Expect More Oil Consumption in 2024 Led by China - Mish Talk
Expect More Oil Consumption in 2024 Led by China - MishTalk
There is still no end in sight for China’s dependence on oil despite its global leadership in EVs.
Sobering Thoughts on the Red Sea
Ships Diverted from the Red Sea
Maersk’s Response
US Patrol Area Gets Wider
Related to the previous Tweet, India’s Modi Talks to Saudi Crown Prince After Oil Vessel Attack
Indian Prime Minister Narendra Modi discussed the situation in the Middle East, including recent attacks on shipping in the Red Sea, with Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud.
The call between the two leaders comes days after a cargo vessel, the MV Chem Pluto, was hit by an alleged drone strike near India’s west coast. In response, India deployed three warships to the Arabian Sea, according to a government statement.
In related news, There Were Zero Takers for Offers to Pay for Oil in Indian Rupees
Why Would Any Oil Exporter Want Rupees?
Unsurprisingly, none did.
Q: Why would any exporter want a BRICS currency?
A: Other than sanction avoidance, none would.
Yet, the hype goes on and on including talk of a gold-backed yuan and a gold-baked BRICs currency.
Finally, thanks to Javier Blas for an excellent roundup on oil.
Related Knowledge Center: ENERGY BASICS: renewables
Renewable energy sources — once the fuel of the future, then practical in specific, narrow applications — are increasingly economic mainstream sources of power generation. Hydropower was long the mainstay of U.S. renewable electricity generation, although wind power surpassed hydro for the first time in 2019, and solar continues its rapid growth. The continued growth of wind and solar, with their fluctuations, is tied in part to improvements in storage technology: batteries.