1. Venezuela Braces for Impact After US Reimposes Sanctions - The Biden administration reimposed sanctions on Venezuela’s oil industry after its six-month waiver expired on 18 April, with the White House providing oil firms with a 45-day grace period to wind down operations.
- Chinese wind generation is up by more than 25% year-over-year; however, the upcoming months should see growth decline as wind speeds in the summer months usually slow down. - China still overwhelmingly relies on coal, accounting for 62% of national power output, but wind’s 11.4% might soon overtake hydro and become the second-largest source of electricity.
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Rising Geopolitical Risk and Supply Disruptions Push Oil Prices HigherA combination of rising geopolitical risk and supply disruptions has pushed oil prices higher, with Brent looking increasingly likely to break the $90 mark. Energy stocks have started to outperform the wider stock market as Brent is nearing 89 per barrel this week, with energy leading the S&P 500’s eleven market sectors in March thanks to a 10% rise. The oil markets are anticipating the OPEC monitoring meeting on April 3, looking for potential clues on the directionality of pricing, with JPMorgan already predicting Brent to be in the $90s by May on Russia’s production cuts. The ongoing tightness in refined products has seen refiners outperforming pure upstream-focused companies by some 5 percentage points as the Red Sea shipping disruptions and refinery drone strikes in Russia kept supply restricted. According to Reuters, OPEC production declined to 26
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