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A Reuters poll showed the South African Reserve Bank will cut interest rates by 25 basis points to 7.50% on January 30 and cut them by another 25 basis points in March.ANZ Bank: Global natural gas prices are expected to face continued upward pressure this year.ANZ Bank expects global natural gas prices to continue to face upward pressure this year.On January 23, according to a notice on Teslas (TSLA.O) Canadian website, Tesla will increase the prices of all its cars in Canada from February 1, including Model 3, which will increase by up to 9,000 Canadian dollars. The price of the Model Y will increase by up to 4,000 Canadian dollars, while all Model S and X models will increase by 4,000 Canadian dollars. Tesla did not explain the reason for the price increase. Tesla does not produce cars in Canada, but imports them from other factories. Teslas unexpected price increase came as Canadian Prime Minister Trudeau reiterated on Tuesday that the Canadian government is ready to respond if U.S. President Trump imposes a 25% tariff on imports from Canada and Mexico starting February 1.Futures January 23, Economies.com analysts latest view today: Brent crude oil futures prices continued to show a new decline today after a brief rebound yesterday, approaching our expected target price of 78.39. This price is calculated based on the 38.2% Fibonacci retracement level of the rising band from 71.23 to 82.82. It is worth noting that if this price is effectively broken, the bearish band may extend further to the next target of 77.05. In order to continue the current bearish trend, the price needs to remain below 80.10. If the price can break through this resistance level, it may end the current bearish trend and re-enter the main bullish trend. The expected trading range of Brent crude oil today is set between 77.10 support and 80.10 resistance. Overall trend outlook: bearish.

How to prevent a severe shortage of oil supply? Moody's: The drilling budget of the exploration company is at least this number

Oct 26, 2021 11:02

According to data from the three major international credit ratings Moody's Investor Services, the upstream annual investment plummeted by about 30% in 2020, and has since rebounded only slightly. Oil exploration companies need to increase their drilling budget by 54% to more than $500 billion to prevent severe supply shortages in the next few years.

Crude oil and natural gas drillers have suffered from unprecedented demand and price drops last year, but they have not expanded their search for undeveloped oil fields as the industry usually does, and have responded to the recent market rebound.

Moody's stated in a report last week that although international crude oil and US natural gas have increased by 50% and 120% respectively this year, global drilling expenditures are expected to grow only by 8%.

Moody's analyst Sajjad Alam wrote in the report that this figure is too small to replace the oil that these companies will extract from the ground in 2022, thereby laying the foundation for a more tight supply scenario. Any such austerity will be on top of the current crises that plague Asian and European economies. As winter approaches, prices are breaking records almost every day, and they are busy supporting fuel reserves. The industry will need to increase spending significantly, especially if oil and gas demand continues to rise by 2025, exceeding pre-epidemic levels.

Moody's quoted estimates from the International Energy Agency that oil and gas companies are expected to spend $352 billion on drilling and related activities this year. If they increase to the recommended $542 billion, it will be the highest in the world since 2015.

On Monday (October 11), U.S. crude oil prices continued to soar, setting a new high in the past seven years, while Bulu oil hit a three-year high. How long can oil be hot? Industry insiders believe that there is a lot of demand for oil heating in winter, the oil market (OPEC) increased production as originally planned, and the European and American energy crisis hits, resulting in strong expectations for oil prices in October. However, the fourth quarter is generally optimistic about oil prices. It should be noted that there may be some The risk of a callback.

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