Page 6 - AfrOil Week 50 2020
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AfrOil                        NEWSBASE’S ROUNDUP GLOBAL (NRG)                                          AfrOil

       NRG: Brent soars

       to nine-month high

       The benchmark has been supported by further vaccine progress,
       US political developments and tensions flaring in the Middle East

        COMMENTARY       WELCOME to the latest edition of NewsBase’s  package are also making progress, albeit slowly.
                         Roundup Global (NRG), in which our team of  The package has also been cut to $748bn, from
                         international editors provide you with a snap-  $908bn previously.
                         shot of some of the key issues affecting their   Instability in the Middle East has also had an
                         regional beats. Get the NRG Oil & Gas Editor’s  impact. Attacks on infrastructure and political
                         Picks to your inbox every week for free. Just sign  unrest have reintroduced an element of geopo-
                         up here.                             litical risk into pricing in recent weeks. This week
                           Brent topped $50 per barrel on December  an explosion on an oil tanker in Saudi Arabia has
                         10 for the first time since March, supported by  raised concerns about stability in the Jeddah oil
                         growing positive sentiment about vaccine devel-  hub.
                         opments. The benchmark regained this level
                         again on December 14, before dipping slightly  AsianOil: Acquisition in Australia
                         below the $50 watermark in the early hours of  Australian junior Tamboran Resources has
                         December 15.                         agreed to acquire Longview Petroleum’s 100%
                           There are several other factors besides vac-  stake in Sweetpea Petroleum, securing control of
                         cines that have been pushing oil prices higher.  exploration acreage in the Northern Territory’s
                         The US Supreme Court dismissed yet another  Beetaloo shale play.
                         suit to overturn the election results in key swing   The  privately  owned  developer  said  on
                         states on December 11 and then members of  December 10 that the all-scrip deal would see
                         the Electoral College on December 14 affirmed  Longview receive a 29.95% equity stake in Tamb-
                         President-elect Joe Biden’s victory in a vote.  oran as well as the ability to appoint a non-execu-
                           Negotiations on a bipartisan US stimulus  tive director to the former company’s board.

       P6                                       www. NEWSBASE .com                      Week 50   16•December•2020
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