Resource extraction

The US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.

According to Norwegian authorities, researchers have discovered rich deposits of minerals and metals, including zinc, copper and rare earths on the continental shelf.

On Monday, Chinese copper miner MMG Ltd reported that work at its Las Bambas mine in Peru is likely to be halted from February 1.

This week is expected to bring extremely cold winter weather to Texas. Local oil and gas producers have been instructed to secure their equipment and facilities.

Reuters has published a government report stating that the growth of copper production in Chile will be slower than previously expected. The country is the world's largest copper producer.

U.S. natural gas futures fell 6%, hitting a 19-month low, according to data released Wednesday. This is due to the meteorological forecast of less cold weather in the region and, therefore, a drop in gas demand expected over the next week.

According to the International Aluminium Institute data (IAI), global primary aluminum production in 2022 was 2% higher than the level recorded a year ago. Thus, this industry managed to hit a record, despite the energy crisis.

OPEC+ countries are likely to leave oil production quotas unchanged at the meeting on February 1. It is driven by the fact that China is balancing between hopes for higher demand and concerns about inflation and the global economic downturn.

On Tuesday, January 24, U.S. natural gas futures fell by 6%. The decline was driven by several reasons, among which is uncertainty about the restart of the Freeport LNG export plant.