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On August 16, the Islamic Republic of Iran Broadcasting (IRIB) reported that Iranian Army Commander-in-Chief Amir Hatami announced a $30,000 reward for the capture or killing of U.S. soldiers. The reward will reportedly be given to any Iranian soldier who comes from "the Iranian people."On August 16, Zijin Mining International (02259.HK) announced that in the first half of the year, thanks to the full contribution of newly acquired assets and the continued optimization of mature mines, gold production increased by 44% year-on-year to approximately 27.3 tons; revenue and profit attributable to owners of the parent company increased by 100% and 179% year-on-year, respectively, and net cash flow from operating activities increased significantly by 331% year-on-year.On August 16, the General Staff of the Ukrainian Armed Forces reported that Ukrainian forces attacked the "Kamensky Joint Enterprise" in Rostov Oblast, Russia, a Russian military-industrial complex. The Ukrainian side stated that a fire broke out at the target site, and the extent of the damage and the results of the operation are still being verified. The Ukrainian military stated that this military-industrial enterprise is a major Russian military-industrial enterprise, producing solid rocket fuel for the "Hurricane," "Tornado," and "Tornado-S" multiple rocket launcher munitions, as well as related fuels for various missile systems and air-to-ground weapons. On August 16, local time, the Russian Ministry of Defense released a 24-hour combat report stating that Russian forces had taken control of two settlements: Pershomalievka in the Donetsk region and Kudyevka in the Kharkiv region. The report stated that Russian air defense forces shot down 14 guided bombs, 1 US-made HIMARS rocket, 9 Flamingo long-range cruise missiles, and 1,478 fixed-wing drones. This is the highest number of Ukrainian drones shot down in a single day as reported by the Russian Ministry of Defense to date.On August 16th, according to a report by Axios, citing three sources familiar with the matter, in mid-May, US negotiators encountered a problem when attempting to reach an agreement with Iran to end the war: they were unsure whether the Iranian representatives across the negotiating table truly represented the countrys powerful Islamic Revolutionary Guard Corps (IRGC). The report stated that, therefore, Trump administration officials took an unusual approach—bypassing Iranian negotiators and contacting the IRGC leadership directly. The person chosen by the US to oversee this secret communication channel was Nechirvan Barzani, the president of the Iraqi Kurdistan Region. He possessed an extremely rare advantage: the trust of both the US and the IRGC leadership. This incident highlights that a key reason for the difficulties in US-Iran negotiations lies in Washingtons inability to ascertain who truly holds decision-making power in Iran. The US and Iran did ultimately reach a memorandum of understanding, but it quickly collapsed.August 16 (Yonhap) -- Several North Korean soldiers recently crossed the Military Demarcation Line in the eastern region, prompting South Korean forces to fire warning shots. This is reportedly the first time this year that South Korean forces have fired warning shots in response to a North Korean incursion.

Shale firms perceive the U.S. put as inadequate to grow oil output

Skylar Williams

Oct 24, 2022 14:13

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This week, U.S. shale oil CEO Matt Gallagher sponsored a Twitter poll to gauge sentiment over President Joe Biden's suggestion to stock the U.S. emergency oil reserve at roughly $72 per barrel to incentivize companies to drill more.


Nearly 80% of respondents do not anticipate oil futures to fall to a level that would trigger U.S. purchases in the coming year, eliminating any boost from the "U.S. put" or the use of potential Strategic Petroleum Reserve purchases to set a minimum price for new oil production.


The CEO of the consulting firm PetroNerds, Trisha Curtis, slammed the offer, noting that the news created the impression that he was throwing the oil business a bone.


"What if oil prices do not drop to that level? Simply maintain a modest level of reserves? "She inquired.


Biden announced the final sale of 180 million barrels and the repurchase price. "He is aiming to strike a difficult balance between expanding his green constituency and reducing fuel prices. Likewise, he did neither, "said Curtis.


A Department of Energy spokesperson was not immediately available for comment.


Abhiram Rajendran, director of the consultancy firm Energy Intelligence, indicated that a price of roughly $70 per barrel of oil "is a price at which supply does not expand."


According to Hunter Kornfeind, oil market analyst at Rapidan Energy Group, people and equipment shortages and high expenses prevented a production boom despite the fact that U.S. oil prices surpassed $120 per barrel this year.


Rebecca Babin, a senior energy trader at CIBC Private Wealth, noted that projections for oil prices through 2024 had increased due to declining supply. She indicated that this transpired apart from the SPR offer.


According to Kornfeind, oil producers can lock in a sales price for future production similar to the amount specified for SPR purchases, as oil futures until mid- to late-2024 are trading around $72 per barrel.


Frank Macchiarola, senior vice president of the American Petroleum Institute, remarked that if the Biden administration wishes to expand oil supplies, it must "change its policy towards the production of additional oil and gas in the United States."

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