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Global rice production falls, affecting food security

According to the Food and Agriculture Organisation of the United Nations (FAO), world rice production for the 2022-2023 season is forecast at 516 million tonnes, 1.6 percent below the previous year’s output. This is the lowest global production since the 2019-2020 season. FAO has forecast world cereal stocks at the end of the 2023 seasons to decline by 1.2 percent from their initial levels to 844 million tonnes, due to a projected reduction in global stocks of coarse grains and rice, offsetting an increase in wheat stocks. While production is forecast to increase in Bangladesh, Sri Lanka, Thailand and Uzbekistan, it will be reduced in Argentina, Brazil, Cuba, the European Union and Vietnam. FAO’s forecast for global rice utilisation in the 2022/23 season has been raised to 520 million tonnes. China is the world’s largest rice producer, harvesting 25 percent of global rice production.

EIA: US natural gas production and lng exports will likely grow through 2050

In the U.S. Energy Information Administration’s (EIA) Annual Energy Outlook 2023 (AEO2023) reference case, US natural gas production is projected to increase 15 percent and LNG exports to increase 152 percent between 2022 and 2050. The EIA expects natural gas production to rise to 42.1 trillion ft3 by 2050. Production growth is largely driven by US LNG exports, which are expected to rise to 10 trillion ft3 by 2050. Natural gas production growth on the Gulf Coast and in the Southwest reflects increased activity in the Haynesville Formation and Permian Basin, which are close to infrastructure connecting natural gas supply to growing LNG export facilities.

India’s coal production soars 23pc in 5 years

India’s domestic coal production surged by around 23 percent over the past five years, reaching 893.08 million tonne in the 2022-23 fiscal year, according to the Ministry of Coal. This noteworthy growth has been driven by state-owned mining companies Coal India Limited (CIL) and SCCL, as well as captive and other mines. Coal India has seen production increase by 15.9 percent over the same period, while SCCL has shown a production growth of 4.3 percent. With an ambitious annual coal production target of 1,012 million tonne set for the 2023-2024 fiscal year, the Ministry of Coal is implementing a range of measures to bolster domestic production, enhance self-reliance, and ensure sufficient coal stocks at thermal power plants.

PM satisfied as Pakistan achieves ‘record bumper’ wheat crop

The Prime Minister has attributed the country’s “record bumper” wheat crop of 27.5 million metric tons to the government’s timely decisions and provision of quality seed, fertiliser, and agriculture, or Kissan, package. In a meeting held to review the countrywide wheat procurement drive, Shehbaz Sharif expressed his satisfaction with the country’s produce, which surpassed production during the previous ten years. He also thanked the almighty for the blessing. The meeting was attended by Minister for National Food Security Tariq Bashir Cheema, PM’s Adviser Ahad Cheema, Special Assistant Tariq Bajwa, Caretaker Punjab Minister for Industries S.M. Tanveer, and other senior officials.

Brazil’s Petrobras Q1 oil production falls 4pc on asset sales

Brazilian state-run oil company Petrobras (PETR4.SA) said on Wednesday that its crude oil production during the first quarter fell 4 percent compared to the same period last year, citing the sale of some assets and the natural decay of old fields.

Petroleo Brasileiro SA, as the company is formally known, pumped 2.141 million barrels per day (bpd) between January and March, down from 2.231 million bpd in the year ago period.

Dairy sector set for another profitable year

The Australian dairy sector is set for its fourth consecutive profitable year, according to Rabobank’s most recent annual Australian Dairy Seasonal Outlook. With stronger domestic dairy market returns, a weak Australian dollar and “aggressive recruitment and retentions strategies” by dairy producers, the milk price will likely be lower than what is currently being offered across parts of the southern export region, but there is a “firm landing zone” expected for new season Australian milk prices. According to the report author, Rabobank senior dairy analyst Michael Harvey, these are providing a buffering effect to the full extent of global pressures. As the 1 June deadline for minimum milk price offers from Australian dairy companies approaches, the bank has forecasted minimum offers for new season milk in Southern Australia to be between $8.50 /kgMS and $9.00 /kgMS.

Unending misery for workers despite record tea production

Tea Production in the country surged to a historic high of 94 million kg in 2022, which is the second-highest annual production in 169 years. However, this is still short of the 100 million kg target that had been set by the authorities. The tea plantations have failed to achieve the target due to various obstacles, including hostile weather and labour strikes. According to sources from the Bangladesh Tea Board, around 90.6 million kg of tea was produced in 168 gardens in the country in 2021. In 2020, the country produced around 86.4 million kg of tea, which is 10.5 million kg more than the target.

Climate change: green steel production requires multiple solutions, no ‘silver bullet’, report says

Multiple decarbonisation technologies must be piloted for steelmaking, one of the world’s most carbon-intensive industries, as no “silver bullet” solution aligned with global climate ambitions exists, according to McKinsey. Technologies including carbon dioxide capture and storage and energy-efficient methods of reducing iron ore into metallic iron are being trialled, experts at the international business consultancy said. “It is important to note that there is not yet a technology that would be a ‘silver bullet’ for decarbonisation, amid limited availability of high-quality scrap and iron ore,” they wrote in a report published in April.

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