Day: October 25, 2021

Iran needs some $11 billion in investments to develop oil fields along its border with Iraq, Bloomberg has reported, citing the new head of the National Iranian Oil Company Mohsen Khojastehmehr. Where the money would come in remains as of yet unclear after Trump administration sanctions drove foreign companies out of the country. The sanctions are still in place under Biden despite an attempt to clinch a new nuclear deal. The latest reports in this respect suggest the talks may be heading for a collapse. The Independent reported last week…

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China will gradually reduce the share of fossil fuels in its energy mix until it reaches 20 percent or lower fossil fuel use by 2060, the authorities of the world’s top crude oil importer said on Sunday. China also reiterated that its carbon dioxide (CO2) emission will have peaked by 2030, according to a document jointly released by the Communist Party of China Central Committee and the State Council and cited by state news agency Xinhua. China will target to gradually increase the share of non-fossil energy consumption to around…

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WTI crude hit the psychologically important $85 per barrel mark earlier on Monday—the highest the U.S. crude benchmark has traded since October 2014. WTI prices eased later in the afternoon, with the benchmark falling back to $84.02—still up on the day and up about 20% month on month. The skyrocketing crude prices are largely the result of gas-to-oil switching amid a natural gas crisis in Europe and Asia. According to a note to clients from Goldman Sachs, it sees global crude oil demand could see a million barrel per day…

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Tesla has just received the single largest order for electric vehicles in the world, after car rental giant Hertz said on Monday it had placed an order for 100,000 Teslas by the end of 2022, which, according to Bloomberg, would be worth $4.2 billion in revenues for the U.S. EV manufacturer. “As consumer interest in electric vehicles (EV) skyrockets, Hertz today is announcing a significant investment to offer the largest EV rental fleet in North America and one of the largest in the world. This includes an initial order of…

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The COP26 climate summit is set to begin next Sunday in Glasgow. The summit has been touted as one of the most important international events for the past few years—an event where world leaders will attempt to come up with a concerted effort to reduce emissions. But there are multiple factors working against the summit’s success. As many as 25,000 delegates are expected to attend the summit that will last for two weeks as world leaders try to agree on a range of issues covering what needs to be done…

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