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A new oil order has emerged over the past few years as oil prices have taken a plunge of about 60%. U.S., world’s one of key importer is about to become a major exporter of hydrocarbons. OPEC cartel, which has historically been a key player politically and price maker, losing its relevance and pricing power. On the energy front, renewables and gas becoming key challenger to oil’s global dominance. Moreover, this lower price is hitting energy exporters harder, creating global economic vulnerabilities. This new oil price and geo-political order demand greater analysis, which is the main focus of this series.

Oil in Global Economy Series

US oil: 161.8% fib and trend line breakout

Jul 30, 2020 09:23 am UTC| Technicals

Ichimoku Analysis (4-hour Chart) Tenken-Sen- $41 Kijun-Sen- $41.18 WTI crude oil is trading weak for 2nd consecutive day and lost more than 0.80 cents. The commodity has halted its ten days of bullishness on...

Oil in Global Economy Series

Oil and gas firms agree on joint targets in reducing greenhouse gas emissions

Jul 20, 2020 15:51 pm UTC| Business

Oil and Gas Climate Initiative (OGCI) members have jointly agreed to reduce their greenhouse gas emissions to not more than 21 kilograms of carbon dioxide equivalent (COE) per barrel of oil equivalent (BOE) by 2025, from...

Oil in Global Economy Series

OPEC insists it did not intend to drive US shale out of business

Jul 10, 2020 00:50 am UTC| Economy

OPEC Secretary Mohammad Barkindo said the group did not intend to drive US shale oil producers out of business, in response to US barrels price briefly turning negative in April. In April, the group agreed on the single...

Oil in Global Economy Series

China turns to ships to store an enormous amount of oil

Jul 02, 2020 11:28 am UTC| Business

China is storing the 73 million barrels of oil it bought cheaply in March and April on 59 ships left floating at sea off its northern coast. The said amount of oil is three-quarters of global demand. According to...

Oil in Global Economy Series

Yemen eyes 25% oil output increase within months

Jun 16, 2020 19:01 pm UTC| Economy

Yemen aims to increase its crude oil production by 25 percent to 75,000 barrels per day in the coming months to recover from the drastically reduced output caused by the civil war. Yemen produced around 127,000 barrels...

Oil in Global Economy Series

WTI Whipsaws Pattern Halts Interim Upswings – Trading & Hedging Setup

May 13, 2020 11:50 am UTC| Technicals

Global crude oil futures prices have eased data from the American Petroleum Institute suggesting that U.S. stockpiles rose by more than forecast last week. With WTI is edging higher $26 a barrel and Brent futures inched...

Oil in Global Economy Series

S.Korean Oil Refiners Suffer Record Q1 Losses

May 13, 2020 00:55 am UTC| Investing

South Korean oil refiners posted a combined operating loss of 4.38 trillion won from January to March due to tumbling oil prices, sluggish refining margins, and the coronavirus pandemic. SK Innovation led all losers...

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Economy

Afghanistan inks $160 million solar and wind power deal with US, Turkey, India.

Afghanistan signed a $160 million solar photovoltaic and wind power project deal with the US Agency for International Development (USAID), Turkey, and India that will bolster its grid by 110 megawatts in the next 16...

UAE, Israel eye energy, infrastructure cooperation

The energy ministers of the UAE and Israel explored possible investment opportunities in energy, infrastructure, oil, gas, and renewable energy in a video call on Wednesday. The two countries also focused on advanced...

S. Korean healthcare and cosmetics exports surge 42% in August

South Korea exported US$1.69 billion worth of pharmaceuticals, cosmetics, and medical devices in August, up 42 percent from a year ago. According to data from the Korea Health Industry Development Institute (KHIDI), the...

CaixaBank's acquisition of Bankia to create Spain's largest bank

CaixaBank will acquire state-owned Bankia in an all-share deal that would create Spains largest bank with total assets exceeding $786.6 billion. The deal will help the companies tackle dwindling profitability due to the...

Dubai’s DP World to work with Israel’s DoverTower in bid for Haifa Port

Dubai state-owned DP World is teaming up with Israels DoverTower in a joint venture that will bid in the privatization and to conduct a study on opening a direct shipping line between the two Middle East states. Haifa...

Politics

Joe Biden Nomination: UK Labor MP Chris Bryant nominates former VP for Nobel Peace Prize

Joe Biden faces off with Donald Trump in the first of three presidential debates, which could help him maintain his steady lead in the public opinion polls in several swing states. Along with his opponent, Biden has also...

Donald Trump announcement: POTUS reveals plan to distribute 150 million rapid COVID-19 tests

The United States is still struggling with the ongoing COVID-19 pandemic with millions infected and over 200,000 Americans dead from the disease. This week, Donald Trump announced his administrations plan of distributing...

Ivanka Trump, Donald Trump could face imprisonment, says former Watergate prosecutor

White House adviser Ivanka Trump was among the names dropped in the New York Times piece that revealed her father Donald Trumps financial records. Nick Akerman, who served as a prosecutor during the Watergate proceedings,...

Melania Trump, Jill Biden meet for the first time at first presidential debate

First lady Melania Trump often keeps a low profile when it comes to her husband Donald Trumps campaigning for reelection, having only made her case for him at the Republican National Convention. With Donald Trump facing...

Science

Asteroid alert: Rock similar to Chelyabinsk meteor to pass by Earth today

There is a very minute chance of an asteroid posing a threat to Earth, especially in recent years. One asteroid is set to make its approach to Earth today but will not pose a threat to the planet. Known as 2020 SV5, the...

NASA: Chandra X-Ray Observatory turns images of Milky Way galaxy into sound

Astronauts and scientists are the only ones who have been able to hear the sounds of space and the universe. Now, everyone can be able to hear what the Milky Way sounds like thanks to NASAs Chandra X-Ray...

Aliens: ROCOSMOS astronaut claims first meeting will intelligent extraterrestrial life forms would be diplomatic

Even as space agencies are looking for signs of life in the form of microbes, there may still lie the possibility of meeting actual extraterrestrials or intelligent beings outside Earth. In case the latter happens, a...

NASA releases image of the universe taken by the Hubble Space Telescope

We have long known that the universe is massive, larger than we could ever imagine. However, it does pose the question as to how big it actually is, and NASA has released a photo capturing the universe we live in in its...

Technology

Motorola Razr 2020 arrives on Oct. 2 with up to $700 discount on T-Mobile

The Motorola Razr 2020 is almost here, and T-Mobile appears to have one of the best offers that could get its customers up to 50% discount. It is also worth noting that the upcoming smartphone will have a number of specs...

‘Cyberpunk 2077’ last phase of development sends CD Projekt Red in a crunch

CD Projekt Red has maintained that Cyberpunk 2077 will remain in its current release date set in November. With just more than a month left, however, a report emerged claiming the studio has required its developers to work...

iOS 14.2 beta 2 code hints at iPhone 12 boxes not having free EarPods

A recent update on the iOS 14 has reportedly contained codes that seem to correspond with an earlier about the iPhone 12. The codes in question dropped a crucial word and now suggests the new smartphones will be shipped...

‘Mass Effect: Legendary Edition’ is delayed to ‘early 2021’

The Mass Effect trilogy in its remastered state has been on top of the wish list of its avid fans for years. Unfortunately, they will need more patience as the Mass Effect: Legendary Edition is now reportedly scheduled for...

‘Final Fantasy 16’ gets provisional M age rating

More information is being released since Final Fantasy 16 was announced during the PlayStation 5 event earlier this month. One of them includes its age rating that indicates the titles content, visuals, and gameplay are...
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