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Both WTI and Brent crude oil opened about 1% higher on Monday, currently trading at $102.57 per barrel and $107.15 per barrel, respectively.On March 30th, Jefferies stated that Australian refineries can only meet a small fraction of domestic fuel demand. The conflict in Iran has led to rising petrol and diesel prices, and Australias competition regulator has expressed concern about supply issues in areas including suburban areas, regional towns, and remote regions. Jefferies estimates that Australian refinery output can meet approximately 37% of petrol demand and about 14% of diesel demand. This conclusion is based on an analysis of Australian oil statistics from last year. "Even in Queensland and Victoria, where Ampore and Viva Energy respectively own refineries, the output of Litton and Geelong is insufficient to meet the states total demand for petrol or diesel," said analyst Michael Simotas.According to Iranian state media, a petrochemical plant in Tabriz, a city in northwestern Iran, was attacked.1. Ukrainian Armed Forces: Russian troops lost approximately 1,360 soldiers yesterday. 2. RIA Novosti: Russia claims to have captured the village of Kivsharivka in Kharkiv Oblast, Ukraine. 3. Russia warns South Korea that it will retaliate if it provides lethal weapons to Ukraine. 4. Kremlin spokesman Dmitry Peskov: Russian-American relations have fallen to a historic low in recent years; Russia is willing to develop relations with the US. 5. Ukrainian President Volodymyr Zelensky: Following the Ukrainian attack, oil refineries in Leningrad Oblast, Russia, are operating at only 40% capacity. 6. Governor of Leningrad Oblast: A fire broke out at the Baltic port of Ust-Luga, Russia, caused by a Ukrainian drone attack; the fire is now under control.On March 30th, economist Rory Robertson stated that the Australian economy may have already experienced a downturn due to the oil price shock and threats to energy supplies. If the economy did not actually contract in March, the constraints imposed on numerous industries by the sudden surge in fuel prices (especially diesel) and reduced supply could force a slight contraction in economic activity in April. Robertson stated that the economic outlook depends on whether the problems can be resolved as quickly as they appeared. He added that historical experience shows that sudden and prolonged oil price shocks often turn into economic disasters.

Peruvian Protesters Consent to Participate in Negotiations on MMG's Closed Copper Mine

Charlie Brooks

May 07, 2022 09:34

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Indigenous communities protesting the Las Bambas copper mine in Peru have agreed to meet with government and industry representatives on Saturday to discuss the disagreement that has led to the temporary closure of the project.


Las Bambas in southern Peru, owned and operated by China's MMG Ltd, produces 2 percent of the world's copper and contributes significantly to Peru's economy, accounting for around 1 percent of the country's gross domestic product.


The two protesting communities of Fuerabamba and Huancuire, whose members began camping on mine land in mid-April, affirmed in a document obtained by Reuters that they will participate in negotiations. They propose that they should take place outside of the surrounding area where a state of emergency has been declared.


MMG refutes the communities' claims that the firm has not met its social investment obligations.


In a letter to Prime Minister Anibal Torres, the leaders of the two groups stated, "As a demonstration of our true desire for dialogue, we affirm our participation in the meeting."


This week, community leaders stated they would not attend any meetings unless the emergency status for the area surrounding the mine was withdrawn, but Torres denied their request.


Police unsuccessfully sought to remove Huancuire community members last week, while Fuerabamba residents were expelled days earlier.


The state of emergency, which was declared at the end of April, curtailed civil liberties, including the rights to gather and demonstrate.


Fuerabamba was relocated a decade ago to make room for Las Bambas, but continuous protests and obstacles have since halted production at the profitable mine.