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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

Afghanistan inks $160 million solar and wind power deal with US, Turkey, India.

Afghanistan signed a $160 million solar photovoltaic and wind power project deal with the US Agency for International Development (USAID), Turkey, and India that will bolster its grid by 110 megawatts in the next 16...

UAE, Israel eye energy, infrastructure cooperation

The energy ministers of the UAE and Israel explored possible investment opportunities in energy, infrastructure, oil, gas, and renewable energy in a video call on Wednesday. The two countries also focused on advanced...

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...

Politics

Joe Biden endorsed by nearly 500 former top military and national security officials

Since the report from the Atlantic revealing Donald Trumps disparaging comments regarding fallen military officials, the relationship between Trump and the military has since gone under strain. As the weeks narrow down...

Michelle Obama: Ex-FLOTUS says ignore Donald Trump's conspiracy theories about mail-in voting

Despite voting in a similar manner himself during the state elections and primaries, Donald Trump and his allies have repeatedly claimed that mail-in voting, especially at this time of a pandemic, would lead Americans to...

Melania Trump, Donald Trump booed upon visit to Supreme Court to pay respects to Ruth Bader Ginsburg

The passing of Justice Ruth Bader Ginsburg has led to a partisan clash as to when her replacement is to be selected, with Donald Trump pushing to nominate a new Justice by the weekend. As he and first lady Melania Trump...

Donald Trump claims FDA's potential strengthening of guidelines for COVID-19 vaccine is a political move

Donald Trump has repeatedly claimed that a COVID-19 vaccine would be ready sometime before the election. Following news of the Food and Drug Administrations potential plans to consider tougher guidelines when it comes to...

Science

NASA: Cyclones on Jupiter captured by Juno spacecraft

NASA is closely monitoring other planets in our solar system for signs of unusual activity in order to learn more about the universe. The Juno spacecraft was able to capture unusual weather within the gas giant as it...

Aliens: Experts claim to develop technology that could potentially detect life outside Earth

Along with exploring asteroids and other planets and phenomena in space, scientists are also looking for possible signs of life. In an effort to ultimately answer the question of whether or not we are alone in the...

COVID-19 cure: UK-based researchers make breakthrough in finding 'druggable pocket' in coronavirus

When it comes to finding or developing a cure for the coronavirus or COVID-19, scientists are still in the midst of research and development with some already moving on to preliminary testing. As a definitive cure for the...

Aliens: Scientists present technique to detect water on exoplanets in search for life

In space exploration, scientists are also closely monitoring the cosmos for signs of alien life. A group of astronomers from the United Kingdom have proposed a method to find a certain building block of life on...

Technology

‘Among Us’ is getting a new stage and location following the sequel’s cancellation

Among Us developer and publisher InnerSloth confirmed that the sequel it announced just a little more than a month ago has been canceled. However, fans might still welcome this decision as it also paves the way for the...

‘Starfield’ was close to being a PlayStation 5-exclusive title, report says

Bethesda Game Studios track record in making video games is enough to increase expectations on Starfield. It was then not surprising that Sony reportedly negotiated for the new IP to be initially exclusive on PlayStation...

‘Spider-Man: Remastered’: PlayStation 5 upgrade won’t be free and won’t be sold separately

Marvels Spider-Man had been a critically acclaimed game when it launched in 2018, so it is not surprising that it is one of the first PS4 games to get remastered for PlayStation 5. There are some caveats, though. The...

Naughty Dog hints at ‘exciting things planned’ for ‘The Last of Us’ Day

The Last of Us Part 2 developer Naughty Dog recently announced it is changing the name of an annual event for its fans. It has also somehow led to speculations that the highly requested online multiplayer could be...
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