Share price of Pioneer Natural Resources has dropped 30 percent and Continental Resources is down almost 40 percent. Both companies increased production during the second quarter. Pioneer produced 197,000 barrels of oil equivalent per day (boepd) in April-June, up from 194,000 in January-March, while Continental reported output of 227,000 boepd, up from 207,000. Source Reuters
The bankruptcy of Yukos Oil in Russia will not be recognized in the Netherlands, the Dutch Supreme Court ruled on Friday, upholding a decision in 2017 by a lower appeals court. Source: The Moscow Times
The German government is debating whether to follow the United States and allies such as Australia in restricting China’s Huawei Technologies from accessing its next-generation mobile networks on national-security grounds.
Some Western countries have barred Huawei from their markets after US officials briefed allies that Huawei is at the beck and call of the Chinese state, warning that its network equipment may contain “back doors” that could open them up to cyberespionage. Huawei says such concerns are unfounded. Source: The Irish Time
The measures would require the US president to ban the export of US components to any Chinese telecommunications company that violates US sanctions or export control laws. Source: South China Morrning Post
Gefira tracks the global players in Europe, the USA, Russia and China and anticipates the consequences of their policies
Gefira No. 9 is now available at a discount. 160 euros for 10 issues a year plus access to our archives.
Europe's geopolitical situation resembles that of 1913.
The enlargement of the European Union to the east, Germany's Ostpolitik, economic power and its reluctance to align its policy with France's and Italy's make the break-up of the Union unavoidable. While Germany is gaining a status of a financial superstar, German society is starting to disintegrate.
Nobody dares to ask, but the ECB board is bracing itself for the upcoming break-up of the euro. The Gefira team explains why France or Italy will leave the euro and we investigate how the ECB is preparing for the looming euro collapse.
