According to the International Energy Agency (IEA) oil supply forecasts for 2025, the figures will be favorable.

Despite the impact on the sector of low demand from China, the agency “increased its forecast for growth in global oil demand for 2025 to 1.1 million barrels per day, from 990,000 bpd” in November.

This measure is in addition to the three-month delay, until April of this year, by OPEC+ in the start of the increase in oil production and extended by one year, until the end of 2026.

For 2025, the IEA’s outlook “points to an excess supply of 950,000 barrels of oil per day, even excluding the return to higher production quotas.”

M.Pino

Source: larepublica.co

(Reference image source: Maria Lupan on Unsplash)

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Austrian privacy-focused organization Noyb filed a lawsuit against Meta over its recent model of paying for privacy on Facebook and Instagram, the organization announced on Thursday. Since the beginning of November, Meta has implemented a controversial “privacy tariff” of up to 250 euros per year for users who choose not to be tracked on its platforms.

Noyb argues that this practice contradicts European Union data protection regulations, which stipulate that withdrawing consent for tracking should be as simple as giving it. The partnership requires Meta to provide users with a simple way to revoke their consent at no additional cost.

Massimiliano Gelmi, Noyb’s lawyer, criticized Meta’s policy, noting that “paying 251.88 euros a year to withdraw consent is not as easy as pressing an ‘ok’ button to accept tracking.” Meta’s strategy involves charging users for selecting privacy settings, forcing those who cannot pay to accept personalized advertising based on their online activity.

The confrontation between Meta and the authorities of the European Union is not new, with data protection policy, the implementation of the “right to digital oblivion” and the management of social networks in relation to the media some of the points of conflict.

Noyb anticipates that the case could be referred to the Irish Data Protection Authority, which has jurisdiction over Meta in the EU. The lawsuit filed by Noyb seeks to set a precedent in protecting users’ privacy against questionable business practices.

K. Tovar

Source: Bancaynegocios

(Reference image source: Mariia Shalabaieva, Unsplash)

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La entrada Instagram and Facebook were sued for charging privacy fee apareció primero en Bitfinance.

Texas oil dropped almost 11% in value during 2023, marking its first negative year since 2020, when the COVID-19 pandemic erupted. This decline is attributed to volatile factors and, above all, to doubts about the capacity of demand to absorb unbridled production.

The closing of Friday’s day put the price at $71.65, without reaching the $100 mark predicted by some analysts. Despite having reached a peak of $95 at the end of September due to fears of limited supply due to production cuts in Saudi Arabia and Russia.

The United States led production with about 13 million barrels a day last week, being the main driver of production growth in non-OPEC countries. This marks a significant shift in the share of supply, previously dominated by the Middle East.

In November, OPEC pledged to reduce oil production by 2.2 million barrels per day in the first quarter of 2024. However, some analysts express doubts about the effectiveness of this policy in balancing the market.

The International Energy Agency (IEA) forecasts significant growth in oil supply in 2024, especially in the United States, against a significant drop in demand. This imbalance is expected to have an impact on the oil market.

Geopolitical factors, such as Hamas’ attacks on Israel in October, influenced oil prices. Although there was a brief increase, Texas experienced a 21% drop in the last quarter of the year, parallel to the ongoing Israeli offensive against the Palestinian territories.

Investors are starting to focus on the risk of oversupply in oil markets for next year, along with insufficient demand, according to analyst Marios Hadjikyriacos of the firm XM.

The Federal Reserve’s measures to control inflation, which is approaching the 2% target in the US, have also influenced the value of the dollar and thus the oil market. Analysts anticipate changes in the coming weeks, with the possibility that tax cuts will boost the global economy and, by extension, oil demand, as Craig Erlam of Oanda noted in a recent note.

K. Tovar

Source: Bancaynegocios

(Reference image source: Unsplash+)

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La entrada Texas Oil had its first year in red since 2020 apareció primero en Bitfinance.

A federal judge temporarily suspended the sale of Voyager Digital to Binance.US for $1 billion.

The US Department of Justice requested an emergency stay, which was granted by Judge Jennifer Rearden of the US District Court in New York on March 27.

The settlement will have to wait until at least a decision is made on the Justice Department’s appeal against the bankruptcy plan. The acquisition was previously approved by Judge Wiles, but US regulators have tried to stop it.

Voyager’s Official Committee of Unsecured Creditors continues to oppose the Government’s efforts and awaits the next written opinion from the district court. The restructuring plan has been supported by more than 97 % of Voyager account holders and is expected to pay 73 % of what is owed to customers.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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Scope, a rating agency, pointed out that the cryptocurrency market is quite small with only 250 billion dollars, but they are still a danger to the traditional financial system. Financial institutions are not immune to the risks of the cryptographic system, especially if users demand services in that area.

According to the firm, the biggest fear in the crypto system is caused by the absence of “regulation and supervision of crypto assets”, so that they may gradually flow into traditional financial markets, contaminating them with new risks.

The company further maintains that the crypto market is made up mostly of small investors, and many of them execute “predominantly speculative or hedging operations” and are unaware of the true nature of cryptocurrencies or the underlying risks.

While institutional investors, especially hedge funds and investment funds such as ETFs focused on cryptocurrencies, are becoming more numerous.

The agency highlights: “This inherently jeopardizes financial stability. Not only because the funds invest other people’s money, but also because of the intense use of leverage on a much larger scale.”

That is why financial regulators are paying more and more attention to the “threat posed by the growing interconnection of cryptocurrency markets with traditional financial markets.”

M. Rodríguez

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Source: themoneypost.io

La entrada Financial entities are not immune to the risks of crypto apareció primero en Bitfinance.

The Chemical and Mining Society of Chile (SQM) recorded a net profit of 585.5 million dollars in the 2021 financial year, which means multiplying by more than three times the profits recorded a year earlier, as reported by the company in its income statement.

The group’s CEO, Ricardo Ramos, explained that the good performance of 2021 is mainly due to the rise in commodity prices and a greater demand for lithium in the global market of approximately 55 %.

“We believe that demand for electric vehicles more than doubled globally last year compared to 2020, with China accounting for around 50 % of electric vehicle sales worldwide,” Ramos explained.

Increase in sales volumes

The higher sales volumes and prices of raw materials boosted the turnover of the lithium producer by 57.5%, to 2,862 million dollars. Revenues grew in the production of lithium and derivatives (+144 %), fertilizer products (+29.5 %), iodine and derivatives (+31 %) and potassium chloride and sulfate (+99 %).

The costs associated with production stood at 1,558 million dollars, 38 % more; resulting in a gross result of 1,090 million dollars, more than double that of 2020.

The CEO of the company has underlined that SQM expects to continue growing in lithium production, for which the board has approved a plan of 250 million to increase SQM’s capacity to 210,000 metric tons of lithium carbonate and 40,000 tons of lithium hydroxide.

Source: dpa

La entrada Lithium producer SQM obtains benefits over $ 585 million apareció primero en Bitfinance.

Germany’s data centers are getting more powerful, as their capacity grew by 84 percent between 2010 and 2020, measured by the maximum electricity consumption of installed hardware, the Borderstep institute in Berlin reported today. Energy consumption also increased, although not at the same rate because the energy efficiency of equipment improved, according to the main results of the Borderstep study, commissioned by the digital association Bitkom.

The energy demand of the data processing centers in Germany grew in those ten years from 10.5 billion to 16 billion kilowatt hours, which meant an increase of 52.4 percent. In this way, the energy demand of these centers represented in 2020 0.6 percent of the total energy consumption of Germany.

According to the study, greenhouse gas emissions caused by the country’s smaller data centers and computing facilities have decreased since 2018. With nearly six million tons of carbon dioxide (CO2), in 2020 they returned to the same 2010 level.

Climate neutrality

“Data center operators support the government’s goal, which foresees climate neutrality for all new data centers in Germany from 2027,” said Bitkom CEO Bernhard Rohleder. “However, this can only be successful if enough electricity is available from renewable sources,” he noted.

The report indicates that it was not just the number of facilities and the number of servers and network components installed there that grew. According to Borderstep calculations, installed computing capacity in data centers has increased nearly fivefold per kilowatt hour of electricity consumed since 2010.  The increase in capabilities is mainly explained by the growth of cloud computing. More and more companies are no longer running their own data center, but are instead drawing storage space and computing power from the Internet.

The Borderstep study defines a data center as one that comprises at least ten “racks” or cabinets of servers or has a connected load of more than 40 kilowatt hours. The smallest IT facilities, with individual server racks and the smallest server rooms, are not considered data centers in the strict sense.

According to the report, there are around 3,000 data centers and around 47,000 smaller computing facilities in Germany.

Source: dpa

La entrada Germany has increasingly powerful data centers apareció primero en Bitfinance.

The Organization of Petroleum Exporting Countries (OPEC) considers that the new omicron variant of Covid-19 will have a “slight and short-lived” impact on world demand for crude oil, for which it expects that consumption will exceed 100 million barrels daily in 2022, thus exceeding pre-pandemic levels.

In the latest edition of its monthly bulletin, the oil organization confirms its expectations that world oil demand will grow by 5.66 million barrels per day (mb/d) in 2021, up to an annual average of 96.63 mb/d. d.

As for its forecast for 2022, a growth in demand of 4.15 mb/d is expected, up to a total of 100.79 mb/d, which, if finally confirmed, would mean the highest annual oil consumption.

In this sense, although the impact of the omicron variant is expected to be slight and short-lived, OPEC warns that “uncertainties persist” regarding the new variants and the renewed mobility restrictions, in the midst of a recovery otherwise steady global economy, despite current inflation levels, supply chain bottlenecks and ongoing trade issues.

Likewise, OPEC points out, in anticipation of the change in the monetary policy of several of the main central banks, such as the Federal Reserve of the United States or the Bank of England, that the monetary actions of these institutions are not expected to hinder the underlying impulse. of global economic growth, but rather serve to recalibrate economies that would otherwise overheat.

Source: dpa

La entrada OPEC expects demand of 100 million barrels per day apareció primero en Bitfinance.

The United States Securities and Exchange Commission (SEC) plans to sue the cryptocurrency exchange platform Coinbase for the future launch of a product that allows loans between cryptocurrency users, according to the company itself on its corporate blog.

Coinbase detailed that it received a letter in which the SEC informs the company that it intends to sue it for Coinbase Lend. This product allows Coinbase users to lend the stablecoin USD Coin in exchange for a 4 % annual return.

The company noted that it does not know why the SEC plans to sue them. Coinbase believes that Lend does not qualify as a “security” as it is not an investment or a bond. However, the regulator considers the contrary.

Faced with this situation, the cryptocurrency exchange assured that it will not launch Lend at least until October. In any event, if the company launches the product before the dispute with the SEC is resolved, the regulator plans to sue the company.

K. Tovar

Source: dpa

La entrada US could sue Coinbase crypto exchange apareció primero en Bitfinance.

OPEC, in its monthly report on the oil market, pointed out that, despite the evolution of the Covid-19 pandemic, the global economic reactivation continues and “will not reduce the oil demand forecast for 2021 and 2022″.

However, in the report, the organization admits that the development of the pandemic will be “the determining factor in the pace of recovery, with the possible appearance of new variants or mutations as a risk.”

OPEC analysts are reserved when referring to the “impact of the delta variant of the coronavirus”, whose effect has been felt in the last 2 months due to its expansion in important economies, although the average price of a barrel of OPEC crude was located at $ 73.53 for July, its highest value since October 2018, something the group attributes to “the solid fundamentals of the market.”

Global recovery

The oil organization, which controls 40% of world crude production, forecast “world growth by 0.1% in both 2021 (5.6%) and 2022 (4.2%)”, keeping unchanged the demand established for those periods.

According to the data issued in the report, demand for 2021 remains similar to that established for last month, with an annual increase of around 6 million barrels per day (mbd), up to 96.6 mbd. While for 2022 the forecast demand registers a small growth of another 3.3 mbd to a total of 99.9 mbd, to reach the levels prior to the Covid-19 pandemic.

However, the United States is asking OPEC to increase production and offer crude to the market, in order not to risk the recovery of the world economy, because with current prices “there is a risk of damaging the global recovery.”

The national security adviser, Jake Sullivan, stressed that, “although OPEC and its allies had recently agreed to increases in production, this increase did not compensate for the previous cuts.”

Information broadcast by the CNBC news channel highlights that the White House “has transmitted to Saudi Arabia, the United Arab Emirates and other members of the alliance that message that their plans are simply not enough, given the critical moment in the global recovery.”

M. Rodríguez

Source: bancaynegocios

La entrada OPEC: The development of the pandemic will determine the global economic recovery apareció primero en Bitfinance.