Over the next quarter century, the 240 million people without electricity in India will likely become the biggest force behind global energy demand, the International Energy Agency says in a new report.
If crude prices don’t bounce back by the end of the decade, an era of cheap oil could consolidate more oil-market power into the hands of a few low-cost producers in the Middle East – raising concerns about energy security for oil-importing nations, the IEA says.
LyondellBasell, which is operated out of Houston, announced early Monday that it entered into a definitive agreement to buy SJS Plastiblends PVT based in Maharashta, India. The terms of the deal were not disclosed in the announcement.
With almost 200 nations set to hammer out a binding pact on carbon emissions in December, fossil-fuel companies led by Royal Dutch Shell Plc and Total SA say they’re refocusing on gas as a cleaner alternative to the cheap coal that now dominates electricity generation worldwide.
The two nations are building emergency stockpiles with millions of barrels of crude that mirror the reserves of oil and refined products that the U.S. and its western allies amassed after the first oil crisis of 1973 to 1974.
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