President Donald Trump withdrew the United States from the Paris Climate Agreement on June 1, 2017, and exactly a year later, also directed his administration to take steps that would prevent the closure of coal and nuclear power plants in the country. Meanwhile, the production of U.S. shale is at record highs (the price of gasoline in the domestic market is also at its highest in several years) and crude oil production heavyweights, like Russia and the Saudi Arabia-led Organization of the Petroleum Exporting Countries (OPEC), are also mulling increasing their output. Despite the virtual stranglehold on global production of crude oil by OPEC and Russia, and the pursuit of environmentally-unfriendly policies by the Trump administration, a new study found there is an economic "carbon bubble" forming, one that could lead to the sudden loss of up to $4 trillion in the global economy by 2035, mostly accounted for by "stranded" fossil fuel stockpiles. Economists and policy experts from Cambridge and the Open universities in the United Kingdom, Radboud University in the Netherlands, Macau University, and Cambridge Econometrics ran detailed simulations that showed technological changes in the energy and transport industries would lead to a significant decline in the global demand for fossil fuels in the coming years. This change in the near future would occur even if major nations did not adopt climate-friendly energy policies, leading to a slump in fossil fuel prices and stocks of associated companies.
Oil prices rose on Friday, trading near a one-month high after the United States fired missiles at a Syrian government air base, roiling global markets and raising concern that the conflict could spread in the oil-rich region. The toughest U.S. action yet in Syria's six-year-old civil war has ramped up geopolitical uncertainty in the Middle East. This supported oil futures, which were on track for a 3 percent weekly increase on signs of higher U.S. demand and lower product inventories. "Oil markets are back in bullish mode after the setback of the previous weeks. This news flow seems to bring geopolitical risks back on the radar," said Frank Klumpp, oil analyst at Landesbank Baden-Wuerttemberg, based in Stuttgart, Germany.
QINGDAO, China – Russian President Vladimir Putin has criticized the U.S. withdrawal from the Iranian nuclear deal in a speech at a regional summit in China. Speaking during a summit of the Shanghai Cooperation Organization in Qingdao on Sunday, Putin emphasized that the bloc members are worried about the U.S. move. The bloc includes China, Russia along with four ex-Soviet Central Asian nations, as well as India and Pakistan. Putin says Washington's decision to exit the agreement could "destabilize the situation" in the region. He adds Moscow will continue to honor its obligations under the Iranian nuclear deal.
As many as 153 million deaths linked to air pollution worldwide this century could be prevented if governments speed up timetables for reducing fossil fuel emissions. That is the claim of a new study which looked at the numbers of people in urban areas whose lives could be saved if temperature increases are limited to 1.5 C (2.7 F). The study is the first to project these numbers on a city by city basis, in 154 of the world's largest urban areas. In New York, Los Angeles, Moscow, Mexico City and Sao Paolo alone, between 320,000 and 120,000 premature deaths would be prevented in each city. Researchers say the study shows why politicians and governments should act swiftly to bring down carbon emissions.