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For energy, this is a very important week-for those countries that pay the price, this is a painful week.
The global benchmark Brent crude oil briefly touched its highest level in nearly three years this week. The Organization of the Petroleum Exporting Countries predicts that despite the global promotion of green energy development, crude oil will still dominate in the next few decades.
At the same time, the prices of natural gas and coal-the world’s dirtiest fossil fuels-are soaring.
Europe is being hit by record natural gas prices, while China-the world’s largest producer and consumer of coal-has energy shortages and is experiencing power outages and energy rationing.
If this sounds like the 1970s, then take a look at the pictures of leaving the UK this week, where a shortage of gasoline led to a wave of panic buying.
The result: a global energy crunch is brewing, and it is not winter yet.
We have covered each of these stories-including a snapshot of the global crude oil situation, which may make you feel like an experienced oil analyst (or at least make you worry about whether it will be hot this winter).
What is Friday without a health check? Do you feel exhausted? Because you are definitely not alone.
Oh, don’t forget, the new James Bond movie is finally Premiere After an 18-month delay caused by the pandemic. The fictional British spy has never had such a patient. Maybe he will save the world from the energy crisis.
Alas, in the words of Daniel Craig of 007 hosting the Saturday Night Live: Ladies and gentlemen, weekend.
-Ladies and gentlemen, weekend 😌 (@CraigWeekend) September 24, 2021
$11.8 trillion
Yes, this sounds like an incomprehensible number. However, the Organization of the Petroleum Exporting Countries (OPEC) stated that between now and 2045, how much investment is needed in the upstream, midstream, and downstream oil sectors to keep up with growing demand. (If 2045 sounds like the future, remember: the distance from 1997 to 2021 is the same.)
although Global effort In order to achieve green environmental protection, the cartel insists that by 2045, oil will maintain its number one position in the global energy structure and meet 28% of the world’s energy demand.
Radmilla Suleymanova, senior commercial producer at Al Jazeera Digital, tells the story here.
80 USD
The global benchmark Brent crude oil briefly exceeded US$80 per barrel this week, setting a three-year high.
The tight supply of oil, natural gas, and coal is disrupting the energy market and causing major damage. Power outages in North China have caused millions of people to lose power.
But this is not just the devastation caused by the coronavirus pandemic. In the UK, a shortage of truck drivers has led to a shortage of gasoline—and a series of new memes for panic buying.
At a gas station in Hemel Hempstead, UK, a sign tells customers that the fuel has run out [File: Matthew Childs/Reuters]What are the reasons behind the global energy crunch, and what measures are being taken to turn the lights back on?
Kaelyn Forde, Al Jazeera’s Americas Business Editor, addresses these issues and more here.
90%
Similarly, another incomprehensible figure is how many gas stations in the UK are out of gas.
Last weekend, about 90% of the front yards of members of the British Petroleum Retailers Association were empty.
“There were long queues of gas stations across the country for miles. Fighting at pumps. Empty shelves in shops. Congested roads in chaos. A country plagued by shortage anxiety,” wrote Al Jazeera’s James Brunsell. .
How did the UK get into this chaos?Brunsell studied this here.
one
China is also in an energy dilemma. The world’s largest oil producer and consumer country is currently facing power shortages. To solve this problem, Beijing has relaxed restrictions on coal mine operators and prioritized shipments to areas in need.
As factories closed to comply with restrictions, some analysts, including Goldman Sachs, lowered their expectations for China’s economic growth.
People stand in an industrial park in Shenyang, Liaoning Province, China [File: Tingshu Wang/Reuters]However, others saw a glimmer of hope and opportunity. Currently, coal accounts for nearly 57% of China’s energy structure. Although China’s dependence on fossil fuels may increase in the coming months, the challenges China faces may actually accelerate its shift to green energy.
Al Jazeera’s Michael Standaert has more on this here.
42%
Our non-oil story this week: women and burnout. It doesn’t sound like a revolutionary or new trend.
But the annual female workplace survey by McKinsey & Company and LeanIn.org found that 42% of women said they felt exhausted and exhausted. This is an increase of 10% from when the pandemic just started last year.
The study collected data from 423 major US companies and surveyed more than 65,000 employees.
One-third of women said they had considered reducing their careers or leaving their jobs altogether. This percentage has risen sharply from a quarter of the first few months of the pandemic.
Al Jazeera’s Kailin Ford delves into what drives women’s exhaustion here.
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