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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

Australia's economy can withstand the proposed European Union carbon tariff — here's what we find

Apr 23, 2021 11:41 am UTC| Economy

The European Union has committed to very significant emission cuts 55% on 1990 levels by 2030, and zero net emissions by 2050. To help it get there without too much disruption, the president of the European Commission...

Oil in Global Economy Series

Oil: why higher prices will complicate the energy transition

Mar 22, 2021 13:34 pm UTC| Economy

The oil price is on a rollercoaster. Having crashed into negative territory just last April, the price of Brent crude climbed all the way to US$70 (50) earlier in March. It has since slid below US$64. So where is it...

Oil in Global Economy Series

The oil industry says it might support a carbon tax – here's why that could be good for producers and the public alike

Mar 08, 2021 07:43 am UTC| Economy

The oil industrys lobbying arm, the American Petroleum Institute, suggested in a new draft statement that it might support Congress putting a price on carbon emissions to combat climate change, even though oil and gas are...

Oil in Global Economy Series

Japan leans on Asian LNG production to lower purchase costs

Feb 26, 2021 00:17 am UTC| Economy

Japan will support Asian countries liquefied natural gas (LNG) production for use in power generation in the hope of reducing procurement costs for the energy source. The efforts to lower purchasing costs and ensure...

Oil in Global Economy Series

Why being endowed with oil is not always a boon: the case of Nigeria and Angola

Feb 20, 2021 12:42 pm UTC| Politics

In countries with weak governance institutions, natural resource wealth tends to be a curse instead of a blessing. Where citizens are relatively powerless to hold ruling elites to account, resource wealth undermines...

Oil in Global Economy Series

Fossil fuel subsidies amount to hundreds of billions of dollars a year – here's how to get rid of them

Feb 12, 2021 08:10 am UTC| Politics Economy

Any feasible pathway out of the climate crisis involves dramatically lowering our consumption of fossil fuels. Its astonishing, then, that many countries not only dont reflect the damage caused by burning fossil fuels in...

Oil in Global Economy Series

FxWirePro: US Oil breaks major resistances, hits fresh 13-month high at $58.59

Feb 09, 2021 10:29 am UTC| Technicals Investing

WTI oil prices hit fresh 13-month high at $58.59 per brl before easing slightly to trade at 58.10 at around 10:15 GMT. Oil prices have risen nearly 10% in the past weeks trade and are set to extend the previous weeks...

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Economy

Starbucks Korea's Q1 earnings soar 78% to 33.6 billion won

Starbucks Korea reported a net profit of 33.6 billion won in the first quarter, jumping 77.8 percent on-year due to an increase in mobile orders and drive-thru store sales and a lower base effect. Sales surged 15...

Hyundai Motor to invest 8.1 trillion won for EV production in US by 2025

Hyundai Motor Group will invest 8.1 trillion won in the US by 2025 to produce electric vehicles, improve production facilities, and increase its presence in the smart mobility solutions area. South Koreas top automaker,...

S. Korea's logic chip capacity share expected to drop due to US expansion

South Koreas capacity share in the advanced logic chip market is likely to decline as the US attracts more global semiconductor firms to build plants on its turf, according to a report by Counterpoint Research. The...

Hyundai, Kia to suspend plant operations due to chip shortages

Hyundai Motor Co. will suspend its No. 3 and 5 Ulsan plants for several days next week while its affiliate Kia Corp. will suspend its No. 2 Sohari plant due to semiconductor shortages. Operations at the No. 5 Ulsan...

Chick-fil-A limits sauce distribution to customers due to supply chain woes

Chick-fil-A announced it will be limiting customers to one sauce cup or packet per item ordered at most of its approximately 2,600 restaurants. The chicken sandwich company said it is making adjustments to quickly solve...

Politics

Ireland's shame: reforming an adoption system marked by secrecy and trauma

For the greater part of the 20th century Ireland was marked by a culture of shame that separated thousands of women from their children, many of whom were forcibly given up for adoption. The trauma inflicted by these...

World War 3: NATO allies warn Russia amidst tensions with Ukraine

Tensions at the eastern border between Ukraine and Russia have since escalated and became a cause of concern for NATO member countries. With tensions between the two countries potentially escalating into a world war,...

Joe Biden open to passing parts of infrastructure plan without GOP support

The passage of the $1.9 trillion American Rescue Plan was done on party lines, with Democrats exercising their slim majority powers without a single vote of support from Republican lawmakers. In his recent interview, Biden...

Joe Biden hopes Israel - Gaza conflict to be over 'sooner than later'

The unrest in Israel and Gaza has escalated in recent days, especially among Israelis and Palestinians. Joe Biden said this week that he hopes the conflict that is ongoing could be resolved and added that Israel has the...

Kamala Harris meets with Indian-American Rep. Ami Bera to discuss India's COVID-19 crisis

India is currently experiencing an unprecedented crisis in its tackling of COVID-19. This week, California Congressman Ami Bera met with Vice President Kamala Harris to discuss Indias crisis with the pandemic. Bera, the...

Science

Space tourism – 20 years in the making – is finally ready for launch

For most people, getting to the stars is nothing more than a dream. On April 28, 2001, Dennis Tito achieved that lifelong goal but he wasnt a typical astronaut. Tito, a wealthy businessman, paid US$20 million for a seat...

From making wine to managing mine waste, clay is important for many industries

The discovery and use of clays dates back to 30,000 years ago, making clays one of the oldest materials used in society. Clays are naturally occurring materials that were first used to make pottery and are now used...

One incredible ocean crossing may have made human evolution possible

Humans evolved in Africa, along with chimpanzees, gorillas and monkeys. But primates themselves appear to have evolved elsewhere likely in Asia before colonising Africa. At the time, around 50 million years ago, Africa...

Inside the world of tiny phytoplankton – microscopic algae that provide most of our oxygen

Phytoplankton are microscopic algae living throughout the oceans surface waters. They cant swim and are at the mercy of the currents and tides. Despite their small size, phytoplankton enable life in the oceans and...

First human-monkey embryos created – a small step towards a huge ethical problem

Scientists have created the worlds first monkey embryos containing human cells in an attempt to investigate how the two types of cell develop alongside each other. The embryos, which were derived from a macaque and then...

Technology

‘Mass Effect Legendary Edition’ won’t come to Xbox Game Pass anytime soon

With plenty of EA-published games made available to Xbox Game Pass subscribers recently, it is a fair question to ask if Mass Effect Legendary Edition will be included in its library as well. However, the remastered...

Discord to launch Stage Discovery and Threads features soon

Discord has just been updated with new features, and the popular group-chatting client has more things lined up to improve users experience. Barely two weeks after the Stage Channels were launched, Discord has announced...

‘Legend of Zelda: Breath of the Wild 2’ might not be ready for a 2021 launch

A new report claims the development of Legend of Zelda: Breath of the Wild 2 is close to its conclusion. However, this does not necessarily mean the much-awaited sequel is launching anytime soon. Legend of Zelda: Breath...

Sony unveils new colors for PS5 DualSense controller

Sony is giving fans a chance to play their favorite video games in style with the announcement of two new colors for the PS5 DualSense controller. The color options called Midnight Black and Cosmic Red, will not launch...

Google Pixel 6 goes through design overhaul, new leak suggests

All the disappointment Google fans may have felt when not much was changed in the Pixel 5s design last year may be reversed once the Pixel 6 series arrives. A new leak suggests the upcoming phones will sport...
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