India invests in oil, signifying an all-electric future isn’t here yet.
In a speech on Monday, India's prime minster Narendra Modi announced that Indian energy businesses will be buying into oil concessions abroad. Coming less than a year after India’s minister announced the goal for India to offer only electric vehicles in India by 2030, this is a significant sign that perhaps the dreams of electric vehicles and alternative energies are not yet realistic; something for oil traders and electric vehicle enthusiasts should take into consideration. During a visit to the UAE this week, the announcement was made that the Indian state-owned ONGC Vinesh, Indian Oil Corp., and Bharat PetroResources would be purchasing a 10% stake in an offshore Abu Dhabi oil concession.
U.S. shale production is surging. Highest daily production since 1970, with continued growth expected.
The latest surge in U.S. oil output has vaulted the U.S. to the top of the producer pile. Last week's numerous releases from the U.S. Department of Energy showed daily oil production above 10 million barrels a day for the first time since 1970. The one-week jump was 332,000 barrels a day!
What does this mean?
I suppose the big thing is, bragging rights. Although they aren’t there yet, the U.S. is close to becoming the world's largest producer of crude and condensate. It's pretty much on par with Saudi Arabia's combined output, and if they continue to grow as they are expected, Citigroup is saying the U.S. will catch up to Russia's 10.95 million daily barrels by the end of the summer.
The 2018 Winter Olympics are underway!
This isn’t oil related, but it’s definitely something to know about and enjoy over the next couple weeks. They’re underway, but if you haven’t tuned in yet, you haven’t missed everything. There are still a ton of fun events.
The question then becomes how do I know when and how to watch everything. Here is a helpful link that will tell you everything you need to know: LINK TO CBSSPORTS
No matter what country you live in, these games are a great way for countries to come together and compete, have fun, and build relationships that will last into the future.