The 2020s will usher in a new commodities supercycle akin to the boom of the early 2000s, according to investment banking giant Goldman Sachs. Goldman’s view on the imminent supercyle is predicated on how the world will recover from the COVID-19 crisis, with emphasis on policies...
Trading analysts are anticipating further gains for precious metals in 2021, with silver set to deliver the strongest price rise against a backdrop of the global economic recovery from the COVID-19 crisis. The pandemic compelled investors to protect their wealth by pouring funds into ‘safe haven’...
Renewable energy capacity around the world will grow to record levels this year, while fossil fuel capacity will fall due to an economic slump caused by the COVID-19 crisis, the International Energy Agency (IEA) has found in a report. In its annual renewables outlook, the IEA...
Oil prices rose by the highest since May on the news of the imminent rollout of a COVID-19 vaccine with 90% efficacy, sparking hope that an end is in sight to the worst demand slump in decades. Early morning trading in New York saw Brent crude...
BP has bounced back from a record US$6.7 billion loss in the second quarter of the year to make $100 million in profit in the third quarter, as oil companies begin to recover from the impact of the COVID-19 pandemic. The British company’s latest financial results...
The Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF) has highlighted key consequences of the COVID-19 pandemic on employment in the global mining sector, in a new report. The report was released during IGF’s virtual AGM this week, and outlines three key issues facing...
ConocoPhillips yesterday announced it will buy US shale oil producer Concho Resources for US$9.7 billion, in the latest example of consolidation in the energy sector following depressed oil prices and demand due to the COVID-19 pandemic. The deal sees 1.46 shares of ConocoPhillips swapped for each...
Global production from gold mines will reach a record high of 3,664 tonnes in 2021, according to estimates by consultancy Metals Focus. This total output figure would resemble an 8.8% increase on the group’s prediction of 3,368 tonnes of gold produced this year, which would be...
The threat of new COVID-19 restrictions in economies around the world pushed the gold price to its lowest point in nearly two months yesterday, as part of a wider sell-off seen across global stock markets. US gold futures fell by 3.9% to US$1,885.40 per ounce on...
BP has declared that global oil demand may never exceed the level reached in 2019, following the impact of the COVID-19 pandemic this year and an acceleration in the green energy transition. In its annual Energy Outlook report, BP said that ‘peak oil’ may have been...