Electric vehicles are taking ever-bigger bites out of global oil demand, but they haven’t yet caught up with the growing size of the pie.
Gasoline and diesel displacement by electric vehicles will grow by 96,000 barrels a day this year, BloombergNEF said in a report Tuesday. That brings the lost cumulative demand since 2011 at 352,000 barrels a day, about as much as total consumption by some countries, such as Peru or Portugal. By comparison, total global oil demand growth over the same period rose 12 million barrels a day to 100.6 million, according to the International Energy Agency.
Still, the volume of oil displaced this year is nearly 14 times higher than…Click here for full article.
The Tesla Model Y introduced late Thursday is everything Tesla has promised, and less. This is the smaller SUV in the Tesla fleet, a sibling to the Model 3 sedan. But: The cheapest Model Y will cost $40,200 with zero options, and it won’t be available for two more years. It’s so far off, you can’t even put down a $2,500 deposit today, let alone configure it. The Model Ys you can order today will be delivered fall 2020, a year and a half away,…Click here for full article.
The financial pains and strains continue to grow for the world’s most indebted oil company, Petroleos de Mexico (Pemex). Standard & Poor’s became the latest in a succession of rating agencies to downgrade the company. Pemex is state-owned. So S&P has two credit ratings for the company: One, as if it were a stand-alone company; and one for the company as part of the Mexican state.
S&P slashed its stand-alone rating of Pemex three notches to ‘B-‘ from ‘BB-‘ on growing worries…Click here for full article.
Rio Tinto is in talks to move into the next phase of an agreement with Apple, Chief Executive Jean-Sebastien Jacques said on Friday, as the miner looks to transition its aluminium business to tap a low-carbon economy.
Last May, Rio and Alcoa announced a joint venture, backed by Apple, to commercialize by 2024 a process that emits oxygen and replaces all direct greenhouse gas emissions from the traditional smelting process for aluminium.
Bauxite is the raw material for aluminium, which is used in everything from beer cans…Click here for full article.
One of the world’s largest carmakers, Germany’s Volkswagen AG, is betting big on electric vehicles and e-mobility with a war chest of around US$50 billion to challenge Tesla, which, for the time being seems unfazed by the increasingly crowded EV market.
Three years after the diesel emissions scandal, Volkswagen said last November that it would invest US$49.7 billion (44 billion euro) on e-mobility, autonomous driving, new mobility services, and digitalization in…Click here for full article.
Blockchain is a notable buzzword, and while the technology is being rapidly adopted by many industries, the mining sector has been criticized for staying stuck on old models.
Miners are explorers to the core, so why are they under exploring blockchain?
Blockchain is still a baby in mining, and a topical issue, as specialists weigh the possible risks and opportunities Click here for full article.