S.Korean rice production fall continues
Domestic rice production is continuing its slow decline in South Korea as the government incentivizes farmers to switch to planting alternate crops while also fostering a domestic wheat industry, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.
In marketing year 2024-25, South Korea’s milled rice production is forecast at 3.6 million tonnes, 1.2 percent below the 2023-24 estimate of 3.7 million tonnes, based on a nationwide survey by Statistics Korea (KOSTAT), the FAS said.
Rice planted area in 2024-25 is estimated down 1.5 percent to 698,000 hectares with a marginal increase in yield from favorable weather and uncertain damage from a late-season pest infestation. Total rice consumption in 2024-25 is projected to be 3.95 million tonnes, down from 4.18 million tonnes the previous year with ending stocks at 1.24 million tonnes.
EIA slightly grows US, worldwide oil production forecasts
Both U.S. and global oil production are set to rise to slightly larger record highs this year than prior forecasts, the U.S. Energy Information Administration said on Wednesday.
A surge in oil supply has run into weakening demand growth this year, dragging oil prices to their lowest since 2021 despite large production cuts from the Organization of the Petroleum Exporting Countries and its allies in OPEC+.
U.S. oil output is now expected to average 13.23 million barrels per day (bpd) this year, about 300,000 bpd higher than last year’s record of 12.93 million bpd, the EIA said. The agency earlier forecast U.S. oil output to average 13.22 million bpd this year.
U.S. oil production will grow to 13.53 million bpd next year, the EIA said in its November Short-Term Energy Outlook (STEO), a slight reduction from the 13.54 million-bpd forecast in its October STEO.
The agency bumped up its global oil output forecast for 2024 to 102.6 million bpd, from its prior forecast of 102.5 million bpd. For next year, it expects world output of 104.7 million bpd, up from 104.5 million bpd previously.
Oil demand growth has been a source of major disagreement between leading oil forecasters, due to differences on China’s consumption and on the pace of the transition to alternative energy sources.
In 2023 U.S. associated natural gas production grew nearly 8pc
U.S. production of associated-dissolved natural gas, or associated natural gas, increased 7.9 percent in 2023 compared with 2022, averaging 17.1 billion cubic feet per day (Bcf/d) last year, according to data from Enverus Drillinginfo. Associated natural gas production, which is natural gas produced by wells that predominantly produce oil, comes mainly from five major oil-producing regions in the United States—the Permian, Bakken, Eagle Ford, Anadarko, and Niobrara.
Record U.S. crude oil production in 2023 generated large volumes of associated natural gas. The Permian Basin in West Texas and southeastern New Mexico accounted for 46 percent of U.S. crude oil production in 2023 and was the largest source of U.S. associated gas production last year at 11.5 Bcf/d. In 2023, around two-thirds of total U.S. associated natural gas production came from the Permian region, similar to 2022.
In 2023, 2.3 Bcf/d of associated gas was produced in North Dakota’s Bakken region, which accounted for 70 percent of the region’s total natural gas production—the largest share among the five oil-producing regions. The Eagle Ford region in southern Texas was the source of 1.8 Bcf/d of associated gas, while a combined 1.5 Bcf/d of associated gas was produced in the Niobrara and Anadarko regions in the midcontinent in 2023.
Gold on rise, lithium and coal on wane: PWC Australia
PwC Australia’s annual Aussie Mine analysis shows gold producers gaining ground, as critical minerals and coal mining companies face market cap decline
Australia’s mid-tier mining sector is showing market resilience amid significant structural changes, according to analysis from PwC Australia.
The global professional services firm’s nineteenth Aussie Mine report, analyses the performance of the MT50 – Australia’s top 50 mid-tier mining companies – indicates total market capitalisation remained at $139 billion through 2024, despite substantial commodity price fluctuations.
Marc Upcroft, National Mining Leader at PwC Australia, explains the shifting dynamics: “The MT50 has maintained its position despite market headwinds. Gold price performance has provided support, while the critical minerals segment has experienced significant value erosion.”
Archaeologists find ancient cheese makers used tree leaves to grow milk production
A study published in Nature Ecology and Evolution sheds light on the innovative practices of Central Europe’s early cheese makers.
Researchers at German Archaeological Institute (Berlin), University of Bristol, Museum National d’historie Naturelle (Paris) and Kiel University conducted and collated over 2,000 stable isotopic measurements of cattle teeth, bones, and pottery fats, revealing how pioneer farmers adapted their cattle herding techniques to the rich forested landscape of Central Europe.
Led by Dr. Rosalind Gillis from the German Archaeological Institute in Berlin, the study highlights an intriguing early practice: feeding cattle with leaves collected from trees during the summer to sustain them through the winter.
In May India tea production down by 30pc, lowest in decade
A state-run tea board stated on Friday that India has recorded its lowest level of tea production in May, the lowest in more than a decade. The production has noted a downfall of more than 30 percent from a year earlier to 90.92 million kilogrammes, news agency Reuters reported.
The board, disheartened, attributed the excessive heat and scant rainfall to be the cause of it. More than half of the country’s tea production occurs in Assam, which also fell by more than 26 percent to 49.84 million kilogrammes, as per the board.