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Oil in Global Economy Series

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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

Oil and gas companies are seen as climate villains. Truth is, we'll need their expertise to make green hydrogen a reality

Mar 04, 2023 12:12 pm UTC| Economy

Think about oil and gas companies and climate change and chances are youll think dark thoughts. Its true Exxon Mobil had remarkably detailed knowledge of global warming in the 1970s. Some seeded doubt by funding climate...

Oil in Global Economy Series

Could Lithuania hold the key to Europe's energy security?

Dec 19, 2022 16:44 pm UTC| Economy

On 19 October, European Commission president Ursula von der Leyen announced that the EU had replaced two-thirds of its Russian gas imports since February by switching to other suppliers. Such a turnaround seemed...

Oil in Global Economy Series

UK test for new oil and gas fields' impact on emissions targets is not fit for purpose

Oct 16, 2022 13:37 pm UTC| Economy

Liz Trusss government is expected to fast-track permits for new North Sea gas fields to boost fossil fuel extraction on the UKs continental shelf. In a recent letter, the Committee on Climate Change (an expert body that...

Oil in Global Economy Series

How to deal with fossil fuel lobbying and its growing influence in Australian politics

Aug 21, 2022 17:31 pm UTC| Insights & Views Politics

Will climate action undermine Australias democracy? This question might not be as outlandish as it seems. A recent investigation details a campaign by the car industry to have its (low) voluntary standards on fuel...

Oil in Global Economy Series

Russia's oil is in long-term decline – and the war has only added to the problem

Jul 04, 2022 16:33 pm UTC| Economy

Immediately after Russias invasion of Ukraine, world oil prices jumped above US$100 per barrel, hitting US$130 for Brent crude on March 8. The prevailing fear was that substantial Russian supplies would be lost to the...

Oil in Global Economy Series

Expect more power price hikes – a 1970s-style energy shock is on the cards

May 28, 2022 11:21 am UTC| Economy

Yesterday the Australian Energy Regulator increased the default market offers that apply to electricity retailers in New South Wales, South Australia, Queensland by 8% to 18%, depending on type of tariffs and...

Oil in Global Economy Series

Just Stop Oil: protests will be even more disruptive if they kick off panic buying

Apr 16, 2022 02:23 am UTC| Economy

Protesters from the climate activist groups Just Stop Oil and Extinction Rebellion have blocked at least 11 fuel depots across England and disrupted supplies (though its always tough to quantify exactly how much disruption...

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Economy

Porsche to build 4th gen Cayenne in Bratislava

Porsche AG has decided to manufacture the future all-electric Cayenne at Volkswagen Slovakias multi-brand location in Bratislava. After the Taycan, the Macan, and the 718, the Cayenne will become the sports car...

Monster Energy releases Kiwi Strawberry flavor

Monster Energy has launched a Kiwi Strawberry flavor energy drink to its Reserve line, which offers premium flavor at a regular price point, and 160mg of caffeine. Dan McHugh, chief marketing officer at Monster Energy...

EU antitrust regulators raid Red Bull premises for suspected rule violations

EU antitrust regulators have raided the premises of Red Bull for suspected violating EU rules prohibiting cartels and restrictive business practices and suspicion of abusing its dominant position. Red Bull, which...

Scientists, environmentalists oppose plan to build octopus farm

Scientists and environmentalists have expressed deep concern over a plan to build the worlds first octopus farm in the Canary Islands, as it is detrimental to the welfare of the creatures renowned for their intelligence...

GM to stop making Chevrolet Camaro due to EV push

General Motors, will stop making the current sixth generation of the brawny muscle car, Chevrolet Camaro, early next year as another generation may be in the works. The future of the car, which is raced on NASCAR and...

Politics

UK Northern Ireland minister says new post-Brexit trade deal cannot be renegotiated

The British minister for Northern Ireland ruled out renegotiations over the new post-Brexit trade deal between the United Kingdom and the European Union over Northern Ireland. The comments follow calls from the regions...

Turkey parliament foreign affairs panel approves ratification of Finland's NATO membership

A commission in the Turkish parliament has reportedly voted to approve the legislation that would ratify Finlands membership in the NATO alliance. This follows the announcement made by Turkish President Tayyip Erdogan that...

US: Biden expresses solidarity with Muslims on Ramadan

United States President Joe Biden expressed solidarity with Muslims around the world in his message for the community in celebration of Ramadan. Biden mentioned the Uyghur Muslim minorities in China and the Rohingya...

Russia-Ukraine war: ICC concerned over Russian threats following Putin arrest warrant

The International Criminal Court has expressed concerns over threats coming from Russia following the issuing of an arrest warrant for Russian leader Vladimir Putin. The threats included getting hit by hypersonic missiles...

Taiwan says China involved in Honduras' diplomatic crisis

Taiwan has accused China of getting involved in the current diplomatic crisis surrounding Honduras and its plans to establish formal ties with Beijing. Taipei has also suggested that Honduras demanded a high price to...

Science

Hellmann’s testing temperature-detecting smart jars to reduce food waste

Unilevers Hellmanns is testing a smart jar with a label using temperature-sensitive ink that changes to reveal a hidden layer when in an environment below 5C. The innovative smart jar is part of Hellmanns efforts to...

S. Korea’s sleep-inducing lettuce to be grown in Australia

A South Korean lettuce variety called heukharang or black harang, which serves as a natural treatment for insomnia is set for cultivation in Australia. Jeollanamdo Agricultural Research Extension Services (JARES)...

How amateur scientists are still helping make important discoveries

What images does science conjure up in your mind? You may well be visualising a laboratory, equations scrawled on a blackboard. Figures are surrounded by glassware filled with coloured liquids. Maybe someone, with...

Drinking Coke, Pepsi could increase testicle size, testosterone level: study

A study by the Northwest Minzu University in China has revealed that drinking Coca-Cola and Pepsi can lead to larger testicles and higher testosterone levels. The university was determining the impact of carbonated...

Japanese tourism startup Iwaya Gikento offer balloon rides into ‘space’

Japanese startup Iwaya Giken is launching a space tourism business to take sightseers on balloon rides 25 kilometers into the stratosphere Iwaya Giken noted that while passengers need not undergo special training to...

Technology

Kraft Heinz to tap AB InBev's BEES e-commerce platform to boost biz in Mexico, Colombia, Peru

Kraft Heinz will use AB InBevs BEES e-commerce platform to increase distribution points and expand the number of items available to retailers in Mexico, Colombia, and Peru. The deal, according to the Heinz Baked Beans...

Panera Bread adds Amazon palm recognition scanner to its stores

Panera Bread, an American chain store of bakery-café fast-casual restaurants, announced it would be adding Amazon Ones contactless technology to its 200 stores across the country. Amazon also said that the bakery is...

Logitech expands retail reach in Singapore with Watsons rollout

Logitech and Watsons are collaborating to sell lifestyle and technology items in-store throughout Singapore. Watsons will sell Logitechs K380 Multi-Device Bluetooth Keyboard, Pebble Wireless Mouse M350, Lift Vertical...

Samsung to invest $230 billion in building mega chip cluster

Samsung Electronics will invest $230 billion over the next 20 years chip-making mega cluster, which will be established in Gyeonggi Province by 2042. Samsungs five new semiconductor plants would anchor South Koreas...

Samsung steals Xiaomi’s crown in India’s smartphone market

Samsung Electronics took a 20 percent market share in India in the last quarter of 2022 to take the top spot in the worlds second-biggest market for devices over erstwhile leader Xiaomi Corp., who had an 18 percent market...