Global energy crisis, American burnout and OPEC number 1 call | Women’s News



It’s been a huge week for energy – and a painful week for the countries that pay the price for it.

Global benchmark Brent crude briefly hit its highest level in nearly three years this week. And the Organization of the Petroleum Exporting Countries predicts that crude will reign supreme over the next several decades, despite a global push for green energy.

Meanwhile, prices for natural gas and coal – the world’s dirtiest fossil fuel – are also skyrocketing.

Europe is hit by record natural gas prices, while China – the world’s largest producer and consumer of coal – is so short of energy it is experiencing blackouts and energy rationing.

If that sounds like the 1970s, take a look at footage from the UK this week, where gasoline shortages led to a wave of panic buying.

Result: there is a global energy crisis brewing, and it is not even winter yet.

We’ve covered each of these stories – including a look at the state of the world crude oil that may make you feel like a seasoned oil analyst (or at least scare you into worrying about getting hot this winter. ).

And what is a Friday without a well-being assessment? Are you feeling exhausted? Because you are definitely not alone. More on that below.

Oh, and don’t forget, the new James Bond film has finally premiered after an 18-month delay caused by the pandemic. The fictional British spy has never been so patient. Maybe he will save the world from an energy crisis.

Alas, to use the words of Daniel Craig of 007 who hosts Saturday Night Live: Ladies and Gentlemen, Weekends.

$ 11.8 trillion

Yes, that sounds like an impossible number to understand. But that is how much investment in the upstream, middle and downstream oil sectors, according to the Organization of the Petroleum Exporting Countries (OPEC), is needed by 2045 to meet growing demand. (If 2045 sounds like the future, remember: it’s the same distance from 1997 to 2021.)

Despite global efforts to go green, the cartel insists oil will maintain its number one position in the global energy mix, providing 28% of global energy needs by 2045.

Al Jazeera Digital’s lead producer Radmilla Suleymanova tells this story here.

$ 80

Brent crude, the global benchmark, briefly exceeded $ 80 a barrel this week – its highest level in three years.

Shortages of oil, natural gas and coal are shaking up energy markets and causing major disruptions. Power cuts in northern China have left millions of people without electricity.

But it’s not just the coronavirus pandemic that’s wreaking havoc. In the UK, truck driver shortages have caused gasoline shortages – and a slew of new memes for panic buying.

A sign informs customers that fuel has run out at a gas station in Hemel Hempstead, Britain [File: Matthew Childs/Reuters]

What is behind the global energy crisis and what is being done to rekindle the lights?

Al Jazeera Editor-in-Chief for the Americas Kaelyn Forde addresses these questions and more here.

90 percent

Again, another figure that is difficult to understand is the number of service stations in the UK that are running out of petrol.

Some 90 percent of forecourt owned by members of the UK’s Petrol Retailers Association were empty last weekend.

“Queues stretching for miles at gas stations across the country. Fights at the pump. Empty shelves in stores. Chaos on congested roads. A nation in the grip of the anguish of shortages, ”writes James Brownsell of Al Jazeera.

How did Britain get into this mess? Brownsell examines this here.

A

China is also in an energy mess. The world’s largest producer and consumer of oil is currently facing an electricity shortage. To address this, Beijing eased restrictions on coal mine operators and prioritized shipments to areas in need.

As factories closed to comply with the restrictions, some analysts – including those at Goldman Sachs – lowered their estimates of China’s economic growth.

People stand in an industrial park in Shenyang, Liaoning province, China [File: Tingshu Wang/Reuters]

Others, however, see it as a silver lining and an opportunity. Coal currently represents nearly 57% of the Chinese energy mix. And while the country’s dependence on fossil fuels is likely to increase in the coming months, the challenges China faces may actually accelerate its shift to green energy.

Michael Standaert of Al Jazeera has more on that here.

42 percent

Our only non-oil story of the week: women and burnout. It doesn’t sound like a revolutionary or new trend.

But McKinsey & Company and LeanIn.org’s annual Women in the Workplace survey found that 42% of women say they feel exhausted and exhausted. That’s a 10% jump from last year when the pandemic was just beginning.

The study gathered data from 423 major US companies and surveyed more than 65,000 employees.

One in three women say they have considered either downgrading their career or leaving the workforce entirely, a dramatic increase from one in four in the first months of the pandemic.

Al Jazeera’s Kaelyn Forde takes a look at what causes women to burn out here.



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