🔹The U.S. 🇺🇸 sold 15 million barrels of oil from the SPR to six companies, completing the last batch of the largest-ever release from the stockpile. Biden sold 180 million barrels of oil 🛢 from the reserve to fight oil prices.

🔹The sale bled the 📉 SPR, meant to be a protection against shocks in energy markets, to the lowest level since May 1984 and it helped to sour U.S. relations with Saudi Arabia 🇸🇦.

🔹Crude oil prices continue to correct upwards 📈 on fears over the G7 fixed price capping mechanism on Russian crude as full sanctions on Russian oil go into effect on December 5.

Last reported on this channel:

💠 Saudi Arabia's 🇸🇦 energy minister warns nations' that use emergency oil reserves to manipulate prices.

💠 Historical charts showing US SPR depletion 📉 & declining refinery capacity.

💠 OPEC+ defends their role in 🛢 oil market stability at JMMC of the OPEC+ group HQ 🇦🇹.

💠 US 🇺🇸 reviewing various options regarding its relationship with Saudi Arabia 🇸🇦 after OPEC+ cuts.

Video compilation on a recent developing trend:

Is the EU 🇪🇺 preparing the pretext to push Europe's public opinion towards fear of China's rise? If so, to what end goal?

🔹EU Commission President Ursula von der Leyen mentions threat of China's 🇨🇳 global share in rare earth elements.

🔹EU 🇪🇺 foreign policy chief Josep Borrell says China is not a partner but a competitor. (next stage is rival)

🔹Krišjānis Kariņš, the Latvian 🇱🇹 PM, declares China is best dealt with via the EU bloc not single nations. (Where is the nation-state sovereignty in the EU?)

🔹Estonia's 🇪🇪 PM Kaja Kallas, says it's important to treat China as a systemic rival.

🔹Yesterday, President Xi of China 🇨🇳 reminded German 🇩🇪 Chancellor Olaf Scholz of the importance of mutual respect, seeking common ground, reserving differences and bilateral co-operation as the way forward.

🔹Canada 🇨🇦 ordered three Chinese companies divest their investments in Canadian lithium & critical minerals, citing national security. China 🇨🇳 in response accused Ottawa of using national security as a pretext and said the divestment order broke international commerce and market rules.

🔹 One of the concerns in the lithium market is that the extreme supply shortages create a risk that prices rise so high 📈, or metal becomes so difficult to access, that automakers have to stop buying. While the world needs more & more lithium, investment in new supply has not kept pace with rising demand.

Previous lithium posts on this channel:

💠Report on the vast resources needed to be mined for an EV 🚙 vehicle which is clearly unsustainable.

💠 Lithium carbonate, hit a new record high in China 🇨🇳 during September.

💠 Lithium mining pollution and the growing scarcity.

💠 Zimbabwe 🇿🇼 lithium reserves & China investment.

🔹"Europe 🇪🇺 May See Forced De-Industrialization": by OilPrice.com. High energy costs & increasingly tighter EU regulation (such as its new "import carbon tax") are main factors.

🔹The euro zone manufacturing PMI (Purchasing Managers' Index) fell to 46.6 from 48.4, its lowest 📉 since May 2020.

🔹 EU increased pig iron imports from Russia 🇷🇺 by 2.5 times y/y in 2Q 2022. EU steel plants depend on imported iron ore, pig iron and steel semi-finished products.

Warnings of Europe's de-industrialization, reported on this channel.

💠 BASF 🇩🇪, the world's largest chemical producer announces cost saving plans & “permanent” downsizing in Europe.

💠 Steel 🏭 manufacturers shut down across Europe.

💠Europe has lost about half of its zinc & aluminum smelting capacity.

💠 Ammonia fertilizer & chemical 🏭 plants shut down across Europe (October post).

💠 Fertilizer industries shutting down in 🇪🇺 Europe for the month of Sept. & August.

💠 Companies operating for over 100 years shut down in Germany 🇩🇪

🔹"November's Eurostat Report for Sept. 2022".
Industrial producer prices up by 41.9% in the euro area & by 41.4% in the EU 🇪🇺compared with September 2021.

🔹The highest monthly increases in industrial producer prices were recorded in Bulgaria 🇧🇬 (+9.2%), Slovakia 🇸🇰(+8.9%) and Italy 🇮🇹 (+3.5%).

🔹Industrial producer prices in the euro area (EA-19 💶) & EU (EU-27🇪🇺) respectively in Sept. '22, y/y, increased by:

📌Energy Sector - 108.2% & 105.3%,

📌Intermediate Goods - 19.0% & 19.1%,

📌Non-durable Consumer Goods - 15.2% & 16.5%,

📌Durable Consumer Goods - 9.8% & 10.1%,

📌Capital Goods - 7.6% & 7.9%.

USA 🇺🇸- 🔹Diesel inventories are at the lowest seasonal level ever, heading into winter. Since diesel ⛽️ fuel is similar to heating oil, (as a distillate) the demand will skyrocket as the northern hemisphere enters the winter months.

🔹The supply issues are being caused partly due to the embargo on Russian 🇷🇺 oil & refining capacity in the U.S. has dropped over the past few years.

🔹Diesel producers 🏭 are trying to catch-up to reach a normal supply of between 35 & 40 days (25 days presently).

Video - Early reports diesel supply issues in the US , sourced from social media.

Last reported on this channel:

💠 US 🇺🇸- Logistics & fuel supply co., Mansfield Energy, says there is a shortage of diesel in Southeastern US.

💠 American oil refiners 🏭 are enjoying the best-ever diesel margins/profits.

💠 Saudi Arabia's 🇸🇦 energy minister warns nations' that use emergency oil reserves to manipulate prices.

💠 Historical charts showing US SPR depletion 📉 & declining refinery capacity.

🔹French utility 💡 EDF said that it had lowered its nuclear output target 📉 for 2022 to 275-285 TWh from 280-300 TWh previously due to the impact of strikes on its reactor maintenance schedule & extended maintenance outages of four reactors affected by corrosion.

🔹Several US 🇺🇸 funds are pushing France to lift its €10bn buyout offer to minority shareholders of EDF as pressure mounts from investors (holding several hundred million euros worth of EDF shares) unhappy with the terms of the nationalisation.

🔹 "France 🇫🇷 swung from being one of Europe's 🇪🇺 largest exporters of electricity to a net importer because of issues with its reactors.

Last reported on this channel:

💠France's EDF is rushing to get nuclear power stations 🏭 online. 20 of 56 offline due to strikes & corrosion issues. (Last reported 6 of 12 with corrosion issues being repaired).

💠The French 🇫🇷 gov't to fully nationalize the EDF. which runs a 29 billion Euro loss.

🔹Russian 🇷🇺 nuclear fuel ☢️ transferred through Finland 🇫🇮 to Slovakia 🇸🇰, 2 days ago, which is not subject to EU 🇪🇺 sanctions. Slovakia will cap energy prices for companies in Q1 2023 to ease the impact of soaring electricity bills, with the state covering 80% of costs above set levels.

🔹 Investigation is still ongoing of cracks recently discovered in feedwater pumps at Finland's 🇫🇮 Olkiluoto 3 (OL3) nuclear reactor, making it impossible to set a date for resumption of test production. This does not directly affect electricity export to Estonia.

🔹 China’s 🇨🇳 nuclear corporation CNNC has entered into 8 agreements with Russia's Rosatom & others valued at $572 mln.

Video courtesy Firstpost YouTube Channel.

Last reported on this channel:

💠 Hungary 🇭🇺 & Bulgaria 🇧🇬 were the most vocal in opposing sanctions on Russian uranium. There are 18 Russian nuclear reactors in Europe.

💠 Russia's 🇷🇺 Rosatom & Hungary, 🇭🇺 discuss licenses for the Paks-2 nuclear power plant construction 🏗.

💠 How the sanction avoidance process works for Russia's 🇷🇺 Lukoil & it's ongoing saga with Italy.

🔹US 🇺🇸 sanctions are on crude oil, not refined products.

🔹Lukoil, Russia's 2nd largest oil & gas co. was not sanctioned by the US, & has a refinery in Sicily, (2nd largest in Italy 🇮🇹& 5th largest in Europe).

🔹The refinery's 🏭 inputs are 93% from Russia. After refining, the country of origin is Italy, not Russia.

🔹The refined product then makes its way to the US ⛽️.

💠 Russia’s Lukoil has turned down an offer to sell its Italian refinery to US 🇺🇸 private equity, Crossbridge Energy Partners.

💠 If a buyer is not found, the refinery will close, because it will not be able to receive Russian crude after the EU's Russian oil embargo by sea 🚢 starts on December 5th.

💠 The Italian 🇮🇹 gov't intends to scrutinise any sale of the refinery to prevent Italian job cuts & the loss of fuel production. Seizure & nationalization of the refinery is the last remaining option.

Video courtesy the WSJ

🔹India's 🇮🇳 External Affairs Minister, S. Jaishankar & diplomatic delegation completes their 2 day visit to Russia. He claims "The world is moving toward greater multipolarity, through steady and continuous rebalancing,..".

🔹Despite western sanctions, trade 🚢 turnover between Russia & India may total $30 bln by the end of 2022. Russia 🇷🇺 & India are working on the joint & efficient use of the Northern Sea Route & it's offshore hydrocarbon fields.

🔹Minister Jaishankar also said "We are, naturally, concerned over the trade imbalance, and I have raised with the Russian side how to address the impediments that stand in the way of greater Indian exports,".

🔹Both countries have agreed to negotiate the criteria and principles of reviewing potential expansion of BRICS. The parties also discussed the situation in Afghanistan 🇦🇫, Iran 🇮🇷, the Middle East, the Asia-Pacific Region and Ukraine 🇺🇦.

🔹American 🇺🇸 company Nvidia announced an alternative chip with a slower transfer rate (Nvidia A800 GPU) so it does not fall under US export restrictions to China 🇨🇳. The Nvidia A100 GPU (banned for export to China) has a faster transfer rate by 200 gigabytes per second.

🔹Germany 🇩🇪 plans to block the sale of Elmos' chip factory to Swedish🇸🇪 Silex ( subsidiary of Chinese 🇨🇳 group Sai Microelectronics), citing national security.

🔹Video: South Korea 🇰🇷 asks US to resolve uncertainties created by the US's 🇺🇸 chip export ban on China.

Semiconductor posts reported on this channel:

💠 The 🇺🇸 Biden admin plans further export controls to clamp down on China’s access to semiconductors.

💠TSMC 🇹🇼 complies with US regs. & suspended production of advanced silicon for China's Biren Tech.

💠 US bans exports 🚢 to China of equipment for 14nm chips.

💠South Korea 🇰🇷 attempts to assure China 🇨🇳 on supply chain amid US pressure.

💠 US 🇺🇸 share of semiconductor R&D has dropped drastically.

The de-industrialisation of Germany - Part 2.

🔹🇩🇪- Traditional bakery, Thilmann Brot GmbH, founded in 1937, Rhineland-Palatinate branch, has filed for bankruptcy. Cites high energy/raw material prices for operating ovens.

🔹🇩🇪 Department store chain Galeria Karstadt Kaufhof, with 131 branches, declare insolvency. Online retailer Buero.de eyes takeover. (Video)

🔹🇩🇪 Furniture co., Hülsta-Werke Hüls GmbH, after 82 years in operation is insolvent.

🔹🇦🇹 Austrian manufacturer of cable pulls, GA Actuation Systems GmbH, part of German 🇩🇪 holding co. Accursia Capital declares bankruptcy after loss of sales & inability to pay employee pensions.

Last reported on this channel:

💠 Co.'s operating for over 100 years shut down in Germany.

💠 BASF 🇩🇪, the world's largest chemical co. announces “permanent” downsizing in Europe.

💠 Steel manufacturers shut down across Europe.

💠Europe loses 📉 50% of its zinc & aluminum smelting capacity.

💠 Ammonia fertilizer & chemical 🏭 plants shut down across Europe.

🔹Is Brazil 🇧🇷 on the brink of a revolution?

🔹There have been a lack of news on the scale of protests during the past 9 days, over alleged election fraud. President Bolsonaro lost to Lula da Silva, by 50.9% to 49.1%. Millions of Brazilians are vocally supporting President Bolonsaro.

🔹Yesterday, Brazil’s 🇧🇷 Defence Ministry reported that they did not find any fraud or inconsistency in electronic ballot boxes or in the 2022 electoral process. However, the report warns that "it is not possible to say that the electronic voting system is free from the influence of a possible malicious code... & recommends a technical investigation.

🔹Brazil's Supreme Court 🏛 makes it clear that questioning the election is anti-democratic & violent protestors will be treated as criminals. The indigenous peoples of Brazil have been showing up at protests.

🔹Solidarity protests have even spread to 🇺🇸 New York. Some Brazilians use satire reporting to get their message out.

🔹Hungary 🇭🇺 infuriates EU 🇪🇺 for blocking €18 billion of aid to Ukraine. EU diplomats accuse Hungary of blackmail.

🔹Hungary denied it’s holding up the NATO entry bids of Finland 🇫🇮 & Sweden 🇸🇪 as part of its fight over billions of euros in EU aid.

🔹Germany’s 🇩🇪 ruling parties are urging Chancellor Scholz to “thoroughly” scrutinize Hungary’s rule-of-law reforms & only support releasing billions of withheld EU money if Budapest can prove it’s a democracy.

🔹EU countries can suspend €7.5 billion in EU funds for Hungary 🇭🇺 under a rule-of-law conditionality. The EU 🇪🇺 has been holding back Hungary’s access to €5.8 billion in coronavirus recovery funds.

Last reported on this channel:

💠 EU 🇪🇺 declares Hungary is no longer a democracy.

💠 Hungary 🇭🇺 would not support a price cap on Russian gas.

💠Hungary has agreed with 🇷🇺 Gazprom to re-route gas transit.

💠Hungary 🇭🇺 & Serbia 🇷🇸 have agreed to build a connection to the 🇷🇺 Druzhba oil pipeline.

Video courtesy Newsmax

🔹🇩🇪 Germany's consumer prices, harmonised to compare with other European countries, were 11.6% higher year-on-year in October. On a non-harmonised basis, consumer price inflation was 10.4%, the highest 📈 since December 1951.

🔹Germany's Bundestag passes the Inflation Compensation Act, aimed at offsetting the effects of high inflation on income tax burden.

Previous posts on Germany's de-industrialisation:

💠 German co.'s operating for over 100 years shut down amidst a surge in bankruptcies.

💠 German utility Uniper, reported a 4.8 billion euros loss & faces nationalisation.

💠 Industrial producer prices up by 41.9% 📈 in the euro area & by 41.4% in the EU 🇪🇺compared with September 2021.

💠 BASF 🇩🇪, the world's largest chemical co. announces “permanent” downsizing in Europe.

💠 Steel manufacturers shut down across Europe.

💠Europe loses 📉 50% of its zinc & aluminum smelting capacity.

💠 Ammonia fertilizer & chemical 🏭 plants shut down across Europe.

🔹The Organization of Turkic States (OTS) established the Turkic Investment Fund, during the OTS Summit in Samarkand, Uzbekistan 🇺🇿. The Fund is aimed to mobilize the economic potential of OTS States to strengthen the trade & economic cooperation & to implement joint projects.

🔹Northern Cyprus has been granted an observer status with the OTS.

🔹Kazakhstan's 🇰🇿 President Tokayev, calls to further expand transit/export routes citing the successes of the Trans-Caspian International Transport Route running across Kazakhstan, Azerbaijan & Türkiye.

🔹Türkiye's 🇹🇷 President Erdoğan, calls for Turkic states to develop common security concept, in managing irregular migration.

🔹Uzbekistan's 🇺🇿 President Mirziyoyev expressed concern over the situation in Afghanistan 🇦🇫. Former Turkmenistan 🇹🇲president Berdymukhamedov, said Turkic states should move to address the humanitarian crisis in Afghanistan.

Video courtesy TRT World & promo from the OTS.

🔹An explosion rocked the busy shopping street of Istiklal Avenue in Turkish capital Istanbul, killing 6 people & injuring 53 others. The explosion occurred 3 hours ago (1620hrs local time Sun 13th Nov).

🔹The cause of the explosion has not yet been determined, although it was most likely caused by a suicide bomber. The nearby Casimbasa police station said all crews had gone to the scene of the explosion.

🔹Türkiye's 🇹🇷 President Erdoğan speaking before his departure to the G-20 summit in Indonesia, said the explosion was a "treacherous attack'' and its perpetrators would be punished.

🔹The Turkish Red Crescent said blood was being transferred to nearby hospitals to help treat the injured. The area, in the Beyoglu district of Turkey’s largest city, had been crowded as usual at the weekend with shoppers, tourists and families.

🔹Istiklal Street had already been hit in the past during a campaign of attacks in 2015-2016 that targeted Istanbul.

Video compilation courtesy various Telegram channels.

🔹Moldova 🇲🇩- 60,000 protestors marched though the capital Chisinau, today (Sunday 13th Nov) against the president & gov't.

🔹Retired military & veterans of the 🇲🇩 Ministry of Internal Affairs (in camouflage) were walking alongside the protestors guarding the event after recent police violence at previous protests.

Previous posts on this channel:

💠 October 30th, Stand-offs between Moldovan citizens & police grow violent amid protests over inflated 📈 prices for gas, electricity, water & other utilities.

💠 October 23rd, police 🚓 brutalities continued amid a breakout of protests in Moldova. 🇲🇩

💠 October 16th, 50,000 protestors gathered across Chisinau🇲🇩, the capital of Moldova. Weekend before 60,000 protested.

💠 Thousands protest high energy prices during September in Chisinau. State-backed gas distributor Moldovagaz failed to fulfil wholesale payments to its sole gas supplier, Russia's 🇷🇺 Gazprom.

Video courtesy NewsMaker

🔹The Association of South East Asian Nations (ASEAN) 🇧🇳 🇰🇭 🇮🇩 🇱🇦🇲🇾 🇲🇲 🇵🇭 🇸🇬 🇹🇭 🇻🇳 plus three (China 🇨🇳, Japan 🇯🇵 & South Korea 🇰🇷), completed the 25th ASEAN Plus Three (APT) Summit on 11-12 Nov, in Phnom Penh, Cambodia.

🔹Chinese Premier 🇨🇳Li Keqiang, said that at a time when global development faces unprecedented challenges such as rising unilateralism and protectionism, APT countries need to stay committed to promoting peace and prosperity in the region and beyond.

🔹Over the past decade, the Chinese side initiated more than 130 cooperative proposals or projects under the ASEAN Plus Three cooperation framework and most of them had been implemented.

🔹Premier Li Keqiang put forward a five-point proposal:

📌Keep the process of regional economic integration going
📌Maintain the stability of industrial and supply chains.
📌Improve crisis response capacity
📌Deepen cultural, and people-to-people exchanges
📌Work to enable sustainable development

Video courtesy CCTV News Agency

🔹The Philippines 🇵🇭 President Marcos Jr. reminded contracting parties of the Treaty of Amity and Cooperation in Southeast Asia (TAC) to do their part in finding resolutions to the South China Sea 🇨🇳 (SCS) dispute without resorting to conflict, during the 17th East Asia Summit in Phnom Penh, Cambodia 🇰🇭.

🔹Russia’s 🇷🇺 FM Lavrov was questioned by media after the summit. He said NATO is now claiming that they’ll play a leading role [in the Asia-Pacific region] & are already shifting the so-called defensive line to the SCS. They are promoting an 'Indo-Pacific Strategy' to contain China & Russia.

🔹Chinese 🇨🇳 Premier Li Keqiang said, "as the call for peace and development among people in the region is growing stronger, countries in the region need to uphold mutual respect & deepen win-win cooperation".

🔹Premier Li Keqiang reiterated that countries need to maintain strategic dialogue, conduct constructive interactions, pursue mutually beneficial cooperation & tackle risks & challenges together.

🔹German 🇩🇪 state-controlled SEFE's subsidiary canceled 17 LNG shipments to GAIL 🇮🇳 India since May which is a breach of contractual agreements by Germany. This has resulted in a diplomatic spat between Germany & India.

🔹Germany seized & nationalized Russia's 🇷🇺 Gazprom Germania back in April & took control of SEFE subsidiary (Safe Energy For Europe). As a result, Russia imposed sanctions via prevention of sales of LNG 🚢 cargo to their previously owned Gazprom Germania.

🔹SEFE’s Singaporean 🇸🇬 subsidiary said it can’t fulfill its long-term LNG contract with GAIL & is paying a small penalty fee of 20% the value of the contractual shipment, leaving a big gap for India's GAIL to cover to get LNG replacement.

India's 🇮🇳 GAIL declined SEFE's penalty fee for cancelled LNG cargoes. GAIL is consulting lawyers about arbitration.

🔹GAIL has a contract to receive 2.5 million tons of LNG 🚢 a year until 2041 signed with the previously Gazprom Germania.

Video: Alexander at The Duran April 5th 2022.