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$67 Oil Has All The Majors Converging in Argentina

Green Car Congress

Argentina offers one of the few places on earth where oil companies are not suffering from the full force of the collapse in prices. Argentina regulates oil prices, a policy originally intended to insulate the public from the whims of the market, protecting people from triple-digit crude prices. per million Btu (MMBtu).

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EIA forecasts growing liquid fuels production in Brazil, Canada, and China through 2023

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The US Energy Information Administration (EIA) forecasts that liquid fuels production in Brazil, Canada, and China will increase this year and next, contributing to growth in overall non-OPEC petroleum production. The United States will account for about 60% of the growth in combined liquid fuels production in all non-OPEC countries.

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Nuseed secures commercial offtake agreement for carinata with leading biodiesel producer Saipol

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Nuseed Limited, a wholly-owned subsidiary of Nufarm Limited, has executed a commercial off-take agreement with Saipol, the largest biodiesel producer in Europe, to supply Nuseed Carinata as a feedstock for certified low-carbon oil for renewable fuels and high protein non-GMO meal for livestock feed.

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First Nuseed Carinata shipment for biofuel feedstock

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Grown as a scalable cover crop in Argentina, it will be processed into a renewable fuel with best-in-class greenhouse gas (GHG) reduction. Nuseed added carinata to its global portfolio in November 2019, following a successful pilot project in Argentina and acquiring specific carinata technology from the crop’s developer.

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Strong Dollar Could Cap Oil Prices

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dollar poses an obstacle to further gains in oil prices. As Reuters points out , in dollar terms the price of Brent oil has climbed 9 percent this year, but in yuan terms oil is now nearly 14 percent more expensive. Argentina, Brazil, Turkey and South Africa have seen significant depreciations in their currencies this year.

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The Fed Is Driving Down Oil Prices

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dollar has jumped to its strongest level in nearly a year, raising questions about how a strong greenback could act as a drag on debt and oil demand in much of the world. There are plenty of factors influencing oil prices right now, and the OPEC+ decision expected in a few days will be the single most important driver in the near-term.

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EIA projects world liquid fuels use to rise 38% by 2040, driven by growth in Asia and Middle East; transportation 92% of demand

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Liquid fuels production (OPEC crude and lease condensate, non-OPEC crude and lease condensate, and other) and consumption (by OECD and non-OECD regions) under three price cases in 2040. Those two regions combined will account for 85% of the total increase in liquid fuels used worldwide over that period, said EIA Administrator Adam Sieminski.

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