“Reduced jet and kerosene deliveries will impact total oil demand until at least 2022 … the aviation industry is facing an existential crisis”, the Paris-based International Energy Agency (IEA) has said. Oil demand is recovering from the greatest fall in its history in 2020, but less flying due to coronavirus fears means the world will …read more →
WORLDReport
Saudi Aramco Cuts Crude Oil Shipments Loading for July
Saudi Arabia’s oil giant Aramco has cut the crude oil shipments loading in July to at least five of its customers in Asia, Reuters reported on Monday, quoting sources familiar with the plans. The move from OPEC’s top producer and the world’s largest oil exporter comes after Saudi Arabia hiked its official selling prices (OSPs) for …read more →
Arm Technology Powers World’s Fastest Supercomputer
The International Supercomputing Conference, ISC, has announced that Fugaku supercomputer, a system jointly developed by RIKEN and Fujitsu Limited, based on Arm technology, was awarded the number one spot of the TOP500 list. Having been crowned the world’s most efficient supercomputer on the Green500 list in November 2019, Fugaku was also given top honours on …read more →
World Bank Board to Meet on Nigeria’s $1.5 Billion Loan Request On August 6
The board of the World Bank is expected to meet on August 6, to decide on Nigeria’s request for $1.5 billion facilities to augment its revised 2020 budget amidst the impact of corona virus pandemic, sources at the international lender said. The lender decision which was initially set for late July, according to the sources …read more →
Hydrogen Fuel Economy Is Finally Going Mainstream
Hydrogen power has been on the market for decades but has never really been able to break the glass ceiling of mass-market appeal, mainly due to a host of technical and cost issues. Indeed, battery power appears to be winning the race to replace the internal combustion engine (ICE) more than any other alternative fuel type. …read more →
The Oil & Gas Sector Could Already be in Terminal Decline
The fossil fuel industry has faced serious headwinds for several years, but the rise of renewables combined with the fall in consumption as a consequence of the global corona crisis is pushing it over the edge and into “terminal decline”. Although global coal consumption continues to grow slowly, its use has peaked in developed regions. According …read more →
China Iron Ore Demand Powers Baltic Sea Freight Index Record Weekly Gain
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry commodities around the world, posted its biggest weekly gain ever, underpinned by a rebound in global commodities trading as iron ore demand from China picked up. The 35-year old index, which reflects rates for capesize, panamax and supramax ships, has now …read more →
Oil Prices Will Hit $50 Before the End of the Year
Despite fears of a second wave of COVID-19, oil markets rebounded last week, showing signs of improving fundamentals as global supplies continue to tighten. On Friday, Brent closed at $42.19, up by 8.20 percent w/w, while WTI closed at $39.75, up by 9.03 percent w/w. Furthermore, the 1-2 month Brent spread flipped into backwardation for the first …read more →
FBN Holdings Wins World Finance Best Corporate Governance in Nigeria Award
Nigeria’s leading financial services group and holding company, FBN Holdings Plc, has won the 2020 Best Corporate Governance in Nigeria Award by the World Finance. World Finance is renowned for its comprehensive coverage and analysis of the global financial services industry, international business, and the global economy. FBN Holdings Plc is winning this award for …read more →
India, China top in Asia’s New Trunk Pipeline Length Additions by 2024
India is expected to lead Asia’s oil and gas new trunk/pipeline length additions, contributing around 59% of Asia’s planned and announced pipeline length additions between 2020 and 2024, says GlobalData, a leading data and analytics company. In a report titled, ‘Global Length and Capital Expenditure Outlook for Oil and Gas Pipelines, 2020−2024: Asia Leads Global …read more →