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MARKETWATCH FIRST TAKE

OPEC left to its own devices

Commentary: Hedge fund redemptions lay bare the role in oil speculation

By MarketWatch

Last update: 2:52 p.m. EDT Oct. 17, 2008

SAN FRANCISCO (MarketWatch) -- The Organization of Petroleum Exporting Nations has called an emergency meeting for Oct. 24 aimed at halting a precipitous drop in oil prices.

Crude, despite an uptick Friday, has crumbled to $72 a barrel, half the price it fetched in July. See Futures Movers.

Funny how fast things can change.

Gone is the steady drone of peak-oil forecasts. Gone is the fear that we are in the pockets of "folks that don't like us very much." Prices are down at the pump, and talk radio has moved on, feasting now on banks, bailouts and rampant greed and corruption on Wall Street.

As the industrial world withdraws into a recessionary shell, it takes oil demand with it. China and India's insatiable thirst for oil looks meager now as factory output slows to a trickle.

But there's also been a rush of roving capital out of the market. According to the latest data from Hedge Fund Research, third-quarter hedge fund redemptions hit a record-high $210 billion, spearheading an exodus wealth that burst one of the biggest commodities bubbles of all time. See full story.

It's no coincidence that oil prices plunged in tandem with these record withdrawals, exposing for all to see just how much of the summer's oil-price spike was driven by speculators.

While oil's deep "correction" alarms Big Oil, it's even more alarming to producing nations whose economies are entirely grounded in petro-dollars.

The extreme pain caused by this sudden revenue loss can be gauged by OPEC's decision to move up their next meeting from November to October, less than two weeks ahead of the U.S. presidential election. This raises the likelihood of another severe tongue-lashing by a politically supercharged Washington, but that's clearly better than enduring further losses.

This time, however, OPEC is on its own.

With speculators fleeing, the cartel is going to have to build a floor under oil prices through disciplined production cuts. This isn't a group known for discipline, however. And given the wheezing global economy, OPEC has only an outside chance of pushing prices back up to $100 a barrel even if they manage to significantly slash output.

Unless, of course, another war or natural disaster disrupts supply lines -- at which point all bets are off, and OPEC has us all once again over the proverbial barrel.

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In reply to: Twobees on Saturday 18/10/08 07:56am

Hi Twobees

 

Wash your mouth out!

 

Speculators? No such a thing!

 

Haven't you read the experts on this site? You can't take a position on oil because every position opened has to be delivered! So how can you have speculators?

Why if you look carefully at the analysis here you will be referred to funds brilliant analysis of why they taking position on oil is good and it keeps the price down.

 

What are you a coomie or something?..... woa woa hang on a sec, I forgot, everybody is a socilist now, what are you a capitalist or something? You belong on a nutter farm! And you can be assured that you will have no stud duties.

 

Avenger

 

 

 

 

 

 

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2bs,

 

OPEC is going to have a tough time moving forward if it plans to apply upward influence on crude prices using production decrements alone. This isn't the early 70's and supply side dynamics is way beyond the assumption of a simple linear relationship with capacity constraints, especially those artificially perpetrated by a colluding OPEC (a.k.a Saudi Arabia).

 

First of all, there is the emergence of Russia as a formidable producer and supplier - the existence of which introduces a new dimension to the complex equation of supply chain management from extraction to refinement to distribution and with all the logistical challenges in-between. These days, any attempt by OPEC to impose a quota on its exports may be met by an equal and opposite increase in the supply of crude flowing from Baltic ports.

 

China, a serious consumer of the black gold, is also hedging its bets through diversification efforts in Nigeria, Sudan, Kazakhstan, Venezuela and the Spratly Islands. This applies to the sourcing of reserves as well as the expansion of refinement capacity. In the meantime, all the hype about energy efficiency, eco-friendly boohah, carbon trading and biofuels - even if they eventually amount to nothing - would definite have some adverse effect on the ability of certain stakeholders to dictate the pricing of oil. This, regardless of whether any efforts in alternative solutions to mitigate the dominance of oil producers materialize in tangible fruition.

 

Unfortunately, the current dominant determinant of the forward direction in crude oil prices is none other than the pure play effect of market speculation. Sorry Avenger but this is the point where I must diverge from your line of argument. The issue of whether settlement is a deemed obligation or not is irrevelant. Manipulation by institutions, such as those notorious hedge funds, is just as probable and possible even if every open position in the market has to be closed and delivered upon maturity.

 

I assert this with confidence because futures contracts and forward exchange agreements conducted as market brokered OTC transactions have long been the tools for hedgers, speculators and arbitragers ever since their inception. The market does not necessarily require the existence of optionality, in terms of delivery fulfillment, to allow for the possibility of speculative behaviour in the transactions that are conducted through populous exchanges between anonymous participants.

 

The fact that one is able to open a position at any point in time and be able to negotiate the terms of trade (price, quantity, delivery) to be executed and settled at a future point in time for a standardized commodity is effectively a warrant on the practice of speculation. Crude oil prices rose from mid $60 to +$147 in little over a year without so much as a crisis or any other major shock for that matter. In fact, prices zoomed ahead even in the wake of a looming, and now confirmed, recession. Two months prior, the combination of hurricanes off the eastern US coast and the outbreak of conflict along flashpoints on the Georgian border failed to even register a respectable response in terms of crude price fluctuations.

 

Consider all the commotion during Catrina and all that talk about oil challenging $200 on the back of China's consumption. Now where's the sense in that?

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In reply to: jfgao on Saturday 18/10/08 11:14am

jf, thanks, some good analysis in there. I see the issue of future spare capacity as being critical in this whole debate. What the initial market/speculators saw was a situation going forward where there was very little and the further they looked ahead the worse the situation looked. Others did similar investigating and came to the same conclusion: strong demand going forward but an unsatisfactory commitment to exploration (big oil buying back stock or just acquiring others reserves) and alternatives. So while painful in the near term, the speculators in hindsight may have done everyone a service longterm by their wake up call.

At the moment things have calmed due to a slowdown and some demand destruction. However there is a limit to this destruction and further falls are unlikely to as significant. Add to that the ever present political instability/weather factors/OPEC cuts/ and what we are left with I think is just a short term respite. What the market wants to see is much greater spare capacity going forward brought about by massive investment in offshore drilling and alternatives. Can this just be left to the market? No, because commodities typically follow a boom bust cycle where oversupply/ low prices causes cause a lack of investment causing future high prices. For such a critical thing as energy (world growth relies on reasonably priced oil) to leave it to the forces of the commodity cycle would be folly and $200 POO here we come. What the market wants to see is political leadership in this area and a resolve with regard to things previously mentioned. Anyone seen any recently lol! cheers 2bs

 

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In reply to: Twobees on Saturday 18/10/08 03:28pm

Hi Twobees

 

Hope yo have a nice job and you are young.

 

Consider if you are in you 60's and you wanted to retire. Your super has been decimated. That means you would end up on the pension. And who pays for that?

Consider if you are young and have just taken a mortgage and you worked for Ford and have just been retrenched.

Consider if you will lose your job and are forced on the dole.

Consider that things are so bad that the Goverment has seen fit to blow $10B to avert a full blown out depression.

Consider that the just about every bank in the world is bankrupt.

 

Shall I go on?

 

And what has brought this about? Banks and hedge funds speculating on oil.

 

If this is your idea of "doing us a favour", well mate I would hate to think of what you would do to anybody who crossed you.

 

Regards

 

 

Avenger

 

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QUOTE (Twobees @ Saturday 18/10/08 03:28pm)

This was posted a week ago:

 

QUOTE
IEA cuts '08 demand growth forecast on weak economy
Posted Fri Oct 10, 2008 7:32pm AEDT

The International Energy Agency (IEA) has cut its oil demand growth forecast for 2008 to its lowest rate in percentage terms since 1993, citing economic weakness and "a spiralling liquidity crisis".

It reduced its 2008 growth forecast by 250,000 barrels per day (bpd) compared with its previous monthly report to 440,000bpd and lowered its 2009 prediction by 190,000bpd to 690,000bpd.

The Paris-based agency, which represents 28 industrialised nations, has so far pared around 500,000bpd from its 2008 global demand estimate and 400,000bpd from its 2009 estimate.

The impact of global economic weakness is most acute in developed countries and developing economies are showing "a degree of resilience," it said.

"Although non-OECD slow-down is also likely, it is by no means certain that growth will be choked off altogether.

"We have yet to see unambiguous evidence of a sharp slow-down in China, while Middle Eastern demand growth remains robust."

But the IEA cautioned against too much focus on demand and said the credit crisis was also impacting supply, which could at some stage support oil prices.

"Credit shortages are rapidly becoming yet another in a long line of impediments to industry investment," it said.


Non-OPEC net output growth has been almost wiped out for this year to an average of only 150,000 bpd.

The IEA said the impact of OPEC's decision in September to agree strictly to its output targets had so far reduced its output by 300,000bpd to 32.3 million bpd last month.

The group has called an extra emergency meeting on November 18 in Vienna to reassess the oil market in the light of global financial turmoil.

Source: http://www.abc.net.au/news/stories/2008/10/10/2388160.htm

 

I repeat "The Paris-based agency, which represents 28 industrialised nations, has so far pared around 500,000bpd from its 2008 global demand estimate and 400,000bpd from its 2009 estimate."

 

Compared with current total world demand of 84 odd million barrels a day, this is not really a very significant change in fundamentals of the oil market. Personally, I am of the opinion that the price of oil in the near future will be a case of what OPEC wants OPEC will eventually get. However, it may be that with many economies moving into recession (Britian, Germany, USA), OPEC may now more likely target a figure at something under US$100.

 

Hedge Funds

 

Just a point of wonder for me is the Hedge Fund investments in Oil Futures.

 

I have wondered that given the size of the capital markets, and in particular the size of the oil companies in this market, could the hedge funds be making their money by:

 

1. Taking very large long positions in oil Producers;

 

2. Then, when they have their long positions in oil producers, take long positions in the actual physical oil market through purchase of futures, forcing up the price of oil;

 

3. Sit back and wait for their investments in oil producers to appreciate with higher valuations given to oil producers because of higher oil prices;

 

4. When oil prices are at a high, sell their investment in oil producers and perhaps even go short on them;

 

5. When they have closed out their long positions in oil producers, sell their long positions in actual oil market, perhaps even go short, forcing the price of oil way down;

 

6. When oil prices are at a low start the cycle all over again.

 

Just wondering if this could be happening. Any comments anyone.

 

Regards

 

SP

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In reply to: Trader Paul on Saturday 18/10/08 02:00am

Yogi, is that you?

 

Love your work!

 

Regards,

 

Ice

 

p.s. perhaps you could visit us on the AZZ thread sometime..........it's gone a bit quiet over there.........but if your last forecast comes true, it will be booming in Feb 09! Hope you're right!

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In reply to: SilentPartnr on Saturday 18/10/08 09:28pm

SP,

 

Some like to call it conspiracy. However, I refer to it simply as business. Yours was a long winded depiction of institutional players using substantial leverage and private equity to pump and dump the market along the lines of some set of long-term moving average metrics. This type of systematic speculative behaviour has affected not only crude oil prices but also industrial commodities as well as gold. What essentially occurs is the opposite to diversification. A special purpose entity is securitized and established as an investment vehicle attracting retail funds and borrowing heavily from wholesale capital markets. The aggregation of quick fix liquidity vested in that single source is then deployed into the financial and commodities markets respectively to take out long positions in specific listed securities as well as the underlying asset (the commodity) those securities represent. Example include crude and WPL, gold and NCM, base metals and BHP/RIO etc...

 

This strategy is a play on the risk-reward ratio and the higher the risk, the greater the final potential payoff (if and when things work out). The goal is to take out deep positions and invest heavily in a strong positively correlated pair of the underlying physical asset and its financial devriative concurrently. The noise traders go in all well and good but the tricky part was knowing when to unwind. Ideally, those looking to avoid the headaches of endowed responsibility should learn to pull out before they reach their climax. Otherwise the risks are just too great. All that euphoria about peak oil and fiat money being worthless did wonders for physical commodities; this, regardless of the actual fundmentals in place at the time. That's the reason for AUD hitting USD 0.98+ and fuelling all that rambling from the experts about parity. Long story short, a case of being emotionally reluctant to realize paper losses and the inability to undertake salvaging action due to mismatched maturities in assets and liabilities meant that a number of these high flyers hit the rocks for failing to turn after the tides had changed their direction.

 

A long list of casualties - Bear Stearns, Lehman, Merril, AIG. Other would-be casualties saved (for now) at the last second by government intervention include Goldman S, Morgan S, JPMorgan C and this is just within the span of US investment banking conglomerates.

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QUOTE

World will struggle to meet oil demand
By Carola Hoyos and Javier Blas in London

Published: October 28 2008 23:32 | Last updated: October 28 2008 23:32

Output from the worldÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s oilfields is declining faster than previously thought, the first authoritative public study of the biggest fields shows.

Without extra investment to raise production, the natural annual rate of output decline is 9.1 per cent, the International Energy Agency says in its annual report, the World Energy Outlook, a draft of which has been obtained by the Financial Times.

EDITORÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢S CHOICE
In depth: Oil - Sep-15Investment key to meeting oil demand - Oct-28Cuba to triple refining with Venezuelan ally - Oct-28Oil cartel divided over level of cuts - Oct-21Oil prices leave VenezuelaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s ChÃÆâ€â„¢ÃƒÆ’ƒâ€Â ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒ¢Ã¢â‚¬Å¾Ã‚¢ÃƒÆ’ƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¡vez vulnerable - Oct-22Saudi ArabiaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s restraint rewarded - Oct-22The findings suggest the world will struggle to produce enough oil to make up for steep declines in existing fields, such as those in the North Sea, Russia and Alaska, and meet long-term deÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚­mand. The effort will become even more acute as prices fall and investment decisions are delayed.

The IEA, the oil watchdog, forecasts that China, India and other developing countriesÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢ demand will require investments of $360bn each year until 2030.

The agency says even with investment, the annual rate of output decline is 6.4 per cent.

The decline will not necessarily be felt in the next few years because demand is slowing down, but with the expected slowdown in investment the eventual effect will be magnified, oil executives say.

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“The future rate of decline in output from producing oilfields as they mature is the single most important determinant of the amount of new capacity that will need to be built globally to meet demand,ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ the IEA says.

The watchdog warned that the world needed to make a ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“significant increase in future investments just to maintain the current level of productionÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ.

The battle to replace mature oilfieldsÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢ output could even offset the decline in demand growth, which has given the industry ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ already struggling to find enough supply to meet needs, especially from China ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ a reprieve in the past few months.

The IEA predicted in its draft report, due to be published next month, that demand would be damped, ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“reflecting the impact of much higher oil prices and slightly slower economic growthÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ.

It expects oil consumption in 2030 to reach 106.4m barrels a day, down from last yearÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s forecast of 116.3m b/d.

The projections could yet be revised lower because the draft report was written a month ago, before the global financial crisis deepened after the collapse of Lehman Brothers.

All the increase in oil demand until 2030 comes from emerging countries, while consumption in developed countries declines.

As a result, the share of rich countries in global demand will drop from last yearÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s 59 per cent to less than half of the total in 2030.

This is the clearest indication yet that the focus of the industry on the demand ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ not just the supply ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ side is moving away from the US, Europe and Japan, towards emerging nations.
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