Latest News
-
Maguire: Five charts to explain the current energy market.
The Energy Institute's latest data dump is here, and it's a dream for energy analysts: expansive, consistent, and full of signals about the direction that 'the global system' will take. The 75th edition of Statistical Review of World Energy does not present a neat narrative. The data instead reveals that the system is pulling in many directions -- technologically, geographically, and structurally. Five charts best tell the story. CHINA: THE ULTIMATE "ENERGYMAXXER" The term "maxxer", which is a slang expression, comes from the internet culture. It means that someone or something "maximizes" a certain trait to a high level. China has taken this concept to heart. China's dominance is highlighted by the contrast between the energy and electricity produced in China and the U.S. China's energy production will rise from 100 exajoules per year in 2010 to 165 exajoules per year by 2025. The United States barely progresses beyond the mid-90s. This gap is staggering. The divergence is most pronounced in electricity. China's production surges beyond 10,500 terawatt-hours -- more than twice the U.S. production, which is creeping up to 4,800 TWh. Takeaway: Global energy, and especially power, has already experienced a shift in the center of gravity. DATA CENTERS ARE NOW A FIRST ORDER DEMAND DRIVER The surge in power consumption in data centers is one of the most "new" trends in the dataset. North America is leading, with a jump from 185 TWh to 320 TWh by 2025. Asia is on a rapid climb to 270 TWh while Europe is at 145 TWh. Even more impressive are the growth figures: North America will add more than 60 TWh by 2025. Takeaway: Digital infrastructure is driving electricity demand in advanced economies. The Battery Storage Industry is Growing -- But Asia Dominates In just a few short years, battery energy storage has gone from a niche technology to a system-critical one. After 2020, global capacity will increase sharply to about 300,000 megawatts in 2025. The geography of this buildout is lopsided. Asia has installed more solar panels than the rest the world. North America and Europe continue to grow rapidly, but they remain in the second place for cumulative capacity. Takeaway: Although the tools for energy transition are distributed more evenly, they are not scaled. CLEAN POWER LAGGARDS AND LEADERS The chart "clean vs. dirty" shows how inconsistent progress is in different countries. France is at the top of the list, generating 95% of its clean energy from its nuclear fleet. Brazil and Canada are not far behind. Most of Europe is clustered between 50% and 80%. On the other hand, many major systems are still largely fossil fuel-based. Saudi Arabia generates only a tiny fraction of its electricity from renewable sources. Meanwhile, economies such as Indonesia, South Africa, and Malaysia are also heavily carbon intensive. Takeaway: There are many different national transitions, not just one global one. EMISSIONS CUTS and GROWTH Final emissions data shows a clear split between those who are cutting back and those who?are adding. Since 2010, the United States has been the biggest cumulative reducer of carbon dioxide (CO2) related energy emissions. Europe and Japan have also seen significant declines. These gains are offset by other increases. China is the largest emitter of greenhouse gases, followed by India and then a number of other emerging economies. Takeaway: It's not about whether or not there are global emission reductions, but rather where. BOTTOM LINE The Energy Institute dataset is rarely loud -- it's more subtle. What it shows is that a system evolves along multiple fault lines: China continues to grow in size. North America generates new demand for data centers. Asia is leading the development of infrastructure and storage. The countries differ sharply in their approach to power sector cleanliness. In some areas, emissions are falling while in others they are rising. The transition is real and it's accelerating in some places. It's fragmented and may define global energy for years to come. These are the opinions of the columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
-
There are some flights to the Middle East that have resumed but there is still disruption.
Some airlines have resumed flights to certain parts of the Middle East, as diplomatic efforts intensify to resolve the conflict following the U.S.-Israeli strike on Iran. However, many carriers continue to suspend flights that disrupt global travel. The following is a list of the current status of flights by alphabetical order. AEGEAN AIRLINES The largest airline in Greece has cancelled flights to Dubai until August 31 and Erbil and Baghdad?until Sept 30. AIRBALTIC AirBaltic, a Latvian airline, resumed its Tel Aviv operations on July 1. Dubai flights are suspended until October 24. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR EUROPA On June 29, the Spanish airline began flights to Tel Aviv. AIR FRANCE-KLM Air France suspends its Tel Aviv flight until July 2. Dubai flights will be suspended until July 5. Beirut flights will be suspended until September 9. KLM has suspended flights from Riyadh to Dammam, Dubai and Dammam until August 23. CATHAY PACIFIC Hong Kong Airlines plans to resume daily flights to Dubai, and four times weekly flights to Riyadh from September 1. From August 1,?Cathay Cargo will resume its freighter service to Riyadh. Earlier, services to these destinations had been suspended until August 31, The U.S. carrier suspended service for the Atlanta-Tel Aviv routes through December 18, 2018. The airline plans to resume New York JFK-Tel Aviv flights starting September 6. However, the launch date of Boston-Tel Aviv, which was originally planned for October, has now been delayed. FINNAIR Finnair has cancelled all Doha flights up to October 2 and continues to avoid airspace in Iraq, Iran Syria, and Israel. The airline will resume Dubai flights in October, which they only operate during the winter. British Airways, owned by IAG, delayed the resumption?of its flights to Doha and Riyadh till August 8th. Flights from Amman, Bahrain, Amman, Dubai, Tel Aviv and Dubai are suspended until the end of summer. They are expected to resume on October 25, 2010. When the flights resume, it plans to reduce service to Dubai, Doha and Riyadh to just one flight per day, while dropping Jeddah from its list of destinations. JAPAN AIRLINES Japan Airlines has suspended its scheduled Tokyo-Doha and Doha-Tokyo flight until August 31, and Doha-Tokyo until September 1. Polish Airlines has suspended flights to Riyadh from June 30 to July 2, and will resume them on July 2. LOT will begin operating its winter route from Dubai in October, and resume its Beirut operations during the Summer of 2027. LUFTHANSA GROUP On July 1, Lufthansa, ITA Airways and British Airways resumed their flights to Tel Aviv. SWISS delayed the return of flights until August, and Brussels Airlines suspended its operations until October 24, The suspension of Dubai flights by SWISS and Lufthansa will continue until September 13th. Until October 24, SWISS, Austrian Airlines, Brussels Airlines, Lufthansa and SWISS have suspended their flights to Abu Dhabi and other destinations, including Amman, Beirut and Dammam as well as Riyadh. Erbil, Muscat, Tehran and Riyadh are also affected. Eurowings, a low-cost carrier, resumed its flights to Tel Aviv and Beirut on July 10 and will resume its flights to Erbil and Beirut on July 1. The airline plans to resume flights to the remaining Middle East destinations in autumn. ITA Airways also extended its suspension of flights to Riyadh and Dubai until July 31. MALAYSIA AIRLINES From July 2, the Malaysian airline will resume daily flights from Doha. The second daily service will continue to be suspended. NORWEGIAN AIR Low-cost carrier has delayed the launch of Tel Aviv and Beirut service?indefinitely' and no new dates have been set. ROYAL MAROC The Moroccan carrier announced that flights to Doha will be cancelled until June 30, and they plan to resume their operations on July 2. SINGAPORE Airlines In response to increased demand, the carrier has extended the suspension of its Singapore-Dubai flights until?August 2 and added services on Singapore-London Gatwick?and Singapore–Melbourne routes between late March and October 24. TURKISH AIRLINES SunExpress, Turkish Airlines’ joint venture with Lufthansa has cancelled flights from Dubai to Bahrain, Beirut, and Erbil up until July 14. WIZZ AIR Low-cost airlines have suspended flights from Europe to Dubai, Abu Dhabi, and Amman until mid-September. (Compiled by Josephine Mason and Jamie Freed. Elviira Louma, Tiago Branao, Agnieszka Olesenska, Bernadette HOG, Boleslaw LaSocki, Alexander Klyve Gudbrandsen. Romolo Tosiani. Jasmeen A. Shaikh. Matt Scuffham and Sanjeev Mikleni edited by Louise Heavens, Pooja Deai, and Pooja Scuffham.
-
Russian fuel frustration increases as crisis bites
Farmers in Russia's grain belt are worried that they won't be able to harvest their crops due to a fuel shortage caused by Ukraine's drone strikes on oil refineries and depots. The damage caused by Kyiv's strikes on the energy infrastructure of 'the 'country has led to fuel shortages in many regions, and a growing level of public unrest. The shortage has also prompted drivers to share maps and exchange tips on which stations offer fuel and have shorter lines. In social media footage, drivers have been seen fighting as they wait for fuel. In a video titled 'The Ultimate Luxury, 2026', a man pours petrol slowly into his lawnmower using a jerrycan and jokes, "What riches." Who can afford this? According to Yandex, the website iPhones.ru reported that online searches for "how do you siphon fuel?" rose from 697 a few months earlier to 9,300 on June 21, up from 6,97 a couple of weeks ago. Retail gasoline prices in some regions have reached some of the highest levels ever recorded in Europe. Rosstat, the state statistics agency, reported that the price of gasoline in Sevastopol - the largest city within Russian-controlled Crimea – jumped by 30% just in the last week. Rosstat reported that while the average price of gasoline in Russia was 72.38 rubles ($0.9256) a litre last week, witnesses said some stations in areas affected by shortages were charging $2.42 a litre. The Russian authorities are uncomfortable with the evidence of Kyiv’s wider impact. Since launching its "special military operation" in 2022, Russia has repeatedly attacked Ukraine's infrastructure, leaving many Ukrainians without heat or power during winter. Moscow initially downplayed fuel shortages by claiming they were localized bottlenecks. But on Sunday, President Vladimir Putin acknowledged the issues and promised to take measures to stabilize the market. He stressed that it is vital to continue to supply the agricultural sector, "because harvest depends on it". A social media post describes farmers in Black Earth struggling to pay for fuel to harvest their crops, while another tells of a farmer who had to drive his combine to a regular gasoline station because he wasn't allowed to fill up a can. Could not independently verify accounts. MOSCOW SAYS PROBLEMS WILL BE ADDRESSED Alexander Novak, the deputy prime minister and Putin's energy point man, stated on Wednesday that problems will be addressed. Exclusively, it was reported that "Russia has begun to import seaborne gasoline from India" and that Kazakhstan agreed to provide 50,000 metric tonnes to Russia between July 'and August. A poll conducted this week showed that Russians felt more pessimistic than ever before about the economic situation, even before the shortages escalated last month. Fuel shortages are likely to continue as strikes continue. This could lead to a decline in public support for the war. The conflict began in February of 2022 when Russia invaded Ukraine. It is now in its 5th year. In some areas, basic services are being cut. In the Zabaikalsky Region, near China and Mongolia on the border, authorities have cancelled bus routes, and a waste collection firm has suspended service in four districts due to fuel shortages. "What's more frightening is the cost of groceries." "All deliveries are made by 'road", one poster commented on an article on the 'website of regional newspaper Chita.ru. The comment was "liked" by more than 100 people. Tatiana Sedykh, who was waiting in line for diesel at a fuel station in Rostov on Don in southern Russia on Monday, said she was happy she had chosen this option. The line at the gas station is insane. I'm beginning to wonder if I should start walking to work.
-
Eight monks are killed in Thailand when an 11-year old boy crashes his truck
Officials said that eight Buddhist monks died and more than 20 were injured after being struck by a pickup driven by an 11-year-old child while on a pilgrimage. Mukdahan Governor Vorayan Bunarat revealed at a press briefing that the victims were part a group consisting of 34 Buddhist monks, five lay people and a vehicle. They were on a pilgrimage from one temple in Mukdahan Province to another in neighbouring Ubon Ratchathani Province. Governor said that five monks died on the spot, and three others succumbed later to their injuries. 22 monks and 1 layperson were also injured, with four of them in critical condition. The provincial police chief of?Mukdahan?, Major General Pairoj Thailandphutra said that the driver was an 11-year old boy with special needs who drove the pickup truck from his home. He then drove the truck about 6 miles (10 km) before hitting a group of monks. Pairoj stated that the police have not yet filed charges because investigators are still trying to determine what caused the crash. He added that officers have yet to be able to interview 'the boy' because he is still 'in shock and unable to give a statement.
-
Amazon takes action against India's delivery partner following fire investigation
Amazon announced on Thursday that it would take "appropriate actions" against a third-party partner in India, once the police investigation into an alleged fire which killed two workers is completed. Amazon, one of India's largest ecommerce companies, has also launched an independent "internal" investigation into the incident. A source with first-hand knowledge confirmed this. Source refused to identify themselves publicly, citing confidentiality. On June 5, two people were killed in a fire at M&M Logistics Solutions. The company is an Amazon partner and delivers goods to the state of Uttarakhand. According to the document of state police, there was no fire alarm in the building, nor were smoke detectors or a fire safety clearance. Amazon issued a statement to '. "We will take appropriate action in accordance with our policies as soon as the investigation (by local authorities) is completed," Amazon stated in a?. M&M Logistics and the State police of Uttarakhand did not answer any questions. UNION CALLS FOR PROBE Amazon was under scrutiny by India's national human rights commission in 2024 over accusations of labour law violations at a warehouse located near New Delhi during a severe heatwave. Later, the commission learned that the state had taken legal action against Amazon under India's Labour Law. Amazon has stated that the safety and well-being of its employees is their top priority. The Amazon India Workers Union issued a statement in which it demanded that a judge conduct an independent investigation into the deaths of the five people on June 5, and called this incident an example of "a grave failing of workplace safety and human dignity." According to an Amazon press release from 2023, M&M Logistics Solutions operates 45 Amazon delivery centres?in 21 different cities?, delivering packages for the ecommerce company across northern India. M&M Logistics Solutions, a third-party supplier, is not allowed to work in an unsafe environment for people, which includes uncontrolled fires. This is stated by Amazon's code of conduct for suppliers and vendor. According to the code, third-party vendors can be terminated or suspended for violating its standards.
-
Germany charges Nord Stream suspects with war crimes complicity and sabotage
German Federal prosecutors announced on Thursday that a 'Ukrainian citizen linked to the Nord Stream Pipeline explosions was?charged as a 'complice of a war crime and disruption of public services. He also faces charges for causing an explosive to occur, and destroying buildings. Serhii, or K as the suspect, is known to German privacy laws, is suspected of acting for?Ukrainian government entities along with other military staff, in order to?destroy pipelines in the year 2022. Prosecutors alleged that the goal was to stop gas deliveries via pipelines permanently and to prevent Russia from using revenue from the natural gas trade to fund its war effort. They said that the defendant, who led a team of professional divers and explosives experts, entered Germany in September 2022 on a fake Ukrainian passport and boarded an yacht rented with forged identification documents. According to the statement, he and his accomplices 'transported' large quantities of explosives for military purposes through international waters, to a location near the Danish island Bornholm. From there, he 'attached' them to the pipelines undersea. Serhii K, a German citizen, was arrested in Italy in August of last year and sent to Germany in November. He has denied any involvement. German courts have treated the case as falling ?within German jurisdiction because the ?damaged pipelines end at ?Lubmin in the state of Mecklenburg-Vorpommern, and their loss affected Germany's energy security and internal safety. (Reporting and editing by Thomas Seythal, Miranda Murray)
-
Maguire: Five charts to explain the current energy market.
It's the latest Energy Institute data dump, and it is as always an energy analyst's delight: expansive, consistent, and full of signals about the direction the global system will take. The 75th edition of Statistical Review of World Energy does not present a neat narrative. The data instead reveals that the system is pulling in many directions, both geographically and technologically. Five charts tell the story best. CHINA: THE ULTIMATE "ENERGYMAXXER" The term "maxxer", which comes from the?internet?culture, means that someone or something is "maximizing" an aspect to a high level. China has taken this concept to heart. China's dominance is highlighted by the contrast between the energy and electricity produced in China and the U.S. China's energy production will rise from 100 exajoules per year in 2010 to 165 exajoules per year by 2025. The United States barely progresses beyond the mid-90s. This gap is staggering. The electricity is the area where there are significant differences. China's power generation has risen to 10,500 terawatt-hours, more than twice the U.S. production which is now approaching 4,800 TWh. Takeaway: Global energy, and especially power, has already experienced a shift in the center of gravity. DATA CENTERS ARE NOW a?FIRST ORDER DEMAND DRIVER The surge in power consumption in data centers is one of the most "new" trends in the dataset. North America is leading, with a jump from 185 TWh to nearly 320 by 2025. Asia is climbing fast towards 270 TWh while Europe lags behind at around 145 TWh. Even more impressive are the growth figures: North America will add more than 60 TWh by 2025. Takeaway: Digital infrastructure is the main driver of electricity demand in advanced economies. The Battery Storage Industry is Growing -- But Asia Dominates In just a few short years, battery energy storage has gone from a niche technology to a system-critical one. After 2020, global capacity will increase sharply to around 300,000. Megawatts in 2025. The geography is lopsided. Asia has installed more solar panels than the rest. North America and Europe continue to grow rapidly, but they remain in the second place for cumulative capacity. Takeaway: Although the tools for energy transition are distributed more evenly, they are not scaled. CLEAN POWER LAGGARDS AND LEADERS The chart "clean vs. dirty" shows how inconsistent progress is in different countries. France is at the top of the list, with its nuclear fleet generating 95% of clean energy. Brazil and Canada are not far behind. Most of Europe is clustered between 50% and 80%. On the other hand, many major systems are still largely fossil fuel-based. Saudi Arabia produces?only a fraction of its electricity from clean sources. Meanwhile, economies such as Indonesia, South Africa, and Malaysia are also heavily carbon intensive. Takeaway: There are many different national transitions, not just one global transition. EMISSIONS CUTS and GROWTH Finaly, the data on emissions shows a clear division between those who are cutting back and those who are?adding. Since 2010, the United States has been the biggest cumulative reduction in energy-related CO2 emissions. However, there have also been significant declines across Europe and Japan. These gains are offset by other increases. China is the largest emitter of greenhouse gases, followed by India and then a number of other emerging economies. Takeaway: It's not about if or where there are emissions cuts, but rather when. BOTTOM LINE The Energy Institute dataset is rarely loud -- it's more like a accumulator. What it shows is that the system is evolving along several fault lines. China is gaining more ground in terms of scale. North America generates new demand for data centers. Asia is leading the development of infrastructure and storage. The countries differ sharply in their approach to power sector cleanliness. In some areas, emissions are falling while in others they are rising. The transition is real and it's accelerating in some places. It's fragmented and may define global energy for years to come. These are the opinions of the columnist, who is also an author. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
-
Fuel crisis hits Russia and causes Russian frustration
Farmers in Russia's grain belt are worried that they won't be able to harvest crops due to a fuel shortage caused by Ukraine's drone strikes on oil refineries and storage depots. Fuel supplies in oil-rich Russia have been squeezed by Kyiv's attempts to pressurize Moscow to make 'peace' with strikes on its energy infrastructure. This has led to fuel restrictions and public unrest across the country. The shortage has also prompted drivers to share maps and tips on which stations offer fuel and have shorter lines. In social media footage, drivers have been seen fighting as they wait for fuel. In a video titled "The Ultimate Luxury 2026," a man pours gasoline into his lawnmower slowly from a jerrycan and jokes, "What riches." Who can afford it now?" Searches for "how to siphon" online jumped from 697 a few months earlier to 9,300 searches by the 21st of June, according to Yandex data cited by iPhones.ru. Since launching its so-called special military operation, in 2022 Russia has attacked Ukraine's energy infrastructure repeatedly. This has left many Ukrainians without heat or power during the winter. The Russian authorities are uncomfortable with the evidence of the wider impact of Ukraine's war, as they initially downplayed fuel shortages. A social media post describes farmers in fertile Black Earth?region as struggling to pay for fuel to?harvest. Another tells of a farmer who had to drive his combine to a regular gasoline station because he wasn't allowed to fill a?can. Could not independently verify the account. On Sunday, President Vladimir Putin acknowledged that there were problems and promised to take measures to stabilize the market. He stressed the importance of maintaining fuel supplies for the agricultural sector, "because the harvest is dependent on it". Alexander Novak said that his energy point man, Deputy Premier Alexander Novak, stated on Wednesday that the problems were being addressed. Exclusively, it was reported that Russia has begun to import seaborne gasoline from India. Kazakhstan also agreed to provide 50,000 metric tonnes of gas to Russia between July and August. A poll conducted this week showed that Russians felt more pessimistic than ever before about the economy, even before the shortages escalated last month. In some areas, basic services are being cut. In the Zabaikalsky Region, near China and Mongolia on the border, authorities have cancelled bus routes, and a waste collection firm has suspended service in four districts citing fuel shortages. "More frightening is how much groceries are going to cost." "All deliveries are made by road," a?person commented on an article on the website regional news outlet Chita.ru about the cuts. The comment was "liked" by more than 100 people. Fuel shortages may erode public support as strikes continue. The war began in February 2022, when Russia invaded Ukraine, and now is in its fifth year. Tatiana Sedykh, who was waiting in line for diesel at a fuel station in Rostov on Don in southern Russia, said she was happy she had chosen it. The line at the gas station is insane. "I'm beginning to wonder if I should start walking to work." (Additional reporting in Rostov on Don, edited by Mark Trevelyan & Alexander Smith).
Drivers will lap Silverstone in Lego vehicles before the British GP
Formula One drivers will do a 'parade lap' of Silverstone, before the British Grand Prix on Sunday in mini-cars built from Lego bricks.
This stunt is part of a series that will be carried out by the Liberty Media-owned sporting organization and the Danish toymaker in the years 2025, after several events in the past. Last year, in Miami, 10 Lego-made electric two-seater cars were used to race around the Hard Rock Stadium. Last July, the British Grand Prix's top three finishers were awarded trophies made from Lego.
Later, in Las Vegas, an actor named Terry Crews drove a Lego 1950s Cadillac, made up of over 418,000 bricks, to take the top three racers to the podium.
The cars that will be used for this year's drivers' parade are made from more than 28,000. They can reach speeds up to 16 mph on standard go-karts, which is a slow pace in comparison to the race.
The bricks weigh about 280 kg (617 lb) and are painted with the team's?2026 liveries.
The cars were created by a team of '20 designers, engineers and Lego builders in a factory in Kladno, Czech Republic. They spent more than 6,400 working hours on the project. (Reporting and editing by Alan Baldwin)
(source: Reuters)