IIR's April 3 Market Scorecard Brings You Breaking Geopolitical News

Researched by Industrial Info Resources (Sugar Land, Texas)--Stay current with the latest geopolitical events, and more importantly, instantly connect to how these events may impact you and your business strategies.

Event	MarCon*	IIR Comment	Outlet	IIR News
OPEC+ announces surprise oil output cuts		Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable. The pledges bring the total volume of cuts by OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, to 3.66 million BBL/d according to Reuters' calculations, equal to 3.7% of global demand.	Reuters	U.S. Rig Count, Crude Oil Output: Your Daily Energy News
Dollar falls with central bank policy in focus; markets weigh OPEC+ cuts		The dollar fell on Monday, surrendering earlier gains following the announcement of unexpected oil output cuts from OPEC+, as investors focused on diverging central bank policy with the Federal Reserve widely viewed as nearing the end of its rate-hike cycle. The impact though of oil production cuts has complicated the global inflation outlook... "The knee-jerk reaction is fading as markets pivot back toward the deeper disinflationary fundamentals that are likely to drive the monetary policy outlook," said Karl Schamotta, chief market strategist at Corpay in Toronto.	FXEmpire	French Oil Refinery Strikes to Tighten Gasoil Supplies
The banking crisis will have 'a long tail' as risks move to economic from financial contagion...		While the worst of the bank crisis seems to have eased, risks are shifting from financial to economic contagion with no quick end in sight, Mohamed El-Erian told Bloomberg TV. On Friday, the top economist said "the flashing red" phase is over, and the crisis is now in the "flashing yellow" phase. He also contrasted the slower-moving credit crunch triggered by Silicon Valley Bank's failure with the abrupt freeze during the Great Financial Crisis.	Markets Insider	Semiconductors, LNG Lead Texas to $99 Billion in Projects Under Construction
Tighter Global Oil Supplies and Chinese Economic Strength Boosts Crude Prices		...Tighter global crude supplies are underpinning prices as 400,000 BBL/d of Iraqi crude exports remain idled. Also, stronger-than-expected Chinese manufacturing and service sector activity shows strength in China's economy, supporting energy demand and crude prices. Friday's stronger-than-expected Chinese economic news shows growth in China's economy that is bullish for energy demand and crude prices. The China March manufacturing PMI fell -0.7 to 51.9, stronger than expectations of 51.5. Also, the March non-manufacturing PMI unexpectedly rose +1.9 to 58.2, stronger than expectations of a decline to 55.0 and the fastest pace of expansion in more than 11 years. An easing of U.S. economic concerns boosted energy prices Friday after the February core PCE deflator, the Fed's preferred inflation measure, rose less than expected. That bolsters speculation the Fed may be close to ending its rate-hike campaign.	BarChart	U.S. T&D Buildouts Hit $2.4 Billion in Second Quarter
Business is Booming for RNG, but That May Just Be the Business Side		Business is booming for renewable natural gas (RNG) given some of the government subsidies available, White Plains, New York-based OPAL Fuels said in announcing a forecast for 50% production growth in 2023. OPAL last year brought three RNG projects online and achieved net production of 2.2 million British thermal unit equivalents, a 38% increase over 2021 levels. For the transportation sector, among the hardest to clean up, the company said the volume sold through its fuel station services increased by 41% relative to 2021. "OPAL Fuels has continued to execute on its strategic and operational goals," said Co-Chief Executive Officer Adam Comora. "After bringing three RNG projects online in 2022, we now have seven in operation, six under construction and a growing advanced development pipeline."	IIR News	Business is Booming for RNG, but That May Just Be the Business Side
The Clean Energy Subsidy Dispute That Could Define Europe's Future		A dispute over renewable energy subsidies which has been drawn out for over a decade is finally coming to a head in a London courtroom. Back in 2011, Spain promised subsidies to renewable energy investors, who accordingly poured millions of dollars into the Spanish clean energy market. But those subsidies never arrived. Now, the case over the $125 million broken promise is finally going to be adjudicated. That decision will have long-lasting implications for clean energy financing across the European continent. .... "Spain has been sued internationally more than 50 times over the retroactive changes," reports the Associated Press. "It has not paid out despite losing more than 20 cases so far, according to U.N. data on international investment disputes." While this is already concerning for potential investors, the main issue is that the EU has consistently backed Spain's position.	OilPrice	Lithium Expert Calls for More Mines to Meet Expected Surge in EV Demand
Week 03/27/23 - 04/03/23		Surprise! Boo-ya! Energy commodity markets roil as OPEC+ makes their 1 million BBL/d+ announcement a day after April Fools. This after news broke the day before April Fools of stronger-than-expected economic news for both the Dragon (China) as well as the Eagle (US). Now many a pundit is rapidly trying to decipher what this "news hitting the wires" all will mean & entail - as the financial world is/was already wrestling with seeming bank contagion. In the short term, volatility remains King and his Fool is uncertainty.
*MarCon (Market Condition 1-5, with 5 being the highest impact) indicates directional bias or price effect for the relevant commodity (Oil, Natural Gas, Chemicals, etc.) and is graded by our team of experts here at IIR.

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