Markets News Oil 

Venezuela’s falling oil supply is a major ‘challenge’ to global energy markets

“A major advisor to energy producing nations has suggested that the continued fallout from Venezuela could present a “challenge” for global oil markets” writes Callum Burroughs for businessinsider.com. State-owned oil producer PDVSA’s bonds rose sharply in January after some of the world’s biggest economies backed the leadership challenge.The International Energy Agency (IEA) has warned that crude supplies from Venezuela are at risk of falling sharply in the midst of an electricity crisis which has paralyzed the country recently.Other OPEC and non-OPEC nations have stepped in to plug the gap in…

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News Oil 

Oil prices stable amid sanctions and OPEC cuts, but economic concerns drag

“Oil prices were steady on Friday amid support from ongoing supply cuts led by OPEC and U.S. sanctions on Venezuela and Iran, but weighed down by concerns that an economic slowdown will soon start denting growth in fuel demand” writes Lucy Nicholson for cnbc.com. Crude oil use by China’s refineries in the first two months of 2019 rose 6.1 percent from a year earlier to a record 12.68 million bpd, official data showed this week.Meanwhile, a political and economic crisis in Venezuela combined with U.S. sanctions against Venezuela as well…

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News 

German-owned Big Six suppliers plunge into the red

“A pair of German-owned Big Six energy suppliers have plunged to a loss as the cap on standard energy bills takes it toll on supplier profits” writes Tim Wallace for telegraph.co.uk. The owners of Npower and E.ON UK both revealed losses for their British supply arms, which also face unprecedented competition from a growing number of nimble new entrants. Innogy warned investors that its UK supply business would continue… Source: telegraph.co.uk

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News Oil 

Oil firms as Saudis trim exports and US output forecast is reduced

“U.S. crude oil production is expected to average about 12.30 million bpd in 2019, the U.S. Energy Information Administration (EIA) said on Tuesday” writes unknown author for cnbc.com. Markets have been further tightened by the implementation of U.S. sanctions against oil exports from OPEC-members Iran and Venezuela.International Brent crude oil futures were at $66.85 a barrel at 0341 GMT, up 18 cents, or 0.3 percent, from their last close.”Failures in the electrical system … (are) likely to accelerate the loss of 700,000 barrels per day” in oil supply, Barclays bank…

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News 

Power supply resumes in Venezuela post cyber attack

“CARACAS – Electricity supply is being rapid restored in Venezuela after three days of power failure in 70% of the country as a result of the sabotage of a vital hydro-electric facility” reports tehrantimes.com. However, we are striving to restore the power supply in a stable and definite manner in the next couple of hours.” The power outage resulted in great difficulty to the people, with daily life being affected in 18 states of Venezuela.President Maduro had also announced that Local Committees for Supply and Production (CLAP) would be deployed…

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Markets News 

ABB to expand its investments in Egypt by 40% in 2019

“ABB has opened a new headquarters in the 5th Settlement in New Cairo at a cost of EGP 150m, which reflects its confidence in the Egyptian market” writes Mohamed Farag for dailynewsegypt.com. Egypt aims to achieve sustainable development and increase the share of renewable energy to 22% by 2022, he said.It also plans to present a proposal to the Ministry of Electricity to supply transmission stations for the electricity interconnection project between Egypt and Cyprus. Source: dailynewsegypt.com

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News Oil 

Oil prices rise on OPEC supply cuts and healthy demand

“Oil prices rose on Tuesday, lifted by output cuts led by producer group OPEC as well as healthy demand, although analysts said economic headwinds posed downside risks to crude markets” writes Morgan Brennan for cnbc.com. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.99 per barrel at 0012 GMT, up 20 cents, or 0.4 percent, from their last settlement.It added that supply cuts this year by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia — known as the OPEC+ alliance — aimed at…

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Futures Markets News Oil 

Oil prices rise amid broad market rally, OPEC supply cuts

“Oil prices have been receiving broad support this year from supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia aimed at tightening markets” writes Midwest Communications Inc for 95kqds.com. Traders also pointed to the political and economic crisis in OPEC-member Venezuela as a driver for oil prices.U.S. West Texas Intermediate (WTI) crude oil futures were at $56.97 per barrel at 0054 GMT, up 18 cents, or 0.3 percent, from their last settlement. “The decrease in net crude oil imports (December, 2018) was driven…

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News 

Ana Palacio: The only way to stop fake news is to eliminate our demand for it

“Europe has led the way in developing policy responses, such as soft guidelines for industry, national legislation, and strategic communications” writes Ana Palacio for marketwatch.com. Governments, lobby groups, and other interests have long relied on disinformation as a tool of manipulation and control.Beyond introducing falsehoods into public discourse, the spread of disinformation can undermine the possibility of discourse itself, by calling into question actual facts.Early this month, the Atlantic Council organized #DisinfoWeek Europe, a series of strategic dialogues focused on the global challenge of disinformation. Source: marketwatch.com

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News 

The only way to stop fake news is to eliminate our demand for it

“Europe has led the way in developing policy responses, such as soft guidelines for industry, national legislation, and strategic communications” writes Ana Palacio for marketwatch.com. Governments, lobby groups, and other interests have long relied on disinformation as a tool of manipulation and control.Beyond introducing falsehoods into public discourse, the spread of disinformation can undermine the possibility of discourse itself, by calling into question actual facts.Early this month, the Atlantic Council organized #DisinfoWeek Europe, a series of strategic dialogues focused on the global challenge of disinformation. Source: marketwatch.com

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