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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 prices soar due to promising COVID-19 vaccine test results

Nov 10, 2020 10:00 am UTC| Business

Hopes of the emergence of a COVID-19 vaccine soon with Pfizer and BioNTech indicating a 90 percent effectiveness initial trial results sent the prices of crude oil benchmark soaring by 9 percent to more than $43 a barrel...

Oil in Global Economy Series

North Sea oil: new owners for twilight years raise questions of national interest

Oct 09, 2020 07:04 am UTC| Business

The changing of the guard in the UK North Sea has reached a symbolic turning point. The reverse takeover deal between Chrysaor and Premier Oil overhauls BP to create a new number-one oil and gas operator, producing some...

Oil in Global Economy Series

Cost of Norway’s oil and gas projects surge by $1.4 billion due to pandemic

Oct 08, 2020 01:42 am UTC| Business

The costs of Norways ongoing offshore oil and gas projects jumped by $1.4 billion from a year ago as COVID-19 restrictions stalled construction. But oil company Equinor assured that the combined project portfolio is...

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...

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Economy

Asian Markets Quiet as Japan Gains on BOJ Decision; Australia Eyes Rate Cut

Most Asian stock markets were closed Thursday due to the Labor Day holiday, with trading volumes remaining low. However, Japanese shares advanced after the Bank of Japan (BOJ) left interest rates unchanged at 0.5%, as...

Australia’s Gold Rush to U.S. Turns Trade Deficit into Surplus

Australia recorded its strongest three-month export performance to the United States, driven largely by a surge in gold shipments amid President Donald Trumps tariff policies. According to the Australian Bureau of...

Dollar Stabilizes Amid Trade War Easing Hopes and Yen Waits on BOJ Decision

The U.S. dollar held steady on Thursday, shrugging off weak domestic data as markets turned hopeful over signs of easing global trade tensions. Despite suffering its steepest monthly decline in over two years through...

US Stock Futures Surge as Microsoft and Meta Earnings Beat Forecasts

U.S. stock futures rose sharply Wednesday night, driven by strong earnings reports from tech giants Microsoft and Meta Platforms. This positive momentum came after a choppy regular session where Wall Street posted modest...

Gold Slips on Eased Tariff Fears, Eyes Key U.S. Economic Data

Gold prices extended their decline during Asian trading on Wednesday as easing U.S. auto tariffs and positive trade signals reduced safe-haven demand. President Donald Trump signed two orders offering tax credits and...

Politics

Kamala Harris Slams Trump’s Economic Policies in Major Political Comeback

Former U.S. Vice President Kamala Harris issued a strong rebuke of President Donald Trump on Wednesday, calling his economic agenda the greatest man-made economic crisis in modern presidential history. Speaking in the San...

Medvedev Slams U.S.-Ukraine Minerals Deal as Trump Leverages Military Aid

Senior Russian official Dmitry Medvedev criticized a new U.S.-Ukraine minerals agreement, claiming it forces Kyiv to pay for future U.S. military aid with natural resources. The deal, signed in Washington, grants the U.S....

Senate Deadlocked on Tariff Rollback as U.S. Economy Shrinks

The U.S. Senate voted 49-49 on Wednesday, failing to pass a resolution aimed at reversing President Donald Trumps sweeping tariffs. The tie vote came just hours after federal data revealed that the U.S. economy contracted...

U.S. Warns Iran Over Houthi Support Amid Ongoing Nuclear Talks

U.S. Defense Secretary Pete Hegseth issued a stern warning to Iran on Wednesday over its support for Yemens Houthi rebels, even as indirect nuclear negotiations between the two nations continue. Speaking via X (formerly...

Singapore PM Urges Support for Trusted Team Ahead of May 3 Election

Singapore Prime Minister Lawrence Wong has urged voters to re-elect his cabinet in the May 3 general election, emphasizing the need for experienced leaders with strong ties to both the U.S. and China. Addressing 1.4...

Science

Kennedy Sets September Deadline to Uncover Autism Causes Amid Controversy

U.S. Health and Human Services Secretary Robert F. Kennedy Jr. announced a bold plan to identify the cause of autism by September 2025. Speaking at a cabinet meeting with President Donald Trump, Kennedy declared a global...

AstraZeneca’s Imfinzi Gets US Approval for Bladder Cancer Treatment

AstraZenecas drug Imfinzi (NASDAQ: AZN) has received U.S. approval to treat adult patients with muscle-invasive bladder cancer, a significant advancement in cancer therapy. The approval allows Imfinzi to be used in...

Sanofi’s New Hemophilia Drug Qfitlia Gains FDA Approval with Breakthrough Bimonthly Dosing

The U.S. Food and Drug Administration (FDA) has approved Qfitlia, a groundbreaking hemophilia treatment by French pharmaceutical giant Sanofi (NASDAQ: SNY). Designed for patients aged 12 and older with hemophilia A or B,...

FDA Vaccine Chief Peter Marks Resigns Amid Controversy Over Transparency

Peter Marks, the U.S. Food and Drug Administrations (FDA) top vaccine official, has resigned after reportedly being forced out by the Department of Health and Human Services (HHS), according to The Wall Street Journal....

Museums have tons of data, and AI could make it more accessible − but standardizing and organizing it across fields won’t be easy

Ice cores in freezers, dinosaurs on display, fish in jars, birds in boxes, human remains and ancient artifacts from long gone civilizations that few people ever see museum collections are filled with all this and more....

Technology

Xiaomi Unveils MiMo AI Model, Shares Surge 5% on Breakthrough Launch

Xiaomi Corp (HK:1810) launched its first open-source large language model, MiMo, on Wednesday, marking its official entry into the competitive artificial intelligence space. The debut sent Xiaomis Hong Kong-listed shares...

OpenAI Rolls Back GPT-4o Update After User Backlash Over "Sycophantic" Behavior

OpenAI has rolled back a recent update to its GPT-4o model used in ChatGPT, following widespread criticism from users who found the AI assistant excessively flattering and overly agreeable. The company announced Tuesday...

TSMC Expands U.S. Chip Production With Third Arizona Fab and $100B Investment Boost

Taiwan Semiconductor Manufacturing Co. (NYSE:TSM), the worlds largest contract chipmaker, has officially broken ground on its third semiconductor fabrication plant in Phoenix, Arizona. This marks a major milestone in the...

Meta Launches Standalone AI App to Compete with OpenAI and Google

Meta Platforms (NASDAQ:META) has released a standalone app for its Meta AI assistant, marking a significant step to boost its presence in the rapidly evolving AI market. Previously accessible only through Metas main...

Alibaba Launches Qwen 3 AI Model Amid Intensifying China Tech Competition

Chinese tech giant Alibaba Group (NYSE:BABA) unveiled Qwen 3 on Tuesday, a next-generation AI model featuring hybrid reasoning capabilities aimed at boosting performance and adaptability. The move underscores Alibabas...