It’s been a big week for power – and a pity for the countries that pay by the nose.
International standards Brent crude reached its highest level in almost three years this week. And the Organization of the Petroleum Exporting Countries (OPEC) predicts that deforestation will intensify over the next several decades, despite global green energy pressures.
Meanwhile, prices for natural gas and coal – the world’s largest fossil fuel – are also rising.
Europe is reeling from high natural gas prices, and China – the world’s largest coal producer and consumer – is suffering from power and energy shortages.
If that sounds like the 1970s, just look at the images outside the UK this week, where fuel shortages have led to a wave of panic.
Upshot: There is a global power crisis, and it’s not winter yet.
We’ve covered each of those stories – as a seasoned oil analyst (or at least you’re not worried about the heat this winter) including a snapshot of global boldness.
And what is a Friday without a health check? Do you feel burned? Because you are certainly not alone. More below.
Oh, and let’s not forget, the new James Bond movie finally started after an 18-month hiatus. The imaginary British spy has never been this patient. Perhaps it will save the world from a power crisis.
Alas, in the words of Daniel Craig in 007 live on Saturday night – ladies and gentlemen, weekends.
– Ladies and Gentlemen, Weekend (@CraigWeekend) September 24, 2021
$ 11.8 trillion
Yes, that sounds like an impossible number to wrap around. But to meet the growing demand for oil, the Organization of Petroleum Exporting Countries (OPEC) estimates how much investment will be made in the river, medium and lower oil sectors by 2045. (If 2045 looks like the future, remember – the same distance from 1997 to 2021.)
Despite global efforts to grow green, Carroll insists that it will be the world’s largest energy producer, accounting for 28 percent of the world’s energy needs by 2045.
Al-Jazeera Digital’s top commercial producer Radimila Sulaimanva has that story here.
Brent Diffard, the world’s standard, rallied $ 80 a barrel this week – the highest in three years.
Strong oil, natural gas, and coal supplies are booming in energy markets, causing significant disruption. Power outages in northern China have left millions without electricity.
But it is not just the cholera virus that is causing the damage. The shortage of truck drivers in the UK has led to a shortage of petrol – and has killed new memories for shocks.
What is behind the global power outage, and what is being done to re-illuminate the lights?
Al Jazeera’s business editor Kylie Ford faces those questions and more here.
Again, another hard-to-estimate number is how many gas stations in the UK have run out of gas.
Ninety per cent of the courts in the UK Petroleum Retailers’ Association were empty last weekend.
Long queues at gas stations across the country. Fighting over the pumps. Empty shelves in stores. Violence on closed roads. Anxiety-stricken people, ”writes Al Jazeera’s James Browns.
How did Britain get into this mess? Brownsol is investigating here.
China is also in power. The world’s largest oil producer and consumer is currently experiencing power shortages. To address this, Beijing has lifted restrictions on coal miners and prioritized shipping to regions in need.
As factories closed to comply with restrictions, some analysts – including Goldman Sachs – underestimated China’s economic growth.
Others see silver lining and luck. Coal currently accounts for 57 percent of China’s energy mix. And while the country’s dependence on fossil fuels may increase in the coming months, China’s challenges could actually accelerate its return to green energy.
Al Jazeera’s Michael Standard has more to do with this.
Our non-oil story of the week: Women and Burning. It does not look like a revolution or a new trend.
But an annual women’s workplace survey from McKinsey & Company and LeanIn.org found that 42 percent of women feel tired and burned. This outbreak is just 10 percent higher than last year.
The study collected data from 423 major US companies and surveyed more than 65,000 employees.
One in three women says they plan to downsize or quit their jobs altogether, a dramatic increase in the first four months of the epidemic.
Al Jazeera’s Kyle Ford is deeply involved in what motivates women to burn here.