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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

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...

Oil in Global Economy Series

Oil price: futures markets warn it won't recover after coronavirus

May 04, 2020 13:46 pm UTC| Economy

West Texas Intermediate (WTI) crude went negative for the first time in history this month as oil traders got stuck between a mammoth oversupply and lack of places to store it. The international price of black gold remains...

Oil in Global Economy Series

Leverage Investments up by 34% in a Month

Apr 28, 2020 06:49 am UTC| Economy Investing

Leverage investments among small investors went up by 34.3 percent to 8.65 trillion won as of Thursday from 6.44 trillion won on March 24, according to the Korea Financial Investment Association. The increase was...

Oil in Global Economy Series

Korean Oil Companies Request Reduction of Charges on Importation, Sale

Apr 28, 2020 06:49 am UTC| Economy

Koreas Ministry of Trade, Industry and Energy is figuring out ways to cut charges related to the importation and sale of petroleum. A council is being set up with the oil refining companies, whose losses are estimated...

Oil in Global Economy Series

Helium supplies at risk from plunging oil prices – which is bad news for our coronavirus effort

Apr 26, 2020 05:18 am UTC| Business

Oil prices have plummeted as a result of the coronavirus pandemic. While the world needs far less oil than it used to, the decline in oil production will have a severe knock-on effect that could hinder efforts to combat...

Oil in Global Economy Series

BP paid a steep price for the Gulf oil spill but for the US a decade later, it's business as usual

Apr 24, 2020 05:01 am UTC| Economy Business

The largest offshore oil spill in U.S. history began ten years ago, on April 20, 2010. A massive explosion killed 11 workers on the Deepwater Horizon drilling rig, and a blowout spewed more than 3 million barrels of oil...

Oil in Global Economy Series

Oil Price Drop Making South Korean Shipbuilders Nervous

Apr 24, 2020 04:35 am UTC| Economy Business

Plummeting US oil prices and reduced demand for crude oil, and global shipments are making South Koreas shipbuilders jittery, causing them to put order plans on hold. For the first time in history, US benchmark West...

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Economy

What should you do if you can’t pay your rent or mortgage?

The cost of living crisis is making it difficult for many people to pay their bills, including housing costs. Private sector rents have increased by an average 9% over the year to February 2024, and rising interest rates...

Reducing energy demand and improving efficiency will help prevent the next gas crisis

Gas prices have relaxed, Europe has come out of the winter with record gas storage levels and a surfeit of liquefied natural gas is set to reach the shores of Europe over the coming years. Many commentators are hopeful...

Minimum wage for South African farm workers: study shows 2013 hike helped reduce poverty even though compliance was poor

Minimum wage policies are typically aimed at reducing poverty. Yet there is little direct evidence of this effect, especially in developing countries. And none for South Africa. In a recent paper, we consider the...

Gas is good until 2050 and beyond, under Albanese gas strategy

The Albanese government is talking up the crucial role of gas as a transition fuel through to 2050 and beyond. In a gas strategy to be released on Thursday, the government envisages the fuels uses would change over...

South Africa’s plan to move away from coal: 8 steps to make it succeed

The South African governments Just Energy Transition Implementation Plan was launched in November 2023. It is a roadmap guiding the country away from reliance on coal-fired power towards renewable energy alternatives by...

Politics

Donald Trump Allegedly Offers Oil Execs a Deal to Scrap EV Incentives for $1B Donation

Former President Donald Trump reportedly proposed a $1 billion deal to oil executives, offering to end electric vehicle (EV) subsidies in return for campaign funding, according to The Washington Post. This move underscores...

US Supreme Court upended decades of precedent in 2022 by allowing voters to vote with gerrymandered maps instead of fixing the congressional districts first

For the 2022 midterm elections, the U.S. Supreme Court allowed Alabama to use congressional districts that violated the law and diluted the voting power of Black citizens. A 5-4 vote by the Supreme Court in February...

Germany lowers voting age to 16 for the European elections

Ahead of the European parliament elections in June, Germany has lowered the age limit on participation to 16. This makes it the largest of just a handful of states in the EU to allow people under the age of 18 to vote....

South Africa will be president of the G20 in 2025: two much-needed reforms it should drive

South Africa will play an important international role in 2025 as president of the G20. The G20 is a group of 19 countries as well as the African Union and the European Union. Between them they represent 85% of global...

What early 2024 polls are revealing about voters of color and the GOP

By the end of winter 2024, the return of Donald Trump to the top of the GOP presidential ticket has revealed a surprising trend in the former presidents base of support: his increasing popularity among Black and Latino...

Science

Why are algorithms called algorithms? A brief history of the Persian polymath you’ve likely never heard of

Algorithms have become integral to our lives. From social media apps to Netflix, algorithms learn your preferences and prioritise the content you are shown. Google Maps and artificial intelligence are nothing without...

IceCube researchers detect a rare type of energetic neutrino sent from powerful astronomical objects

About a trillion tiny particles called neutrinos pass through you every second. Created during the Big Bang, these relic neutrinos exist throughout the entire universe, but they cant harm you. In fact, only one of them is...

The Mars Sample Return mission has a shaky future, and NASA is calling on private companies for backup

A critical NASA mission in the search for life beyond Earth, Mars Sample Return, is in trouble. Its budget has ballooned from US$5 billion to over $11 billion, and the sample return date may slip from the end of this...

Dark matter: our new experiment aims to turn the ghostly substance into actual light

A ghost is haunting our universe. This has been known in astronomy and cosmology for decades. Observations suggest that about 85% of all the matter in the universe is mysterious and invisible. These two qualities are...

A Nasa rover has reached a promising place to search for fossilised life on Mars

While we go about our daily lives on Earth, a nuclear-powered robot the size of a small car is trundling around Mars looking for fossils. Unlike its predecessor Curiosity, Nasas Perseverance rover is explicitly intended to...

Technology

Microsoft Integrates AMD AI Chips into Azure, Competing with Nvidia’s GPU Offerings

Microsoft announced Thursday that it will integrate AMDs MI300X processors into its Azure cloud services, offering a competitive alternative to Nvidias GPUs. Azures New AI Processing Power According to Reuters,...

Altcoins a ‘Relatively Huge’ Risk as Big Returns Fade, Analysts Warn Investors

Analysts caution that altcoins now represent a relatively huge risk, with the days of massive returns fading. Markus Thielen of 10xResearch suggests the high-reward era is over as crypto market narratives...

Bitcoin Has Best Day in 2 Months as SHIB to Get More Scarce with Shibarium

Bitcoin experienced its largest single-day rise in nearly two months, while ShibaSwaps expansion to Shibarium is set to increase SHIBs scarcity by boosting its burn rate. ShibaSwap Launches on Shibarium, Increasing SHIB...

Kia's Electric Pickup Spotted in US Testing, Targets Tesla Cybertruck, Ford F-150 Lightning

Kias upcoming electric pickup, designed to rival the Tesla Cybertruck, Rivian R1T, and Ford F-150 Lightning, has been spotted testing in the U.S., marking a significant step in its development. Kias Strategic Move into...

OpenAI Strikes Deal with Reddit to Bring Content to ChatGPT, Boosting Stocks

OpenAI and Reddit announced a partnership on May 16 to integrate Reddit content into ChatGPT, enhancing the chatbots capabilities and driving Reddits stock up 12% in extended trading. Reddit Diversifies Beyond...