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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: 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...

Oil in Global Economy Series

WTI Oil set to scale new highs, poised for 200W MA breakout

Feb 02, 2021 10:47 am UTC| Technicals

USOIL chart - Trading View After grinding sideways for the past few weeks, price action is poised for breakout at 200W MA which will open upside for the pair. WTI crude oil spikes over 2.0% higher on the day to...

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Economy

US to keep monitoring S. Korea for currency manipulation

The US is keeping South Korea on a list of its major trading partners to monitor for currency manipulation that puts American workers at an unfair disadvantage. The US Treasury Departments semiannual report to Congress...

GM Korea temporarily closing two plants for lack of parts

GM Korea announced this week that it will be closing down two of its three production factories in South Korea. The operation will be suspended in the sites starting next week as the company has no more semiconductor parts...

Shopify to lose three top executives all at once

Shopify will lose three of its high-ranking executives after they have expressed their intention to leave the company. Based on the report, the chief talent officer, chief technology officer and chief legal officer job...

Tencent Music appoints new chief and chairman amid the executives' shuffle

Tencent Music revealed this week that it has appointed its new chief executive officer and chairman. The announcement shows a major leadership shake-up in the company but it was a welcomed change. The executive shuffle...

POSCO to build the very first lithium factory in S. Korea

POSCO, the South Korean steel-making company, is building the countrys very first lithium factory. The Pohang-headquartered firm is the fifth largest steelmaker in the world based on the output. It was reported that...

Politics

Ivanka Trump receives backlash from supporters for getting COVID-19 vaccine

Donald Trumps daughter and former White House adviser Ivanka Trump has largely been silent on social media since January when the Trump administration exited the White House. In a break to her social media silence, Ms....

Donald Trump 2024: Liz Cheney says she will not support ex-POTUS in a reelection bid

Former President Donald Trump is being touted by his base of supporters in the Republican Party as the partys nomination for the 2024 elections. However, some Republicans, including Liz Cheney, have expressed no desire to...

Joe Biden announces withdrawal of US troops in Afghanistan

Almost 20 years and three presidents later, Joe Biden has carried out another campaign promise initially made by his predecessor Donald Trump. Biden formally announced the withdrawal of US troops stationed in Afghanistan...

Nancy Pelosi blasts Senate Minority Leader Mitch McConnell in upcoming book

House Speaker Nancy Pelosi had some harsh words for Senate Minority Leader Mitch McConnell in an upcoming book. Pelosi blasted McConnell, citing one instance involving the late Supreme Court Justice Ruth Bader...

Science

Feeding cows a few ounces of seaweed daily could sharply reduce their contribution to climate change

Methane is a short-lived but powerful greenhouse gas and the second-largest contributor to climate change after carbon dioxide. And the majority of human-induced methane emissions comes from livestock. About 70% of...

Researchers have grown 'human embryos' from skin cells. What does that mean, and is it ethical?

Researchers have successfully grown model versions of early human embryos by reprogramming cells from human skin. The breakthrough potentially opens up new ways to study the earliest phases of human development, learn more...

Artemis: how ever changing US space policy may push back the next Moon landing

Harrison Schmitt and Eugene Cernan blasted off from the Taurus-Littrow valley on the Moon in their lunar module Challenger on December 14 1972. Five days later, they splashed down safely in the Pacific, closing the Apollo...

As the Perseverance rover lands on Mars, there's a lot we already know about Mars from meteorites found on Earth

NASAs Perseverance rover successfully touched down on Mars this morning, and has already begun beaming back images. But people might be surprised to learn there have been another 48 missions to the red planet so far. Of...

Transparent wood is coming, and it could make an energy-efficient alternative to glass

Wood is an ancient material humans have been using for millions of years, for the construction of housing, ships and as a source of fuel for burning. Its also a renewable source, and one way to capture excess carbon...

Technology

‘F1 2021’ launches in July with a new story mode and updated career mode

The official video game sim of the prestigious Formula 1 race is getting a new iteration this year, officially titled F1 2021, and will launch in July. Aside from the ceremonial gameplay upgrades and addition of new...

‘Genshin Impact’ patch 1.5 online reveal is set on April 16

After weeks of relying on leaks, fans will finally get the details of the much-awaited Genshin Impact patch 1.5. Details about the updates official reveal have been announced and fans will be able to watch online streams...

‘The Last of Us’ remake is reportedly in development for PS5

The Last of Us is arguably one of the most popular franchises exclusive to the PlayStation systems, and its first game is reportedly undergoing a touch-up to maximize PS5s hardware. However, fans have yet to hear about...

Apple seeds iOS 14.5 beta 8 for public testers

iOS 14.5 is expected to be the biggest update since iOS 14 launched last fall. It finally became available to public testers as Apple seeded its eighth beta version this week. iOS 14.5 beta 8 now available to public...

‘Cyberpunk 2077’ dev promises more bug fixes to continue selling the game for ‘years to come’

CD Projekt Red has already delivered the promised major patches for Cyberpunk 2077, but many still feel that the RPG has more room to improve. On the bright side, the studio has expressed its commitment to continuously...
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