Oilprice Alert: This month’s Intelligent Investor column, now available to Global Energy Alert members, compares two of the most promising Canadian oil stocks on the market. If you are an investor in the energy space, now is the time to sign up for Global Energy Alert. Friday, September 23, 2022 Fulfilling its promise to tackle inflation aggressively, the Federal Reserve raised interest rates to their highest level since 2008 by 75 basis points, confirming analysts’ fears that its primary goal of curbing inflation would outweigh any concerns that related to oil. However, this week’s escalation in the Russia-Ukraine war renewed fears of cuts in Russian supplies, which, combined with news that China had finally opened its cities after several months of lockdown, neutralized the downward pressure, at least currently. The EU is preparing the eighth set of sanctions against Russia. With Russia expected to annex parts of eastern Ukraine after next week’s referendums, the European Union is scrambling to put together another package of sanctions that would tighten restrictions on high-tech exports and impose a bloc-wide oil price cap. . Iran and the US are walking away from the deal. Tehran and Washington had a chance to move closer to a nuclear deal at the UN General Assembly, but President Ebrahim Raisi demanded guarantees on any future deal and denounced Western countries’ double standards when dealing with Iran. UK lifts shale gas ban. The UK’s new government has lifted a moratorium on fracking for shale gas in the country that had been in place since 2019, with Business and Energy Secretary Jacob Rees-Mogg claiming the practice is safe and limits on seismic activity should be reassessed despite drilling fears. -induced terror. EPA to tighten emissions rules for trucks. The U.S. Environmental Protection Agency is considering tougher greenhouse gas emissions rules for heavy-duty trucks built in the 2027-2029 model years, arguing that the IRA Act requires stronger regulatory measures. Paris is suing its own oil major. The cities of Paris and New York have joined a network of environmental groups suing French energy company TotalEnergies (NYSE:TTE) for failing to adequately combat climate change, seeking a ruling similar to the Dutch court’s landmark 2021 ruling on Shell (LON: SHEL). ADNOC Eyes Oil Market Trader. The UAE’s national oil company ADNOC is reportedly in early talks to acquire or take a stake in the world’s fourth-largest energy trading company Gunvor, with the latter’s main owner saying the company’s value rose to $4 billion in first half of 2022. The EU could exempt the US from carbon rules. The European Union may exempt the US from the carbon border tax, which is expected to start in 2026, provided the United States is on “the same trajectory in reducing emissions.” Court revokes $3.6 billion natural gas project permit. Australia’s Federal Court has ruled in favor of an indigenous group that sought to overturn a drilling permit for the $3.6 billion Barossa project off the country’s north coast, claiming project operator Santos (ASX:STO) failed to consult them on the drilling. Cheniere promises to fix the polluting equipment. After detecting increased emissions at its Sabine LNG facility, US LNG exporter Cheniere (NYSEAMERICAN:LNG) pledged to replace a malfunctioning generator turbine, several months after the company sought an exemption from EPA emissions rules. Another gas discovery in Malaysia. UAE-based Mubadala Energy has made a major gas discovery offshore Malaysia, with the Cengkih-1 exploratory well hitting a gas column of more than 110 meters, boosting the long-term outlook for Malaysia’s LNG volumes. Europe is considering new carbon taxes. Brussels is now looking at ways to subject coal plants to the EU’s recently announced €180 per MWh cap on power generation revenues, even though they were originally set up for non-fossil fuel sources, as coal was initially thought to have operating costs above from the given limit. US refiners are ready to buy Canadian again. Once the release of US SPR stops, US refiners are expected to double down on cheap Canadian heavy sour grades from Alberta as pipeline operator Enbridge ( TSE:ENB ) began to allocate pipeline capacity after months of unrestricted supply. AMLO is considering breaking up Mexico’s oil trading unit. According to media reports, Mexican President Andres Manuel Lopez Obrador is ready to dissolve PMI, the trading arm of national oil company PEMEX, saying that after 2023 most of the country’s crude will be used domestically. Chinese oil with a double drop in batteries. China’s top oil producers PetroChina (SHA:601857) and Sinopec (SHA:600028) have joined the world’s largest battery maker CATL and automaker SAIC in a joint venture to supply swappable batteries for electric vehicles. By Tom Kool for Oilprice.com More top reads from Oilprice.com:
