Newsletter No. 69
Hello,
It is Thursday, June 6, 2024. Check out our latest oil and gas news, with a little focus on what’s happening at King. Let’s dive into the highlights together.
This Week’s Headlines
- Virginia Rejects California’s EV Mandate
- South Korea to Stay a Major Crude Importer Despite Oil Find
- Oil Prices Fall on OPEC+ Decision
- NOV Inc.’s David Reid on Tech Innovations and Fighting Sex Trafficking
- The Rice Report: Is Recession on the Horizon?
- Venezuelan Officials Seek to Halt Citgo Auction
GLOBAL OIL & GAS NEWS
Virginia Rejects California’s EV Mandate
Virginia will exit the California electric vehicle mandate at the end of 2024, announced Governor Glenn Youngkin. This decision follows an official opinion from Attorney General Jason Miyares, confirming that Virginia is not required to comply with California’s new “Advanced Clean Cars II” regulations set to take effect in 2025. Governor Youngkin emphasized the importance of allowing Virginians the freedom to choose their vehicles, opposing what he termed as overreach by California’s unelected leaders.
South Korea to Stay a Major Crude Importer Despite Oil Find
South Korea’s potential offshore oil and gas discovery may meet its energy needs for years, but experts are skeptical about its feasibility. Despite plans for exploratory drilling, industry insiders doubt it will change South Korea’s status as one of Asia’s top crude importers. The country is expected to continue relying on imports for at least the next two decades..
Oil Prices Fall on OPEC+ Decision
Oil prices dropped as OPEC+ extended production cuts until Q3 2024 and maintained base cuts until the end of 2025. This decision, along with expectations of increased supply in 2025, led to a nearly $3 per barrel decline in Brent crude, pushing it below $77. Market factors like a Norway outage, a nationwide strike in Nigeria, and an exodus of oil majors from the UK North Sea also contributed to the bearish sentiment. Below are recent Crude WTI Futures numbers. You can see the up-to-the-minute numbers here.
HAPPENING AT KING
NOV Inc.’s David Reid on Tech Innovations and Fighting Sex Trafficking
In this episode, guest co-host Jordan Soto and I interviewed David Reid, CTO and CMO of NOV Inc., while at Super DUG in Fort Worth. David shares his career journey from architecture to technology, NOV Inc.’s shift towards renewables, and his work with RedM Inc., a group combating sex trafficking. He highlights the organization’s impact through awareness campaigns and creative fundraising, stresses the importance of societal education on trafficking, and discusses future goals for RedM. and NOV Inc., including projects in automation and AI. You can support RedM here. You can subscribe to The Jay Young Show on Apple or Spotify, and you can watch many of the episodes on YouTube. You can also watch episodes on our website.
macro-economic look
The Rice Report: Is Recession on the Horizon?
In this episode of The Rice Report, Eric Rice explores the pressing challenges facing the U.S. economy and global politics. He covers topics like soaring real estate prices, misleading job reports, rising inflation, and increasing auto loan delinquencies. Join Eric as he unpacks these critical issues and their potential impacts on our future. You can watch more episodes of The Rice Report on YouTube and Rumble.
MOVE TO WATCH
Venezuelan Officials Seek to Halt Citgo Auction
Venezuelan representatives have met with U.S. officials to discuss pausing the court-ordered auction of Citgo shares. This auction aims to pay creditors and claimants seeking $24 billion in claims against Venezuela. Launched by a Delaware court in October 2023, the auction’s first round of bids fell short, prompting Venezuela to propose an alternative payment schedule. The talks seek a pause until after Venezuela’s presidential election in late July.
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Recommended Reads
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Shell Plans Major Work at Its Largest German Oil-Processing Complex
Will Iran President’s Death Affect Israel Conflict, Oil and Gas?
Thank you for your continued support, and if you have any questions for myself or any member of the King team, please don’t hesitate to reach out.
All the best,
Jay
