Russia And Saudi Arabia See Oil Oversupply In 2022

First or second quarter?

“Everybody is predicting a surplus of supply starting from the first or second quarter,” next year, Russian Deputy Energy Minister Pavel Sorokin told Bloomberg on the sidelines of this week’s oil industry even in Abu Dhabi. The only question is when exactly that surplus will take place—but the difference is only a few months, according to Sorokin.

“Inventories have stopped drawing, which shows there is no deficit at the moment,” Sorokin added. Russia took the opportunity to point fingers at the U.S. government, which has for weeks been accusing OPEC of refusing to increase production to ease gasoline prices at American fuel pumps.

According to Sorokin, the U.S. Federal Reserve’s policy has a much greater impact on the oil and gas market than the supply and demand situation.

https://oilprice.com/

Russia And China Are Looking To Tap Afghanistan’s $1 Trillion Resource Reserves

Power vacuum

“Nature abhors a vacuum” is a familiar maxim in science. It means that empty spaces are unnatural as they go against the laws of physics. The saying could equally be applied to Afghanistan, where the end of a 20-year-old war with the United States has resulted in a power vacuum eager to be filled by another global power(s).

“Russia is clearly interested in [a] consolidated Afghanistan under a stable rule,” NBC News quotes Fyodor Lukyanov, a top Russian foreign policy expert who leads the Moscow-based Council on Foreign and Defense Policy. “It doesn’t matter so much for Moscow who is in charge in Kabul.”

Iran nearly went to war with the Taliban in 1998 after they killed 10 Iranian diplomats, but has since improved ties with the group; it is also one of Afghanistan’s biggest trading partners.

China sees an opportunity to exploit potentially lucrative oil and gas and mining projects which have been scrubbed or delayed by security concerns, a lack of infrastructure and technical issues. The country reportedly has $1 trillion worth of minerals in reserves, including copper, iron, lithium and rare earths.

Beijing recently said it would provide the Taliban with $31 million in emergency aid including food and 3 million covid-19 vaccine doses.

All three countries are worried that the withdrawal of US forces will create chaos in the region, ensnaring them in Afghanistan’s internal affairs. Moreover, they are concerned about terrorism once again breeding under Taliban protection.

https://oilprice.com/

Massive ransomware attack in US

More than 1,000 companies hit

A massive ransomware attack on the software supply chain has impacted more than 1,000 businesses so far, and the number may continue to grow, according to the cybersecurity firm Huntress Labs Inc.


The attack has focused on managed service providers, which provide IT services primarily to small- and medium-sized businesses. Such attacks can have a multiplying effect, since the hackers may then gain access and infiltrate the MSPs’ customers too.
So far, more than 20 MSPs have been affected, said John Hammond, a cybersecurity researcher at Huntress Labs. A managed service provider (MSP) is an outsourced third-party company that manages and assumes the responsibility of a defined set of day-to-day management services to its customers.

https://www.business-standard.com/