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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

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...

60% of pandemic-induced business closures in US become permanent

Yelp data revealed that 97,966 of the 163,735 business closures across the US due to the pandemic as of Aug, 31 wont be reopening. Permanent business closures rose 34 percent since Yelps last report in mid-July. Yelp...

S. Korea, Germany to boost energy ties towards economic recovery, climate goals

South Korea and Germany vowed via a virtual meeting to bolster cooperation in the energy sector towards the recovery of their virus-hit economies and helping each other achieve their climate goals. According to the...

Politics

Melania Trump: FLOTUS reportedly snubs stepdaughter Ivanka Trump's aspirations to become next president

First lady Melania Trumps former friend and adviser Stephanie Winston Wolkoff claimed that there was already some tension between Melania and her stepdaughter, Ivanka Trump. Her new book also revealed that the first lady...

Donald Trump: POTUS wants U.N. to hold China accountable for COVID-19 spread

Donald Trump was among the world leaders making an address in this years United Nations General Assembly. Tensions between the US and China in many aspects, especially COVID-19, have been placed center stage, with Trump...

Donald Trump: Robert Mueller's top deputy Andrew Weissman revealed POTUS did obstruct justice

Aside from the revelations offered by journalist Bob Woodward also come big reveals from special counsel Robert Muellers deputy Andrew Weissman in his upcoming book. The book, offering a peek into the Mueller...

Joe Biden: Campaign and Democrat committees gain financial lead

Former vice president Joe Biden and his campaign initially started off trailing Donald Trump in terms of cash reserves. But over the recent months and especially following the death of Justice Ruth Bader Ginsburg, the...

Science

Climate change: Arctic sea ice reaches second record low

Although the world is suffering from the effects of climate change, colder regions such as Greenland and the Arctic are the worst hit. A recent report has revealed that the situation in the Arctic does not appear to do any...

NASA: Expert reveals the budget required to bring astronauts back to the Moon

With NASA currently undergoing preparations for its upcoming missions, the agency requires a lot of funding for preparations to stay on schedule. The upcoming Artemis mission is estimated to cost tens of billions of...

Asteroid to make a very close approach to Earth on Thursday

Despite being able to track thousands of asteroids passing through space, there are still some rocks that can escape detection. One such asteroid is coming to Earth this week, with astronomers predicting that it will make...

Mars mission: Scientists find "worms" inside Martian meteor

NASA is gearing up for the future Mars mission that will take place over the coming years, with the Perseverance Rover already making a headstart after launching into space many weeks ago. With the search for signs of life...

Technology

Can ‘Rainbow Six Quarantine’ be released in 2020?

The launch of Rainbow Six Quarantine was delayed even before the COVID-19 pandemic leading to the delay of its release. However, a recent supposed leak seemingly suggested that the game would be released sooner than most...

‘Call of Duty: Black Ops Cold War’ beta tests kick off in October

The full release of Call of Duty: Black Ops Cold War is just around the corner. This also means that the annual beta tests before the games launch are also set. However, video game players should note that only those with...

‘Elder Scrolls 6’ may not be an Xbox-exclusive despite Microsoft’s ZeniMax Media acquisition

Microsoft kind of broke the internet on Monday after its plans to acquire ZeniMax Media -- Bethesda Softworks parent company -- was made public. There are plenty of popular IPs under the banners of ZeniMax and Bethesda,...

How Apple Watch SE compares to the flagship Apple Watch Series 6

The main star of Apples September event this year is not the new iPhone, but the latest lineup of Apple Watch. The biggest surprise, however, was that the Apple Watch Series 6 was not the only presented at the recent...

GoPro HERO9 Black: Everything to know about the new action camera

Joining the busy fall season for the consumer tech industry is the GoPro HERO9 Black. The new action camera has been announced and the improvements in its design, specs, and features would give fans to think about whether...
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