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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

BHP is selling its dirty oil and gas assets, but hold the applause

Aug 22, 2021 01:39 am UTC| Business

When BHP announced it would sell its stake in its oil and gas business to Woodside Petroleum to form a merged oil and gas business, it appeared welcome news. A big miner finally takes climate change seriously. But...

Oil in Global Economy Series

BHP's offloading of oil and gas assets shows the global market has turned on fossil fuels

Aug 22, 2021 01:23 am UTC| Business

The announcement by BHP, the worlds second-largest mining company, that it will shift its oil and gas assets into a joint venture with Australian outfit Woodside is a clear indication the Big Australian is getting out of...

Oil in Global Economy Series

WTI inches closer towards $75 mark, gains over 1.75% ahead of OPEC meeting

Jul 01, 2021 10:47 am UTC| Technicals

USOIL chart - Trading View U.S. West Texas Intermediate was trading 1.73% higher on the day at $74.78 at around 10:40 GMT. Oil prices remain buoyed after data Wednesday showed U.S. crude stockpiles fell 6.7 million...

Oil in Global Economy Series

WTI extends losses after doji formation in the previous session, bears eye 200H MA at $67.95

Jun 08, 2021 12:15 pm UTC| Technicals Economy

USOIL chart - Trading View West Texas Intermediate (WTI) crude is extending declines from multi-month highs at $69.97 after doji formation in the previous session. WTI was trading 0.93% lower on the day at $68.61 at...

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...

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Economy

Russian crypto association slams govt for lack of action in regulating sector

The Russian Association of Cryptoeconomics, Artificial Intelligence, and Blockchain (Racib) has lambasted authorities in Moscow for not doing enough to regulate the industry. According to Yuri Pripachkin, head of...

Beijing presses McDonald's to support digital yuan in time for Winter Olympics

China is pressing the fast-food retail chain McDonalds, Visa, and Nike to support the digital yuan in time for the Beijing Winter Olympics in February 2022. A large number of McDonalds restaurants in Shanghai are...

Walmart issues recall on aromatherapy spray that can be fatal when used

Walmart announced a recall on branded aromatherapy spray that has been selling in its stores. The item is a room spray type of aromatherapy, and the retailer immediately pulled them off the shelves after the U.S. Consumer...

Bud Light Seltzer releasing eggnog flavored drink for the holidays

Bud Light Seltzer announced the return of its Ugly Sweater Limited Edition Variety Pack, and this year, it will be offering new holiday-inspired flavors. Four new tastes are set to hit the grocery store shelves soon. As...

Chipotle is taking this popular item off its menu list soon and here’s why

Chipotle is said to be removing one of its popular menu items from its store outlets soon. It was reported that its smoked brisket would be disappearing earlier as planned and it is for an unlikely reason. According to...

Politics

Nancy Pelosi says Congress is close to reaching a deal regarding social spending plan

Congressional Democrats are still in the midst of negotiations over the final bill that would tackle social infrastructure. House Speaker Nancy Pelosi has revealed that Congress is close to reaching an agreement regarding...

Mike Pence reportedly planning a presidential bid in 2024 elections

It has been highly speculated that former vice president Mike Pence may be planning a 2024 presidential bid which may see him go up against his former boss Donald Trump. A report revealed that Pence may be running for...

World War 3: Expert says UK should be concerned about growing tensions between China and US

China and the US have had strained relations, most especially in recent years, and even more so regarding the situation with Taiwan, stoking fears of a possible world war. An expert has warned that the UK should also be...

Kamala Harris to travel to France in November

Relations between the US and France have come under some strain following the deal made with the UK and Australia over nuclear-powered submarines. With US President Joe Biden meeting with French President Emmanuel Macron...

Science

S. Korean researchers develop Mediterranean diet that helps prevent cardiovascular disease

South Korean researchers have developed a Korean-style Mediterranean diet that helps prevent cardiovascular disease by reducing the proportion of carbohydrates while increasing the ratio of fat and protein. The diet...

LG Chem develops substance for creating cheaper, lighter plastic solar panel frames

LG Chem combined polycarbonate and acrylonitrile styrene acrylate (ASA) to develop LUPOY EU5201 to be used in plastic frames for solar panels. Consequently, LG has become the first in South Korea to develop plastic...

Owls used in helping California vineyards get rid of rodents

A Humboldt State University team is attempting to prove that owls can be an effective eco-friendly option at protecting grapes from rodent attacks. Graduate students at the universitys Department of Wildlife under...

S. Korean researchers develop process that uses agri-waste to produce biofuels, plastics

The Korea Institute of Energy Research (KIER) had developed an enzymatic process that uses agricultural waste to produce the 4-hydroxy valeric acid--an ingredient for biofuels and plastics. The KIERs enzymatic process...

France probes Nestlé, 100 other firms over bisphenol-A use

The French government is investigating 101 companies, including Nestlé, for not disclosing their use of bisphenol-A in food packaging. In its statement of objections, Frances competition authority accused the 101...

Technology

Wu-Tang Clan game is reportedly in development for Xbox

It has been more than a month since a massive list of unannounced games were leaked from the Nvidia GeForce Now network, but fans continue hearing that some of those titles may actually be in the works. Now, fans are...

‘eFootball 2022’ version 0.9.1 is delayed to November

This year marked a massive shift in Konamis football simulation franchise, but the developer has yet to regain the trust of most gamers. Unfortunately, Konami also announced recently that the much-needed update for...

‘Valheim’ developer says new biome will be its next major update

Developer Iron Gate has changed its 2021 plans for the breakout game Valheim, but the independent studio continues to work on the big additional content it promised. And in a new update post, the developer confirmed that...

‘Halo Infinite’ devs take another shot at campaign overview premiere

Video game fans have seen enough teasers and overview trailers for the Halo Infinite multiplayer, so it is about time that 343 Industries reveals the games campaign gameplay. Luckily, gamers do not have to wait long to see...

Apple explains how MacBook Pro’s screen was improved with the notch

Most people might not have expected it, but the new MacBook Pros screen design became one of the biggest talking points after they were unveiled last week. While some Apple fans are still not fully sold on having a display...
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