Thursday 25th of July 2024
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Headlines : * EU chief von der Leyen faces crunch parliament vote   * Climate change risk stirs oil market   * China shopping centre fire kills 16   * Weapons, bombs recovered from BNP central office   * At Republican convention, Trump watches ex-rivals fall in line   * Two workers electrocuted in Narsingdi   * All universities, medical colleges shut until further notice   * Holy Ashura today   * NU announces closure of all affiliated institutions   * BGB deployed in Dhaka, Chattogram, Bogura, Rajshahi  

  Latest News
Clashes in quota movement: 6 killed in Dhaka, Ctg, Rangpur
EU chief von der Leyen faces crunch parliament vote
UK inflation holds at 2.0 percent in June: official data
Climate change risk stirs oil market
Police urges all to show respect to law
China shopping centre fire kills 16
At Republican convention, Trump watches ex-rivals fall in line
Two workers electrocuted in Narsingdi
All universities, medical colleges shut until further notice
NU announces closure of all affiliated institutions
BGB deployed in Dhaka, Chattogram, Bogura, Rajshahi
Govt won`t do anything on quota bypassing apex court: Anisul
BNP-Jamaat instigates quota movement: Quader
               
UN adopts Pakistan-backed resolution condemning desecration of religious symbols, holy books
Ukraine to get positive message on membership: Nato Boss
Turkey backs Sweden`s Nato membership
Unity will be tested at Vilnius NATO summit
        '' - More News
                National
14 platoons Ansar deployed in Dhaka
Police urges all to show respect to law
Weapons, bombs recovered from BNP central office
Holy Ashura today
        'National' - More News
                Politics
BNP-Jamaat instigates quota movement: Quader
BNP doing politics on Khaleda Zia`s illness: Quader
Opposing India`s rail thru` Bangladesh won`t bring benefit: Hanif
AL celebrating 75th founding anniv with nationwide events
        'Politics' - More News
   E-paper
News Archive
               Business ...
Climate change risk stirs oil market

From forest fires to hurricanes and other natural disasters: climate change risk is increasingly influencing oil prices, just as the world is struggling to shift away from high-polluting fossil fuels.

Hurricane Beryl became the latest weather phenomenon to jangle market nerves, boosting crude prices as it passed through Texas earlier this month.

Texas accounts for some 42 percent of total US crude oil production, according to Energy Information Administration data. It also possesses the largest number of crude oil refineries among US states.

"Almost half of the total US petroleum refining capacity is located along the Gulf, with Texas accounting for one-third of total US refining capacity," Exinity analyst Han Tan told AFP.

And industry experts fear Beryl could herald a "super charged" hurricane season this year, according to Tan.

The World Meteorological Organization has warned that Beryl`s early formation and swift intensification could foreshadow similarly severe storms in the future.

Earlier this year meanwhile, oil market sentiment was jarred in May as forest fires broke out in Canada.

Traders took flight as out-of-control wildfires threatened to spread to the crude-producing hub of Fort McMurray, the nation`s largest oil sands mining facility.

- `More visible and more extreme` -

Traders, more used to pricing in geopolitical turmoil, are now also weighing up the risks arising from the climate crisis.

"Climate change and its effect is a major source of risk in the oil markets, and I expect that that risk will only increase in the coming years as the effects of climate change become more visible and extreme," Rystad Energy analyst Jorge Leon told AFP.

"Geopolitical risk is -- at least partly -- manageable by different actors. For example, international diplomacy could prevent a war.

"However, climate risk is less manageable in the short and medium run. In the long run, you can manage it by trying to reduce emissions," he added.

At the same time, climate disruption is also having an increasingly visible impact on the operations of oil and gas companies, which are frequently slammed by environmentalists over their role in global warming.

"Climate change has been and will be affecting production," summarised Tamas Varga, analyst at PVM Oil Associates.

He added that it also impacted refinery utilisation rates because "hot weather leads to malfunctioning" of the facilities.

Many European refineries were designed in the 1960s and 1970s to withstand colder rather than warmer temperatures, according to Tan.

Fossil fuels -- coal, gas and oil -- are responsible for over 75 percent of global greenhouse gas emissions, according to estimates from the United Nations.

At the COP28 UN climate conference in Dubai last December, almost 200 countries agreed to a call for a transition away from fossil fuels and a tripling of renewable energy capacity this decade.

However, the text crucially stopped short of a direct call for phasing out fossil fuels, while there were major concessions to the oil and gas industry and producer countries.

- `Economics can`t find solution` -

Analysts argue that the oil market participants are simply focused on generating profit rather than saving the environment.

That throws the onus onto the world`s politicians and regulators, they add.

"Investors can`t be rationally expected to reverse the phenomenon when they try to maximise profits," SwissQuote analyst Ipek Ozkardeskaya told AFP.

"Unless financial costs of climate damages outweigh the financial benefits, the economics can`t find the solution to the climate problem."

"So, the ball is in politicians` hands. Only concrete, sharp and worldwide regulatory changes with meaningful financial impact/incentives... could shift capital toward clean and sustainable energies." BSS/AFP

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     'Business' - More News
                Bangladesh
BRTA launches drive against unfit vehicles in Ctg
Two workers electrocuted in Narsingdi
Aman cultivation target fixed at 1.75 lakh hectares of land in Bhola
Ensuring legitimate rights to domestic workers stressed
    'Bangladesh' - More News
                International
Trump running mate Vance to star at Republican convention
EU chief von der Leyen faces crunch parliament vote
UK inflation holds at 2.0 percent in June: official data
China shopping centre fire kills 16
At Republican convention, Trump watches ex-rivals fall in line
Trump formally named Republican candidate, picks JD Vance for VP
    'International' - More News

                Wildlife
Scientists find crocodile `virgin birth` at Costa Rica zoo
Unrelenting CASOs make Kashmiris’ life miserable
Muslims mourn burning of historic library at madressah in India’s Bihar
Stress Seen As Major Cause of Indian Military Fratricides, Suicides
New authoritarian is unfolding in India
Modi’s Hindutva Agenda Revealed
   'Wildlife' - More News
                Sports
Argentina beat Canada to reach Copa final
T20 World Cup : Sese Bau`s fifty propels Papua New Guinea to 136
   'Sports' - More News
                Entertainment
Titanic and Avatar producer Jon Landau dies aged 63
Sonakshi Sinha ties knot with Zaheer Iqbal
Salman, Rashmika to begin shooting for ‘Sikandar’ on June 18
Sonakshi Sinha to get married to Zaheer Iqbal on June 23
   'Entertainment' - More News

                Law & Justice
Turkish aid agency furnishes religious school ````
Dhaka is the capital city of Bangladesh""` Assalamua`laikum
Turkish aid agency furnishes religious school ````
Assalamua`laikum ```iggddrvhsrvugdf
India Naval Officers Languish in Qatar Jail
Mamunul placed on 7-day fresh remand
   'Law & Justice' - More News
                More News
Coody maintains PGA Tour ISCO Championship lead in Kentucky
A 5-foot-long dead dolphin floated on Kuakata beach
   'More News' - More News
                Capital News
35 arrested in anti-drug drives in city
Azizul Islam Bhuiyan assumes editorship at The Daily People’s Life
Residents of Kazi Bari of Ward No. 40 of DNCC have been suffering for ten years
Aarshikatha sets Intl liter-cultural conference in Dhaka
   'Capital News' - More News
                Politics
BNP-Jamaat instigates quota movement: Quader
Opposing India`s rail thru` Bangladesh won`t bring benefit: Hanif
AL celebrating 75th founding anniv with nationwide events
Awami League: A journey from Rose Garden to Ganabhaban
Quader asks AL men to remain alert against BNP’s rumours


                Features
Avoid these 8 lifestyle habits that lead to early ageing
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6 amazing benefits of drinking bael juice every day in summer
6 amazing benefits of drinking bael juice every day in summer
Get better sleep with these 5 tips from experts
A healthy lifestyle can mitigate genetic risk for early death by 62%
Enjoying nature helps to lower inflammation levels: Research
How to foster joyful fitness habits?
   'Features' - More News
                Wildlife
                Asia
Indian Govt Admits Disappearance Of Around 10,000 Women In IIOJK
Kashmiris face worst human rights violations in IIOJK
CPEC: Transforming Pakistan’s Economic Infrastructure and Regional Connectivity
Enforced Disappearances in Kashmir: A State’s Denial and a Community’s Agony
Burhan Wani’s Martyrdom: A Renewed Commitment to Kashmir’s Freedom Struggle
RAW-backed alliance of TTP and BLA out to target CPEC
   'Asia' - More News

                Business Icon
Tesla nearly doubles deliveries compared to last year
Quantum buried 3,540 people with corona symptoms: Khandaker Sajib
Sum Tech IT institute turning unskilled people skilled & self-reliant
My main goal is to form an honest hard working, business nation: Md Anamul Haque
Bangladesh a wonderful country for tourism: Chairman, Ababil Haj Group
   'Business Icon' - More News
                Political Icon
   'Political Icon' - More News
                Diplomat
World stands for Israel, though they see and know how it exterminates the Palestinians
Saudi Embassy in Dhaka arranged Iftar party for diplomats
PM Shehbaz Sharif felicitates PM Sheikh Hasina on the National Day of Bangladesh
   'Diplomat' - More News
                Technology
Google parent in talks to buy cybersecurity startup Wiz for $23 billion
Meta’s pay or consent model in crosshairs for breaching EU tech rules
Apple to break AI silence at developers conference
Former Meta engineer sues company for firing him over content related to Gaza
Microsoft to invest $3.2 bn in AI in Sweden
   'Technology' - More News

                Bangladesh
BRTA launches drive against unfit vehicles in Ctg
Aman cultivation target fixed at 1.75 lakh hectares of land in Bhola
Ensuring legitimate rights to domestic workers stressed
Govt compensates 71 people for acquiring land in Rajshahi
Int`l Day against Drug Abuse and Illicit Trafficking observed in Jhenaidah

                Media
Elton John joins elite EGOT ranks with Emmy win
Hollywood celebrates strike end as actors get back to work
Golden Jubilee Celebrations of Bangladesh Federal Union of Journalists
California Love: Tupac honored with star in Hollywood
Elan Closs Stephens named BBC acting chair
   'Media' - More News
                Features
Small transitional habits that help you get better sleep
Why you should let insects eat your plants
Power blooms in Carolina Herrera`s show at New York Fashion Week
Flax seeds can reduce the risk of cancer
Does meat have antioxidants? Find out
   'Features' - More News
                Education
All universities, medical colleges shut until further notice
NU announces closure of all affiliated institutions
HSC, equivalent exams begin
Coaching centres to remain shut for 44 days from Saturday
HSC exams in Sylhet division postponed until July 8
   'Education' - More News
                Job
   'Job' - More News



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