Oil Market Tightens, But Second Wave Looms

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The big oil market news of the week was the easing of cuts from OPEC+. The markets largely welcomed the move, especially since it included pledges by laggards to temporarily keep some supply off of the market to compensate for past under-compliance.

Meanwhile, bullish EIA data also boosted sentiment. However, by the end of the week, concerns about slowing oil demand weighed on prices, keeping them stuck at around $40.

OPEC+ delivers on easing. OPEC+ cut really deep in June, and the cohesion was maintained as the group moved to ease production cuts from 9.7 mb/d to 7.7 mb/d in August. However, the headline number is mitigated by the fact that the so-called laggards are supposed to “compensate” for overproducing in recent months. So, the effective production cuts may only decline to 8.1 to 8.3 mb/d in August instead of 7.7 mb/d.

Room to increase? Probably. Analysts mostly think that there is room for OPEC+ to increase production without leading to a slide in prices. After all, demand apparently outstrips supply at the moment. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the increase will be “barely felt.” Still, significant downside risk remains, largely revolving around the potential hit to demand from the coronavirus and renewed closures.

U.S. gasoline demand eases back. U.S. gasoline demand fell 5 percent last week, the second consecutive week of declines. “Normally this two-week period would have been the peak demand period and we didn’t get it,” said John Kilduff, partner at Again Capital in New York. “The recovery has been unwinding.”

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Eni to exit oil refineries. Eni (NYSE: E) said that it would pivot away from conventional oil refineries and instead invest in greener biorefineries. “Instead of slowing down, we see COVID as a reason to accelerate the transition to low-carbon energy,” Chief Executive Officer Claudio Descalzi said.

China has $42 billion in clean energy debt. China has built solar and wind so fast that the government owes $42 billion in subsidies for which it has not budgeted.

China’s oil imports may fall back. China imported a record amount of crude in May, but those oil flows fell back a bit in June, although remained above year-ago levels. The surge in imports filled up inventories, which may presage a slowdown in further imports.

New subsidies accelerate EV sales in Germany. New subsidies for EVs in France and Germany have boosted sales. In Germany, an EV fetches a 9,000-euro subsidy. “There are a lot of attractive offers right now because of higher subsidies, and that’s boosting demand,” an analyst with BloombergNEF said. “The EU is pushing toward decarbonizing transport, and the coronavirus crisis has allowed them to accelerate that.”

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More than 200 Pemex workers die of COVID. Pemex has the highest workplace death toll from Covid-19 than any other company in the world (not just among oil companies). An estimated 202 have died from the virus, a total that only the UK National Health Service – which isn’t a company – has surpassed.

Total seeks buyer for North Sea gas pipeline. Total (NYSE: TOT) is looking to unload its 25.7 percent stake in the Shearwater Elgin Area Line, which it hopes will generate $200 million.

Exxon and other oil giants set a carbon target. ExxonMobil (NYSE: XOM), Saudi Aramco, CNPC, and other oil giants as part of the Oil and Gas Climate Initiative (OGCI) pledged to lower the carbon intensity of their operations. However, the target is not an absolute measurement, so the group, in theory, could still increase emissions so long as the carbon intensity per barrel declines.

Judge vacates Trump admin’s methane rule rescission. The Bureau of Land Management’s effort at scrapping Obama-era methane regulations was vacated by a federal judge. The rule limits methane from oil and gas operations on federal lands. The Obama-era rule will go back into effect, although the judge agreed to a 90-day stay.

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Sec. of State Pompeo tightens sanctions on Nord Stream 2. The State Department closed a loophole in its sanctions policy on the Nord Stream 2 pipeline, subjecting more European companies to the sanctions. “It’s a clear warning to companies aiding and abetting Russia’s malign-influence projects it will not be tolerated,” Pompeo said. “Get out now, or risk the consequences.” The pipeline is close to being completed.

EU identifies 1,000 “shovel-ready” green projects. The EU is eyeing a 750-billion-euro green stimulus, and there are more than 1,000 specific projects ready to go within two years, according to Reuters. For instance, one possibility is a gigafactory for lithium-ion batteries in Poland; another would retrofit buildings in Paris.

California Resources files for bankruptcy. California Resources Corp. (NYSE: CRC) filed for Chapter 11 bankruptcy protection.

$23 billion in clean energy investment at risk. A total of 31 GW and $23 billion worth of investment is at risk of disappearing over the next 18 months due to the pandemic.

Oilprice.com

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Latest News

Oil Market Tightens, But Second Wave Looms - Brand Spur

TECNO reveals how the highly anticipated TECNO CAMON 17 Pro measure...

HONG KONG SAR - Media OutReach - 14 May 2021 - Consumers nowadays are more than spoilt for choice, in fact, many people are affected by 'information paralysis', that is, having too much information to effectively decide, often resulting in either a wrong decision or a poorly evaluated one. In this article, TECNO helps you to make good decisions amongst the three latest Android phones. They are TECNO CAMON 17 Pro, Samsung A51 and Redmi Note 9 Pro.

All three brands vary in terms of design, features, and functionality. TECNO, an increasingly globally popular brand, is a new generation of smartphone brand today with tasteful artistic design and contempary cutting-edge camera technology. Samsung and Redmi have been fan favourites, and their smartphone models are often popular amongst those most price-conscious consumers.

Camera function - front and rear cameras


Oil Market Tightens, But Second Wave Looms - Brand Spur


The consumers nowadays are very savvy in understanding the technology and features that goes into each smartphone model. One of these considerations is the camera capabilities and the supporting software. TECNO CAMON 17 Pro clear winner with a 48 MP front camera, while both the Samsung A51 and Redmi Note 9 Pro cameras are at 32 MP and 16MP respectively, hence allowing the user of TECNO CAMON 17 Pro to capture selfies with quality that is comparable to even rear cameras on some smartphones. Considering the rear camera, TECNO CAMON 17 Pro and Redmi Note 9 Pro are equipped with 64MP rear ultra quad camera, while the Samsung A51 maxes out at 48MP.

What is more fascinating is that the TECNO CAMON 17 Pro comes with trademarked TAIVOS technology, which stands for TECNO AI Vision Optimization Solution. It provides users with extremely good visuals, even in low-light environments. TAIVOS can blur out the clutter in the background and optimize image clarity, thereby enhancing night photography effects. Therefore, making it difficult for other mobile phones to bring users a brighter experience in dark environments. The TECNO CAMON 17 Pro is great for anyone who loves to take selfies as keepsakes. The CAMON 17 Pro's front cameras are just as outstanding as its rear – TECNO is a pioneer in this industry with a 48MP front camera. The functions of TECNO CAMON 17 Pro are smoother than similar products with both multi-camera and AI camera modes, providing breath-taking visuals.

Battery life and storage space


Oil Market Tightens, But Second Wave Looms - Brand Spur


Powerful cameras need equally lasting battery and storage space. The TECNO CAMON 17 Pro has enough space for just about anything with 256GB ROM + 8GB RAM whereas the Samsung A51 and the Redmi Note 9 Pro has only 128GB ROM + 6GB RAM respectively, which is half of what the TECNO CAMON 17 Pro can store.

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In addition, the TECNO CAMON 17 Pro has an enormous 5000mAh battery so you do not need to worry about your phone not being able to function when you need it most. The Samsung A51 has a smaller battery whereas the Redmi Note 9 Pro has a slightly bigger battery of 5020mAh, but that difference is negated by CAMON 17 Pro's flash charging technology as the phone's battery can be charged faster. And the 33W fast charger of CAMON 17 Pro enable a quick charge of up to 70% in just 30 minutes, which is an upgrade compared to the 15W charger of the Samsung A51 and 30W charger of Redmi Note 9 Pro.

Mobile phone technicalities


Oil Market Tightens, But Second Wave Looms - Brand Spur


When it comes to visual real estate, size does matter. Amongst the three smartphone models, the Samsung A51 offers the smallest screen real estate, a 6.5 inches full HD screen while the Redmi Note 9 Pro and TECNO CAMON 17 Pro have bigger screens at 6.67 and 6.8 inches, respectively. Here, the TECNO CAMON 17 Pro does have an edge over the rest and what's more, the 90Hz smooth refreshing rate of TECNO CAMON 17 Pro enable the users never worry about any animation rolling issues on the phone, the 90 Hz super-high refreshing rate offers a smooth, snappy and refreshing experience. The CAMON 17 Pro's full HD mobile phone provides the user with more ease in controlling as well as a more comprehensive view of the mobile games and videos on the phone. Additionally, the TECNO CAMON 17 Pro has an operating system of Android 11 whereas the Samsung A51 and Redmi Note 9 Pro are only at Android 10.

So which phone would you prefer after reading the comparisons? After our comparisons, the TECNO CAMON 17 Pro stands out for the young, adventurous generation that is looking for a phone that can not only perform the basic functions well, but also have additional tools that add so much value to a phone. Redmi Note 9 Pro performed slightly worse in the front camera, fast charger and the screen, which could be a second choice with limited budget, while Samsung A51 stands out with its brand impact, and with no other obvious strength.


Oil Market Tightens, But Second Wave Looms - Brand Spur
- Advertisement -
spot_imgspot_img

Latest News

TECNO reveals how the highly anticipated TECNO CAMON 17 Pro measure against its competitors

HONG KONG SAR - Media OutReach - 14 May 2021 - Consumers nowadays are more than spoilt for choice, in fact, many people are affected by 'information paralysis', that is, having too much information to effectively decide, often resulting in either a wrong decision or a poorly evaluated one. In this article, TECNO helps you to make good decisions amongst the three latest Android phones. They are TECNO CAMON 17 Pro, Samsung A51 and Redmi Note 9 Pro.

All three brands vary in terms of design, features, and functionality. TECNO, an increasingly globally popular brand, is a new generation of smartphone brand today with tasteful artistic design and contempary cutting-edge camera technology. Samsung and Redmi have been fan favourites, and their smartphone models are often popular amongst those most price-conscious consumers.

Camera function - front and rear cameras


Oil Market Tightens, But Second Wave Looms - Brand Spur


The consumers nowadays are very savvy in understanding the technology and features that goes into each smartphone model. One of these considerations is the camera capabilities and the supporting software. TECNO CAMON 17 Pro clear winner with a 48 MP front camera, while both the Samsung A51 and Redmi Note 9 Pro cameras are at 32 MP and 16MP respectively, hence allowing the user of TECNO CAMON 17 Pro to capture selfies with quality that is comparable to even rear cameras on some smartphones. Considering the rear camera, TECNO CAMON 17 Pro and Redmi Note 9 Pro are equipped with 64MP rear ultra quad camera, while the Samsung A51 maxes out at 48MP.

What is more fascinating is that the TECNO CAMON 17 Pro comes with trademarked TAIVOS technology, which stands for TECNO AI Vision Optimization Solution. It provides users with extremely good visuals, even in low-light environments. TAIVOS can blur out the clutter in the background and optimize image clarity, thereby enhancing night photography effects. Therefore, making it difficult for other mobile phones to bring users a brighter experience in dark environments. The TECNO CAMON 17 Pro is great for anyone who loves to take selfies as keepsakes. The CAMON 17 Pro's front cameras are just as outstanding as its rear – TECNO is a pioneer in this industry with a 48MP front camera. The functions of TECNO CAMON 17 Pro are smoother than similar products with both multi-camera and AI camera modes, providing breath-taking visuals.

Battery life and storage space


Oil Market Tightens, But Second Wave Looms - Brand Spur


Powerful cameras need equally lasting battery and storage space. The TECNO CAMON 17 Pro has enough space for just about anything with 256GB ROM + 8GB RAM whereas the Samsung A51 and the Redmi Note 9 Pro has only 128GB ROM + 6GB RAM respectively, which is half of what the TECNO CAMON 17 Pro can store.

In addition, the TECNO CAMON 17 Pro has an enormous 5000mAh battery so you do not need to worry about your phone not being able to function when you need it most. The Samsung A51 has a smaller battery whereas the Redmi Note 9 Pro has a slightly bigger battery of 5020mAh, but that difference is negated by CAMON 17 Pro's flash charging technology as the phone's battery can be charged faster. And the 33W fast charger of CAMON 17 Pro enable a quick charge of up to 70% in just 30 minutes, which is an upgrade compared to the 15W charger of the Samsung A51 and 30W charger of Redmi Note 9 Pro.

Mobile phone technicalities


Oil Market Tightens, But Second Wave Looms - Brand Spur


When it comes to visual real estate, size does matter. Amongst the three smartphone models, the Samsung A51 offers the smallest screen real estate, a 6.5 inches full HD screen while the Redmi Note 9 Pro and TECNO CAMON 17 Pro have bigger screens at 6.67 and 6.8 inches, respectively. Here, the TECNO CAMON 17 Pro does have an edge over the rest and what's more, the 90Hz smooth refreshing rate of TECNO CAMON 17 Pro enable the users never worry about any animation rolling issues on the phone, the 90 Hz super-high refreshing rate offers a smooth, snappy and refreshing experience. The CAMON 17 Pro's full HD mobile phone provides the user with more ease in controlling as well as a more comprehensive view of the mobile games and videos on the phone. Additionally, the TECNO CAMON 17 Pro has an operating system of Android 11 whereas the Samsung A51 and Redmi Note 9 Pro are only at Android 10.

So which phone would you prefer after reading the comparisons? After our comparisons, the TECNO CAMON 17 Pro stands out for the young, adventurous generation that is looking for a phone that can not only perform the basic functions well, but also have additional tools that add so much value to a phone. Redmi Note 9 Pro performed slightly worse in the front camera, fast charger and the screen, which could be a second choice with limited budget, while Samsung A51 stands out with its brand impact, and with no other obvious strength.


Oil Market Tightens, But Second Wave Looms - Brand Spur
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