Brent oil price increased for 4 consecutive sessions on June 15. Photo: Reuters Ending the session on June 14, Brent oil price advanced 17 US cents to 72.86 USD/barrel. The price of this oil commodity at the beginning of the session jumped to $73.64 per barrel – the highest level since April 2019. The price of WTI oil fell 3 US cents to 70.88 USD/barrel, after touching $71.78/barrel at one point, the highest level since October 2018. The price of “black gold” has increased sharply in recent weeks thanks to a gradual recovery in demand for fuel in the context of many countries easing restrictions to prevent the Covid-19 epidemic. The International Energy Agency (IEA) on June 11 forecast that global demand will return to pre-pandemic levels by the end of 2022, faster than previously predicted. The IEA called on the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as the OPEC+ group, to increase supply to meet demand. The OPEC+ group has limited output to support oil prices after the Covid-19 pandemic caused demand to drop to a record in 2020. Indirect discussions between the US and Iran, and the remaining powers in the 2015 Iran nuclear deal, resumed on June 12 in Vienna (Austria). However, the European Union (EU) described this round of negotiations on the multilateral nuclear deal as “tense”. The US return to the Iran Nuclear Agreement, also known as the Joint Comprehensive Plan of Action (JCPOA), would pave the way for the lifting of economic sanctions on Tehran, thereby allowing the OPEC member This continues to export crude oil. However, financial consulting firm ING Economics said that the possibility of the US rejoining the JCPOA before the Iranian presidential election this weekend is very unlikely. Regarding supply, the OPEC + group recently decided to maintain the production agreement to support oil prices in the middle of the epidemic season. According to ING, additional supply from the OPEC+ group will be needed in the second half of the year, as demand is expected to continue to recover. However, the rally of oil prices in the session was also limited as investors cautiously waited for the outcome of the policy meeting of the US Federal Reserve (FED) from 15-16/// 6 to look for signals on when the central bank will begin to scale back its monetary stimulus measures.

Illustration. https://tinhtexaydung.petrotimes.vn In a statement released alongside a major new report, the Paris-based organization said achieving the net zero emissions target “Net Zero” would require an “unprecedented transformation”. about how energy is produced, transported and used globally”. In a clear indication of the amount of work that needs to be done, the IEA report said existing commitments fell “far below what is needed to achieve net-zero global emissions by”. year 2050″. According to the IEA’s roadmap to achieve Net Zero by 2050, more than 400 “milestones” will need to be crossed. These include phasing out new fossil fuel sales by 2025 and ending sales of internal combustion engine cars by 2035. In addition, there should be no “investment in new fossil fuel supply projects, and no further final investment decisions for new coal plants”. Preliminary figures from the US Energy Information Administration show that: The share of natural gas and coal in utility-scale power generation in 2020 is 40.3% and 19.3%, respectively. . According to the IEA scenario, solar and wind photovoltaic will become the leading source of electricity for the planet before the end of the decade, accounting for nearly 70% of electricity production by 2050. According to the IEA’s roadmap, solar energy will become “the largest source of total energy on the planet” by the middle of this century. In contrast, fossil fuels will see their market share “fall from almost four-fifths of total energy supply today to more than one-fifth.” Employment in the clean energy sector will increase by 14 million people in the period to 2030, while the role in the oil and gas and coal sectors will decrease by about 5 million people. “Our roadmap shows the priority actions needed today to ensure that the opportunity for net zero emissions by 2050 is narrow but still attainable,” said Fatih Birol, CEO. of the IEA, said in a statement. “The scale and speed of the efforts required by this important and formidable goal, our best chance of tackling climate change and limiting global warming to 1.5 °C makes this perhaps the biggest challenge humanity has ever faced,” added Birol. Cutting anthropogenic carbon dioxide emissions to Net zero by 2050 is considered critical once the 1.5°C target is reached. Later this year, the COP26 summit will take place in the Scottish city of Glasgow. This is seen as a hugely important event, with many hoping it will act as a catalyst for governments to step up their climate ambitions to achieve the goals set out in the Paris Agreement. . The reality shows how challenging the IEA’s roadmap is. As energy companies are still discovering new oil fields, while in countries like the United States fossil fuels continue to play an important role in electricity generation. https://tinhtexaydung.petrotimes.vn

Illustration – Photo: Reuters. In a status line (tweet) on the social network Twitter on May 12, Tesla CEO (CEO) Elon Musk suddenly announced that this electric car company stopped accepting Bitcoin as a means of payment when customers buy a car. . This statement by Mr. Musk – who has expressed a pro-crypto stance – shocked investors and caused a sell-off. The reason the world’s second-richest billionaire gave for the reversal is the risks that virtual currencies pose to the global environment. Bitcoin price immediately dropped after Mr. Musk’s tweet was posted. At more than 7:00 am on May 13, Vietnam time, Bitcoin price according to data on Coinmarketcap.com page slipped below $ 50,000, down more than 13% compared to the time 24 hours ago. Many other “hot” virtual currencies also dropped sharply, such as Ethereum down more than 6%, Dogecoin sliding 14%… In February, Musk revealed that Tesla had poured $1.5 billion into Bitcoin and said the company would soon accept Bitcoin as a means of payment when customers buy a car. That information immediately pushed the Bitcoin price up 20%. By March, he said Tesla customers were able to pay with Bitcoin. In a tweet on May 12, Musk said Tesla will not sell a single Bitcoin, but instead intends to use Bitcoin for transactions as soon as Bitcoin mining moves to using other energy sources. more sustainable quantity. “We are also looking at other cryptocurrencies that use less than 1% of electricity like Bitcoin,” Musk wrote. Bitcoins are “mined” by competing high-performance computers solving complex math problems, and the process consumes enormous amounts of power. The source of electricity for Bitcoin mining is usually thermal power, especially coal-fired power plants, posing a great concern about environmental pollution. At current rates, Bitcoin mining pools used as much energy as the entire Netherlands in 2019, according to data from the University of Cambridge and the International Energy Agency (IEA). Musk himself is a supporter of virtual currencies, and his statements often cause cryptocurrency prices to fluctuate wildly. However, he is also an advocate of clean technology. “Cryptocurrency is a good idea in many ways, and we believe it has a promising future. But that can’t come with a huge loss to the environment,” Musk said. Bitcoin price movement in the last 7 days – Source: Trading View. According to blockchain analysis companies, Bitcoin could in theory be traceable, raising the possibility of “green” Bitcoins having a higher price tag. Stronger climate change policies by countries around the world can also help in this. However, some Bitcoin advocates say that the current financial system – with millions of employees and computers in air-conditioned offices – also uses an overwhelming amount of electricity.

An image of polluted air was taken on February 13, following the outbreak of the Covid-19 pandemic, in Beijing, China. Photo: Reuters. On April 20, the International Energy Agency said that global CO2 emissions from electricity use will increase by nearly 5% this year. This suggests that an economic recovery from Covid-19 could bring many benefits, except for climate sustainability. The IEA’s 2021 Global Energy Assessment predicts that carbon dioxide emissions will rise to 33 billion tons this year, 1.5 billion tons higher than in 2020, the highest increase in more than a decade. IEA Executive Director Fatih Birol said this year’s increase in emissions this year could be increased by the recovery of coal use in the power sector, which is forecast to be particularly strong in Asia. It will also put pressure on governments to take action on climate change. US President Joe Biden will hold an online summit involving dozens of world leaders this week to discuss climate change ahead of global negotiations in Scotland at the end. this year. Last year, as electricity usage fell due to the Covid-19 pandemic, energy-related CO2 emissions fell 5.8% to 31.5 billion tons, after reaching a peak in 2019 of 33, 4 billion tons. The IEA’s annual review analyzed the latest country data from around the world, economic growth trends and new energy projects. Global energy demand is expected to grow 4.6 percent by 2021, led by developing economies, pushing it above 2019 levels, the report says. Demand for fossil fuels is on the rise in 2021, with both coal and gas rising above 2019 levels. IEA said more than 80% of its forecast for coal demand growth by 2021 will come from Asia, led by China. Coal use in the US and the European Union is also on the rise but will remain below pre-crisis levels.

Facebook logo at headquarters in Menlo Park, California, USA. Photo: AFP / VNA According to a joint statement by Facebook and CleanMax, the 32 MW wind power plant will be located in the state of Karnataka in southern India, as part of a larger project on wind and solar power that the two companies are working with. to provide renewable energy to the Indian power grid. CleanMax will own and operate the above projects, while Facebook will buy electricity from the Indian grid. Facebook’s head of renewable energy, Urvi Parekh, said the tech company usually does not own the power plants, instead signing a “long term” power purchase agreement with the renewable energy company. According to her, this will help projects find the necessary capital. India is currently Facebook’s largest market in terms of users. Meanwhile, in Singapore, Facebook has also announced similar partnership arrangements with energy suppliers such as Sunseap Group, Terrenus Energy and Sembcorp Industries, which can generate 160 MW of solar power. Power from these plants will be supplied to Facebook’s first data center in Asia and located in Singapore, the facility expected to come online next year. Last year, the International Energy Agency (IEA) said data centers were causing technology companies like Facebook to consume about 1% of all global electricity. Tech companies like Amazon, Alphabet Inc and Microsoft have pledged to move towards zero carbon emissions and achieve zero net emissions, amid demand for digital data and services. ants will increase steadily. Facebook CEO Mark Zuckerberg on April 15 announced that the company’s global operations are now run entirely on renewable energy and have reached zero net emissions.