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The SC crude oil futures contract fell 4.00% intraday, currently trading at 508.40 yuan per barrel.June 16 – According to The Wall Street Journal, sources familiar with the matter said that under the agreement, the United States will allow Iran to immediately resume oil and fuel export sales, providing Tehran with an early economic incentive to promote de-escalation. The clause in the agreement regarding the exemption of sanctions on oil sales will take effect immediately after the agreement is signed this week. At the same time, essential services supporting oil sales, such as banking, transportation, and insurance, will also be exempted to ensure the smooth conduct of related transactions. The Anti-Nuclear Iran Coalition (UANI) stated that a supertanker carrying Iranian crude oil has left the port of Chabahar, crossed the US blockade, and sailed out of the Gulf of Oman on Tuesday with its ship positioning system activated. This is the first such occurrence since the US imposed a maritime blockade in April. A senior US official said on Tuesday that although Iran will receive an initial sanctions exemption for oil sales, long-term and sustained sanctions easing will depend on Irans compliance with US demands, including opening the Strait of Hormuz and issues related to its nuclear program. The official added that Iran will not immediately receive billions of dollars frozen overseas.Crude oil futures contract 2608 weakened significantly during the session, with the decline widening to 3.81%, and the price dropping to 509.5 yuan/barrel. The trading volume exceeded 11.4 billion yuan, and the open interest increased by more than 3,600 lots during the day, indicating increased market volatility.According to the Wall Street Journal, the terms of the sanctions waiver for Iranian oil sales will take effect immediately after the agreement is signed this week, and will cover essential services such as banking, transportation and insurance to facilitate sales.According to the Wall Street Journal: The US-Iran agreement allows Tehran to sell oil immediately.

In Colombia, natural gas consumption has outpaced production

Charlie Brooks

Jun 28, 2022 11:31


According to our most recent Colombia Country Analysis Brief, Colombia imported 14,2 billion cubic feet (Bcf) of natural gas to help meet its natural gas demand for electricity in 2020, when a drop in hydroelectric power was caused by drought.


In 2020, hydroelectricity will contribute to around 65% of Colombia's electrical generation, down from nearly 80% in earlier years. Since hydropower is Colombia's principal energy source, droughts may have a significant effect on the country's electrical producing mix.


The bulk of natural gas used in Colombia is produced domestically and employed to create electricity. In recent years, imports have progressively bridged the gap between domestic natural gas production and domestic demand. In 2020, Colombia produced 399 Bcf of dry natural gas, while domestic consumption was 413 Bcf.


Concerns over the reliability of the nation's electricity supply prompted the Colombian government to approve the Sociedad Portuaria El Cayao (SPEC) LNG import plant in November 2014. The facility started operations in November 2016. The administration has since proposed the Pacific Regasification LNG terminal as the nation's second LNG import plant.


EPM is currently developing the new hydroelectric dam project Ituango. The first of eight 300-megawatt generating units will commence operating in the second part of 2022. The whole project will have a capacity of 2.4 gigawatts when it is finished in 2025. If completed, the Ituango project would be the largest hydroelectric power plant in Colombia in terms of generating capacity. In 2020, the installed electrical production capacity of Colombia was 17 gigawatts.

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