THE NEWS

By Michael Kern of Oilprice.com

Helped by the newly-issued crude import quotas, China’s independent refiners are buying sanctioned Iranian crude again and raising their processing rates, making room for Iran’s oil to move out of floating and bonded storage and potentially easing the year-end glut on the market. 

The independent refiners in China’s Shandong province, the so-called teapots, have been buying cheap Iranian oil from onshore storage in China, including bonded storage, since the Chinese authorities issued a fresh batch of import quotas last week. 

These quotas are important for China’s purchases and storage of crude as all refiners except the five big state-owned giants need to be allocated quotas in order to import crude. 

The teapots are now using their quotas to buy Iranian crude from bonded storage and boost processing rates, traders and analysts told Reuters on Friday. 

The independent refiners exhausted their previous quotas as early as in October and were waiting for a new issuance at the end of the year. Authorities issued quotas of a total volume that was higher compared to last year’s last batch. 

“As for the effect on sanctioned flows, the new quotas will sustain — rather than lift — China’s sanctioned crude inflows,” Emma Li, Lead Market Analyst at Vortexa, said on Thursday. 

Despite tightening sanctions against Iran and Russia, and the U.S. now targeting China’s hubs for Iranian oil imports, shipments into the Shandong province have remained robust this year, Li noted. 

Part of the volumes have been accumulating in onshore storage, including in bonded storage, instead of going into processing immediately. 

“This means new quotas will partly be used to draw down inventories rather than drive incremental seaborne imports,” Li said. 

The new quotas have already spurred higher processing rates, with utilization rates estimated to have jumped to over 60% compared with about 50% of the past few months when the teapots were out of quotas. 

Due to the more active independent refiners, analysts at Energy Aspects have raised their estimate of China’s crude processing volumes in December by about 150,000 barrels per day (bpd), senior analyst Sun Jianan told Reuters.   

A widely hyped climate-doom study published in Nature in April 2024, and then amplified by left-wing corporate media outlets (CNN, Bloomberg, you name it), desperate to push the “green” narrative and weirdly obsessed with driving Americans into a state of severe climate shock, has now been embarrassingly retracted.

On Wednesday, Nature retracted the study titled “The economic commitment of climate change“ after economists discovered that flawed data from Uzbekistan had heavily skewed the results.

If Uzbekistan data were excluded, the paper’s eye-popping forecast of a 62% collapse in global economic output by 2100 under unabated emissions would only fall to 23%.

The retraction should intensify the debate over how accurate long-term climate forecasts actually are – and by our estimates, Al Gore, thirty years and counting, is still very wrong.

For 20 months, the study was touted by Bloomberg, CNN, Forbes, and countless MSM outlets, and even cited by the World Bank and the OECD. This helped manufacture a wildly misleading narrative of an impending climate catastrophe.

The study’s authors, led by Leonie Wenz of the Potsdam Institute for Climate Impact Research in Germany, and Maximilian Kotz, a postdoctoral researcher at the institute, wrote in a retraction notice that the issues were “too substantial for a correction,” forcing the paper’s withdrawal.”

The retraction will send shockwaves through the Network for Greening the Financial System, a coalition of central banks and financial supervisors that leaned heavily on the study to shape its outlook.

In recent months, Bill Gates, one of the biggest climate-alarmism offenders, right alongside Al Gore, had to acknowledge that the climate-crisis narrative was mostly fake news.

But why did left-wing billionaires, their networks of NGOs, their allies in Washington, and the left-wing MSM push climate doomerism to such extremes, a propaganda campaign that only really kicked off after Marxist Rep. Alexandria Ocasio-Cortez unveiled the “Green New Deal” in 2019?

Because it was never about “saving the planet” from an imaginary crisis. It was about looting the U.S. Treasury, which is exactly what they accomplished through the Inflation Reduction Act. 

And we’ll leave you with Victor Davis Hanson proclaiming, “The End of Climate Change.”

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The doctor who led an investigation into deaths following COVID-19 vaccination is now the Food and Drug Administration’s (FDA) top drug regulator, the agency announced on Dec. 3.

Dr. Tracy Beth Hoeg, who had been a senior adviser to FDA leadership, has been appointed acting director of the FDA’s Center for Drug Evaluation and Research (CDER).

Dr. Richard Pazdur, a longtime FDA official who was head of the center, is retiring, the FDA said this week. Pazdur was appointed in November, after the previous center director resigned after he was accused in a lawsuit of illegally targeting a company by saying its FDA-approved product has “significant toxicity.”

CDER regulates drugs available over-the-counter and via prescriptions, including generic drugs and sunscreens. The center has nearly 5,000 employees; the FDA employs about 18,000 people.

Hoeg has worked in the past with Dr. Vinay Prasad, who heads the FDA’s Center for Biologics Evaluation and Research (CBER), which regulates vaccines and other biological products and has about 1,150 workers; and FDA Commissioner Dr. Marty Makary, including on a 2022 paper that estimated COVID-19 vaccine mandates at universities resulted in more harm than benefit.

After joining the FDA this year, Hoeg undertook an investigation into post-vaccination child deaths and determined that some were caused by a COVID-19 vaccine, Prasad said in a Nov. 28 memorandum. Other FDA staffers independently agreed on at least some of the deaths, he said.

“Dr. Hoeg is the right scientist to fully modernize CDER and finish the job of establishing a culture of cross-center coordination there,” Makary said in a statement. “At CBER, she advanced scientific rigor through her commitment to providing the public with the highest quality of evidence, including our roadmap to reduce and replace animal testing with new technologies.”

Hoeg said in a statement that CDER plays an important role in making sure medicines are safe and effective.

“This is an incredible opportunity to serve my fellow Americans,” she stated. “I am committed to transparency, honesty, and decisions based on rigorous science and ensuring important changes happen efficiently. I am humbled to support the FDA’s work to modernize and strengthen how we evaluate evidence so the public benefits from the best science.”

Hoeg graduated from the University of Wisconsin in 2001 with a Bachelor of Arts. She obtained her medical degree from the Medical College of Wisconsin and a Ph.D. in public health and epidemiology from the University of Copenhagen. She holds American and Danish citizenship.

As part of her role as senior adviser, Hoeg had served as the FDA’s liaison to a federal committee that advises the Centers for Disease Control and Prevention on vaccines. During its most recent meeting, she said the FDA was taking seriously indications that the COVID-19 vaccines are contaminated.

The FDA over the summer withdrew emergency authorization for the COVID-19 vaccines. It then issued updated approvals for three existing shots and a new vaccine for all seniors, as well as younger people who have at least one risk factor that officials say places them at higher risk of severe COVID-19 outcomes.

The CDC, based on advice from the federal committee, shifted from recommending that most people receive one of the vaccines to saying people should consult with health care professionals and take into account various factors, including whether they have any of the risk factors.