Bloomberg.
The volume of China’s imports of crude oil from Malaysia was three times the average daily production from the Southeast Asian producer between January and September 2022.
This has led many analysts to speculate that a large part of the crude from Malaysia – a known hub for ship-to-ship (STS) transfers – actually originated from producers under sanctions such as Iran, Venezuela, or Russia.
Generally, independent Chinese refiners are unfazed by sanctioned oil as their priority is to buy low-priced crude and make good profits refining it.
China continues to buy Iranian and Venezuelan crude, often masked as crude from Malaysia or Oman, various analyses and investigative reports have found over the past few years.
Venezuela is using false documents and tankers linked to Iran and is known for carrying sanctioned Iranian crude in the past, a recent investigation by Reuters showed. Venezuela is selling oil to Chinese refiners, passing it off as Malaysian crude in documents, the investigation showed.
Last year, Chinese customs data at times showed so many imports from Malaysia that analysts and observers believe that China continues to import sanctioned oil passed off as coming from Oman or Malaysia.
Meanwhile, Saudi Arabia was again the single biggest oil supplier to China in 2022, despite a surge in Chinese purchases of crude from Russia, which stayed second-placed on the list of top suppliers to the world’s largest crude oil importer.
2023-01-19 18:14 | Report Abuse
Seems inflation worried also slightly cool down..
US: Inflation cools again, puts Fed on track to downshift. US inflation continued to slow in Dec, adding to evidence price pressures have peaked and putting the Fed on track to again slow the pace of interest-rate hikes. The overall CPI fell 0.1% from the prior month, with cheaper energy costs fueling the first decline in 2.5 years, according to a Labor Department report. The measure was up 6.5% from a year earlier, the lowest since Oct 2021. (Bloomberg)
2023-01-19 18:06 | Report Abuse
All bcoz of oil price. If Oil price drop means rigs renting price also will plunged down and big oil firm either our local or international not interested to give new contracts or they might not extend the existing contract. Low renting price mean their operating cost will go up and eventually reflect in earning.
2023-01-19 17:27 | Report Abuse
The worse is over for velesto...
2023-01-19 17:26 | Report Abuse
Yup! worth holding 2 years. Today I sell some to TP...don't want to take risks. Balance I still hold and see what is the max new high velesto can go...happy finally.
2023-01-19 17:26 | Report Abuse
Yup! worth holding 2 years. Today I sell some to TP...don't want to take risks. Balance I still hold and see what is the max new high velesto can go...happy finally.
2023-01-19 14:01 | Report Abuse
Velesto shot up faster than Armada, from 0.15c within 2 weeks touched 0.20c. Armada still floating around 0.50c..adoi! Normally velesto we called it veryslow but now veryslow becomes fast and furious...hahaha!
Wahai! Armada bangkit lah..
2023-01-18 19:09 | Report Abuse
Naik pun complaint tak naik pun complaint...apa la you orang ni..tiam2 ambil profit lah..
2023-01-17 13:27 | Report Abuse
For me I don't think so oil going to reverse back. USA can determine the oil price as their previous attempt to bring down the oil price meet failure (SPR released). Its CNY time ma, people active travelling across the continent...syiok ma gong xi fa chai. Nevertheless, China economy fully reopen already, covid just a history..possible oil to shoot usd90 again in near term.
2023-01-16 18:21 | Report Abuse
Now Velesto got only 2 solid contracts the rest from Petronas based on umbrella contract. I believed one more contract pending to announce this year, maybe anytime soon. Lets hope for good beginning.
2023-01-16 18:17 | Report Abuse
Oil price could move higher soon. In conjunction with CNY festival and China fully open, people will travel more either by cars or planes. Today oil price floating around usd84 bcoz traders take profit. Expected will reach usd 90 by end of next week.
2023-01-16 15:25 | Report Abuse
Shouldn't be cny rally, others O&G counters sleeping. Must be some good announcement soon. Volume increasing daily..
2023-01-14 06:57 | Report Abuse
Expected brent closed at usd 85+. Next week can hit usd 90.
2023-01-14 06:55 | Report Abuse
Expected brent closed at usd 85+. Next week can hit usd 90.
2023-01-13 16:25 | Report Abuse
And another new contract announcement
2023-01-13 16:25 | Report Abuse
II think big guys like PNP EPF going to boarding in soon. Buckle up your seat belt..hope for the best.
2023-01-13 13:30 | Report Abuse
First you must know the basic principles or their nature of business....
Velesto extract raw crude oil for their customers like Shell, petronas and recently they get contract from Hess carigali...that's it. They not processing crude oil like Petronas refineries. They get their profit from rigs and HWU renting. It's all depend on how much they get paid from daily charter rates from renting the rigs/hwu to strengthening theirs balance sheets. 2020 and 2021 is very bad years where they are paid below the market rate. International rigs players are paid very well compared with our local players. They managed to recovered back in 2022 as they secured more project with higher charter rate. We hope that rigs renting rates will be increase further in 2023 as velesto customers willing to more if crude oil steady around usd 80 and above.
willc48
velesto most underachiever despite when oil price up. must send audit to look into OPEX
2023-01-12 16:15 | Report Abuse
Ya tiam2 ambil TP..klu bnyk comments nanti tak naik. Shark jaws semua pun baca tau. Tiam2 sdh lah...hahaha
2023-01-12 15:14 | Report Abuse
Diam2 ambil TP..jgn bnyk comments..
2023-01-05 14:09 | Report Abuse
Got good news no point, price fall like no tomorrow..
2023-01-02 11:26 | Report Abuse
Out of 7 stocks that Warren Buffet invested 2 from O&G sector (Chevron & Occidental). Meanwhile buffet is making tons of money while Bezos and Elon losing billions. Buffet is investor not inventor, so he knows all about stock market from A to Z. Buffet won't simply buy unless intrinsic and future values of particular stock is very good.
2023-01-02 11:24 | Report Abuse
Out of 7 stocks that Warren Buffet invested 2 from O&G sector (Chevron & Occidental). Meanwhile buffet is making tons of money while Bezos and Elon losing billions. Buffet is investor not inventor, so he knows all about stock market from A to Z. Buffet won't simply buy unless intrinsic and future values of particular stock is very good.
2022-12-29 13:13 | Report Abuse
https://youtu.be/xguam0TKMw8
this is an interesting video about changing world order
lots of things inside from history.
2022-12-29 12:57 | Report Abuse
In 2019, average crude oil price is in between usd65 to 75. That time veryslow doing very fine, received lot of new contracts from those international companies. Veryslow trading above 0.40c till covid strike the worldwide and plunged down the oil price. This year average crude oil price is usd100 above, hope the trend will continue for next year also
2022-12-29 12:46 | Report Abuse
What I know from sources, they continued to bidding for new contracts from international companies like Mubadala, ConocoPhillips and Shell. I hope there's some new contract announcement next year 2023. Should be...
2022-12-29 12:38 | Report Abuse
Year end all retailers/short sellers dumping. Expected tomorrow the same scenario maybe worse. If Veryslow can take the bullet at 0.14.5 to 15c then good enough, expect next year good beginning.
2022-12-28 09:30 | Report Abuse
Putin bans oil supply to countries that comply with G7..
Having promised that it would reveal its response to the recently implemented by the G7 price cap on Russian oil exports, moments ago the Kremlin did not disappoint, and as the WSJ reports, Russian President Vladimir Putin banned the supply of Russian oil and oil products to countries that impose a price cap, allowing deliveries to those nations only on the basis of a special permission from the Kremlin leader.
More shortage in oil & gas supply. This is very good news for O&G. Rigs service will be booming like hot cakes. Grab grab while still low...
2022-12-28 09:28 | Report Abuse
Putin bans oil supply to countries that comply with G7..
Having promised that it would reveal its response to the recently implemented by the G7 price cap on Russian oil exports, moments ago the Kremlin did not disappoint, and as the WSJ reports, Russian President Vladimir Putin banned the supply of Russian oil and oil products to countries that impose a price cap, allowing deliveries to those nations only on the basis of a special permission from the Kremlin leader.
More shortage in oil & gas supply. This is very good news for O&G. Rigs service will be booming like hot cakes. Grab grab while cheap.
2022-12-27 20:59 | Report Abuse
Affin Hwang give TP 20 today.
2022-12-27 10:37 | Report Abuse
China Stocks Climb on Covid Shift
The Shanghai Composite rose 0.4% to around 3,078 while the Shenzhen Component gained 0.5% to 11,035 on Tuesday, rising for the second straight session after China announced that it will end quarantine requirements for inbound travelers starting on Jan. 8, sparking hopes for a faster economic recovery. Investors also digested data showing industrial profits in China fell 3.6% year-on-year in the January-November period, reflecting economic disruptions brought by Covid restrictions. Property, industrial and commodity-linked stocks led the charge, with strong gains from Gree Real Estate (2.3%), SHN Zhenye (8.6%), China State Construction (1.7%), Zhejiang Construct (4.5%) and Shandong Chiway (5.6%). Other heavyweight firms also advanced, including Sungrow Power (3.8%), Xi'an Catering (4.9%), People.cn (1.6%), Shenzhen Infinova (6.8%) and Shaanxi Jinye (9.9%).
2022-12-27 10:36 | Report Abuse
China Stocks Climb on Covid Shift
The Shanghai Composite rose 0.4% to around 3,078 while the Shenzhen Component gained 0.5% to 11,035 on Tuesday, rising for the second straight session after China announced that it will end quarantine requirements for inbound travelers starting on Jan. 8, sparking hopes for a faster economic recovery. Investors also digested data showing industrial profits in China fell 3.6% year-on-year in the January-November period, reflecting economic disruptions brought by Covid restrictions. Property, industrial and commodity-linked stocks led the charge, with strong gains from Gree Real Estate (2.3%), SHN Zhenye (8.6%), China State Construction (1.7%), Zhejiang Construct (4.5%) and Shandong Chiway (5.6%). Other heavyweight firms also advanced, including Sungrow Power (3.8%), Xi'an Catering (4.9%), People.cn (1.6%), Shenzhen Infinova (6.8%) and Shaanxi Jinye (9.9%).
2022-12-25 01:35 | Report Abuse
Bankers or IB are paid to publish so don't influenced too much on it....all politic.
2022-12-22 17:22 | Report Abuse
gbt9428
Too soon, after you will regret...
2022-12-19 13:55 | Report Abuse
THE ERA OF CHEAP OIL HAS COME TO AN END.....
In its latest monthly report, OPEC revealed it had yet again failed to produce as much oil as it agreed to produce the last time it discussed output. And it wasn’t by a few thousand barrels per day, either. The shortfall was some 1.8 million barrels daily, but more importantly, that sort of undershooting of its own target has become a regular thing for the cartel.
Meanwhile, the United States federal government needs to buy some oil for its strategic petroleum reserve after releasing close to 200 million barrels from it this year as a way of countering fuel price inflation. Yet U.S. drillers are not in a rush to boost production. On the contrary, it seems production growth has lost its place among these companies’ top priorities.
Of course, there are also the sanctions against Russia, which many expect will hurt the country’s oil production, and that may well happen, but it has not happened yet. In fact, the oil sanctions—in the form of a price cap on maritime exports and an embargo on exports to the EU—have had no effect on oil flows out of Russia. For now.
Investment banks expect higher oil prices, despite a recent slump prompted by expectations of an economic slowdown pretty much across the globe. The expectations, now beginning to seep into trader circles, too, are largely based on China’s reversal of its zero-Covid policy. But they also probably take into account the fact that oil remains an indispensable commodity. And the era of cheap oil may well be over for good.
2022-12-19 13:53 | Report Abuse
THE ERA OF CHEAP OIL HAS COME TO AN END.....
In its latest monthly report, OPEC revealed it had yet again failed to produce as much oil as it agreed to produce the last time it discussed output. And it wasn’t by a few thousand barrels per day, either. The shortfall was some 1.8 million barrels daily, but more importantly, that sort of undershooting of its own target has become a regular thing for the cartel.
Meanwhile, the United States federal government needs to buy some oil for its strategic petroleum reserve after releasing close to 200 million barrels from it this year as a way of countering fuel price inflation. Yet U.S. drillers are not in a rush to boost production. On the contrary, it seems production growth has lost its place among these companies’ top priorities.
Of course, there are also the sanctions against Russia, which many expect will hurt the country’s oil production, and that may well happen, but it has not happened yet. In fact, the oil sanctions—in the form of a price cap on maritime exports and an embargo on exports to the EU—have had no effect on oil flows out of Russia. For now.
Investment banks expect higher oil prices, despite a recent slump prompted by expectations of an economic slowdown pretty much across the globe. The expectations, now beginning to seep into trader circles, too, are largely based on China’s reversal of its zero-Covid policy. But they also probably take into account the fact that oil remains an indispensable commodity. And the era of cheap oil may well be over for good.
2022-12-19 11:44 | Report Abuse
President Biden released SPR reserve purposely to cool down the rising oil price. Now, he planned to purchase or refilling back SPR...wondering what will happen to the oil price (supply vs demand), up or down.
2022-12-19 11:31 | Report Abuse
Need PNB/Amanah support to lift up the price further. Let see
2022-12-16 07:48 | Report Abuse
Supply shortages and insufficient investment in new supply will result in a bumper year for commodities in 2023, Goldman Sachs says, expecting the S&P GSCI commodity index to post a 43% return next year.
Commodities are set to be the best-performing asset class in 2023, the bank’s strategists said in a note.
“From a fundamental perspective, the setup for most commodities next year is more bullish than it has been at any point since we first highlighted the super-cycle in October 2020,” Jeffrey Currie, global head of commodities research at Goldman Sachs, wrote, as carried by The Australian Financial Review.
The first quarter of 2023 could be more underwhelming than the rest of the year due to the expected slowdown in economies, but the low levels of investment in oil, gas, and key metals will continue to underpin what Goldman has called a new supercycle in commodities.
The drop in Brent Crude to the low $80s is likely temporary, according to the Wall Street bank, which says that oil market participants could be too pessimistic about China’s demand.
Key metals necessary for the energy transition are also set for a bull run amid expected shortages in the coming years, Goldman and industry giants say.
Earlier this month, mining and commodities giant Glencore said that a huge shortage of copper is looming while significant mine development is lagging.
According to Glencore’s estimates, under the net-zero emissions pathway of the International Energy Agency (IEA), the world will be more than 50 million tons short of copper between 2022 and 2030.
Moreover, Goldman Sachs also said in early December that copper prices were set for a new record-high next year amid an “extremely” tight market. Next year, Goldman expects copper prices to top the current record-high of $10,845 per ton that it hit in March 2022. It raised its 12-month price target to $11,000 a ton from $9,000 per ton.
By Tsvetana Paraskova for Oilprice.com
2022-12-16 07:47 | Report Abuse
Supply shortages and insufficient investment in new supply will result in a bumper year for commodities in 2023, Goldman Sachs says, expecting the S&P GSCI commodity index to post a 43% return next year.
Commodities are set to be the best-performing asset class in 2023, the bank’s strategists said in a note.
“From a fundamental perspective, the setup for most commodities next year is more bullish than it has been at any point since we first highlighted the super-cycle in October 2020,” Jeffrey Currie, global head of commodities research at Goldman Sachs, wrote, as carried by The Australian Financial Review.
The first quarter of 2023 could be more underwhelming than the rest of the year due to the expected slowdown in economies, but the low levels of investment in oil, gas, and key metals will continue to underpin what Goldman has called a new supercycle in commodities.
The drop in Brent Crude to the low $80s is likely temporary, according to the Wall Street bank, which says that oil market participants could be too pessimistic about China’s demand.
Key metals necessary for the energy transition are also set for a bull run amid expected shortages in the coming years, Goldman and industry giants say.
Earlier this month, mining and commodities giant Glencore said that a huge shortage of copper is looming while significant mine development is lagging.
According to Glencore’s estimates, under the net-zero emissions pathway of the International Energy Agency (IEA), the world will be more than 50 million tons short of copper between 2022 and 2030.
Moreover, Goldman Sachs also said in early December that copper prices were set for a new record-high next year amid an “extremely” tight market. Next year, Goldman expects copper prices to top the current record-high of $10,845 per ton that it hit in March 2022. It raised its 12-month price target to $11,000 a ton from $9,000 per ton.
By Tsvetana Paraskova for Oilprice.com
2022-12-15 12:28 | Report Abuse
Biar lambat asalkan selamat...hari2 naik skt2 lama2 jadi bukit. Setiap hari naik 1c pun ckp ler..blh break 20c..haha!
2022-12-14 05:14 | Report Abuse
OPEC’s crude oil production fell by an average of 744,000 barrels per day, according to OPEC’s Monthly Oil Market Report released on Tuesday.
Saudi Arabia’s November production fell by the most among its members, by 404,000 bpd, to 10.474 million bpd—Saudi Arabia’s lowest monthly average since May 2022.
Other significant production decreases were realized by the United Arab Emirates, which saw a decrease of 149,000 bpd in November, landing at 3.037 million bpd; Kuwait, which saw a dip of 121,000 bpd to 2.685 million bpd; and Iraq with a loss of 117,000 bpd to 4.465 million bpd.
Overall, OPEC’s average production for November fell to 28.826 million bpd—the lowest average production level since June.
Demand getting higher for crude oil as the world reserve depleted. Once China fully open the border, black fossil becomes black gold. Stick to ripe the benefits.
Stock: [ARMADA]: BUMI ARMADA BERHAD
2023-01-23 15:59 | Report Abuse
That means our PM gives priority to our local O&G sectors as most of the local players not strive to excellent under previous administration...example Sapura and Velesto. One of the Petronas obligation now is to give more contracts to our local O&G companies that running the fpso or rigs services. Very Good news indeed....