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Deutsche Bank: It expects the Federal Reserve to raise interest rates by 25 basis points in March 2027, having previously predicted rate hikes in September and December 2026.September 14th - According to the Financial Times, soaring oil prices will prompt a renewed debate within the Bank of England regarding whether to raise interest rates before the end of the year. Policymakers are preparing to meet later this week. The Monetary Policy Committee will convene to discuss key interest rates and the pace of balance sheet reduction. Meanwhile, a bond market sell-off is putting increasing pressure on Prime Minister Andy Burnhams government, with the budget due on October 28th. Market pricing indicates less than a one-in-three chance of a rate hike at Thursdays September policy meeting. However, renewed escalation of the Middle East conflict driving up energy prices, accelerating inflation, and relatively robust UK GDP growth are likely to intensify the internal debate within the Bank of England about how long the key interest rate can be maintained at 3.75%. Deutsche Bank economist Sanjay Raja stated, "The Bank of Englands patience may be running out, and the reasons for remaining on hold are slowly waning."On September 14th, according to The Daily Telegraph, former British Prime Minister Boris Johnson was traveling on a train from Ukraine to Poland when a Russian drone attacked a nearby railway line. Johnson was reportedly unharmed. According to the Ukrainian state-owned railway company Ukrzaliznytsia, former CIA Director David Petraeus was also on another train at the station where the attack occurred. Former Swedish Prime Minister Carl Bildt was also on the private train, traveling with other European diplomats. He stated that they were informed of the Russian drone attack on the following train. Ukrainian authorities stated that the attacked train was carrying 206 passengers. According to Ukrainian railway officials, the attack site was only 2 kilometers from the Polish border. This has raised concerns that Russian attacks are increasingly approaching NATO territory.September 14 - According to Reuters, Omans Energy Minister stated, "The Strait of Hormuz will be open. The current situation is likely only short-term. I am pleased that Oman can continue to produce oil and gas. Soaring oil and liquefied natural gas prices are unsustainable for everyone. The situation should stabilize in the medium term. We need to diversify export routes and identify alternative export options, whether through Oman or Yemen."Omans Energy Minister: We need to diversify export routes and find alternative export options, whether via Oman or Yemen.

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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