The chief executive of BP says that the continued surge in United States oil supply and a sharp slowdown in the growth of China's energy consumption last year could mark a significant turning point for the energy industry.
“[Following] the eerie calm that had characterised energy markets in the few years prior to 2014 … the volatility and uncertainty that characterised 2014 felt like a return to more normal conditions,” said Bob Dudley in London yesterday at the launch of BP’s annual energy statistical review, one of the industry’s mostly widely referenced guides.
Last year’s events “may well come to be viewed as symptomatic of a broader shifting in some of the tectonic plates that make up the energy landscape”, he said, with “profound implications for prices, for the fuel mix, and for carbon emissions”.
The rise in oil supply from the US – which overtook Saudi Arabia in oil, and Russia in oil and gas, as the world's largest producer – seemed to take the market by surprise.
The slowdown in demand was also greater than expected, with world energy demand growing at less than 1 per cent, the slowest since the late 1990s, save for the aftermath of the global financial crisis in 2008.
Renewable energy outpaced fossil fuels and increased its market share, which was a major factor in slowing growth of carbon emissions to their lowest since 1998. Global carbon emissions grew 0.5 per cent, also the weakest since 1998.
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COMPANY PROFILE
Name: Almnssa
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Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
SPECS
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ENGLAND SQUAD
Goalkeepers Henderson, Pickford, Pope.
Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.
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WWE Super ShowDown results
Seth Rollins beat Baron Corbin to retain his WWE Universal title
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Shane McMahon defeated Roman Reigns
Lars Sullivan won by disqualification against Lucha House Party
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Based: Dubai
Sector: E-commerce
Current number of staff: 10
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MATCH INFO
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Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
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Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
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Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia on October 10
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Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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