Group items tagged

The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%.

possibly as early as 2012 – global oil production would have hit its highest point. This crunch point is known as "peak oil".Husseini said that at that point Aramco would not be able to stop the rise of global oil prices because the Saudi energy industry had overstated its recoverable reserves to spur foreign investment. He argued that Aramco had badly underestimated the time needed to bring new oil on tap.One cable said: "According to al-Husseini, the crux of the issue is twofold. First, it is possible that Saudi reserves are not as bountiful as sometimes described, and the timeline for their production not as unrestrained as Aramco and energy optimists would like to portray."It went on: "In a presentation, Abdallah al-Saif, current Aramco senior vice-president for exploration, reported that Aramco has 716bn barrels of total reserves, of which 51% are recoverable, and that in 20 years Aramco will have 900bn barrels of reserves."Al-Husseini disagrees with this analysis, believing Aramco's reserves are overstated by as much as 300bn barrels. In his view once 50% of original proven reserves has been reached … a steady output in decline will ensue and no amount of effort will be able to stop it. He believes that what will result is a plateau in total output that will last approximately 15 years followed by decreasing output."

"Our mission now questions how much the Saudis can now substantively influence the crude markets over the long term. Clearly they can drive prices up, but we question whether they any longer have the power to drive prices down for a prolonged period."

The world is much closer to running out of oil than official estimates admit, according to a whistleblower at the International Energy Agency who claims it has been deliberately underplaying a looming shortage for fear of triggering panic buying.The senior official claims the US has played an influential role in encouraging the watchdog to underplay the rate of decline from existing oil fields while overplaying the chances of finding new reserves.

John Hemming, the MP who chairs the all-party parliamentary group on peak oil and gas, said the revelations confirmed his suspicions that the IEA underplayed how quickly the world was running out and this had profound implications for British government energy policy.He said he had also been contacted by some IEA officials unhappy with its lack of independent scepticism over predictions. "Reliance on IEA reports has been used to justify claims that oil and gas supplies will not peak before 2030. It is clear now that this will not be the case and the IEA figures cannot be relied on," said Hemming."This all gives an importance to the Copenhagen [climate change] talks and an urgent need for the UK to move faster towards a more sustainable [lower carbon] economy if it is to avoid severe economic dislocation," he added.

China's exports hit an all-time high in December, 2015 and (ignoring season fluctuations) have been declining ever since. China is increasingly turning inward for growth - and having trouble finding it

Most other countries export intermediate goods that are just parts and components of the finished goods that consumers actually buy. China more often exports the finished goods

both Chinese and global exports are falling

in the world of climate politics it is hard to exaggerate China’s centrality. Thanks to the gigantic surge in economic growth since 2000 and its reliance on coal-fired electricity generation, China is now by far the largest emitter of carbon dioxide. At about 28 percent of the global total, the carbon dioxide produced in China (as opposed to that consumed in the form of Chinese exports) is about as much as that produced by the United States, European Union, and India combined. Per capita, its emissions are now greater than those of the EU if we count carbon dioxide emissions on a production rather than a consumption basis.

Allowing an equal ration for every person on the planet, it remains the case that the historic responsibility for excessive carbon accumulation lies overwhelmingly with the United States and Europe. Still today China’s emissions per capita are less than half those of the United States. But as far as future emissions are concerned, everything hinges on China

Now the pressure will be on India, long China’s partner in resisting calls from the West for firm commitments to decarbonization, to make a similarly bold climate announcement

in 1999, the Commodities Futures Trading Commission deregulated futures markets. All of a sudden, bankers could take as large a position in grains as they liked, an opportunity that had, since the Great Depression, only been available to those who actually had something to do with the production of our food

After World War II, the United States was routinely producing a grain surplus, which became an essential element of its Cold War political, economic, and humanitarian strategies -- not to mention the fact that American grain fed millions of hungry people across the world

Futures markets traditionally included two kinds of players. On one side were the farmers, the millers, and the warehousemen, market players who have a real, physical stake in wheat. This group not only includes corn growers in Iowa or wheat farmers in Nebraska, but major multinational corporations like Pizza Hut, Kraft, Nestlé, Sara Lee, Tyson Foods, and McDonald's -- whose New York Stock Exchange shares rise and fall on their ability to bring food to peoples' car windows, doorsteps, and supermarket shelves at competitive prices. These market participants are called "bona fide" hedgers, because they actually need to buy and sell cereals. On the other side is the speculator. The speculator neither produces nor consumes corn or soy or wheat, and wouldn't have a place to put the 20 tons of cereal he might buy at any given moment if ever it were delivered. Speculators make money through traditional market behavior, the arbitrage of buying low and selling high. And the physical stakeholders in grain futures have as a general rule welcomed traditional speculators to their market, for their endless stream of buy and sell orders gives the market its liquidity and provides bona fide hedgers a way to manage risk by allowing them to sell and buy just as they pleased.

classic Foundation series, Isaac Asimov imagines a Galactic Empire, governed from the city-world of Trantor, that has maintained peace and prosperity for thousands of years but that is teetering on the brink of decline. The only person who sees this clearly is the psychohistorian Hari Seldon, who has mathematically determined that the core conditions for the Empire are unsustainable and will crumble over the course of centuries. As Trantor “becomes more and more the administrative center of Empire, it becomes a greater prize,” a disciple says as he absorbs Seldon’s calculations. “As the Imperial succession becomes more and more uncertain, and the feuds among the great families more rampant, social responsibility disappears.” Asimov published these words in 1951, at the peak of U.S. global power. But they might as well be describing Washington in 2019, an imperial capital whose elite have transformed it into a great prize to be feuded over as surely as Asimov’s future empire did—and as other empires have done in the past.

much of the United States has experienced a steady decline while a handful of major cities, including Washington, have become hyperwealthy and almost unaffordable through the concentration of financial, tech, and media monopolies and their affiliated lobbyists. By now, many Americans know this story—but few think about what it means for their place in the world

The near-universal understanding of the United States as a powerful, unified global actor is flawed and in need of revision. The United States is less a great power exerting its will and more an open-air market for global corruption, in which outside powers can purchase influence, shape political outcomes, and play factions against each other in the service of their own competing agendas.

Charles Kenny is a Senior Fellow at the Center for Global Development. This article is adapted from his new book Close the Pentagon: Rethinking National Security for a Positive Sum World.

the Pentagon a potent symbol of America’s foreign-policy infrastructure in general, which is dominated by a massive, increasingly inefficient military machine better suited to the challenges of the mid-20th century than the early 21st. It is a machine that carries considerable direct economic costs but, more important, overshadows other foreign-policy tools more effective in confronting the global problems that the United States faces today. And just as the Pentagon is no longer fit for its backup purpose of records storage center in an age of cloud computing, nor is the Department of Defense well-placed to readjust to new roles, such as anti-terror or cybersecurity, let alone responding to climate change, pandemic threats or global financial crises.

interstate conflicts are going away. The last great power war began eight decades ago, and battlefield conflict has been on a declining trend since 1945. Battle deaths per 1 million people worldwide since World War II peaked at above 200 during the Korean War, reached about 100 at the height of the Vietnam War and plateaued at about 50 during the Cold War conflicts of the 1980s. In 2018, the number of deaths was around seven per 1 million people. Journalist Gregg Easterbrook reports that the last major naval engagement was in 1944, the last large air battle was in 1972 and the last major tank engagement was in the early 1990s.

The United Nations Economic Commission for Africa (UNECA) has warned that even with intense social distancing, the continent of 1.3 billion could have nearly 123 million cases this year, and 300,000 people could die of the disease.

Africa has carried out a fraction of the COVID-19 testing that other regions have - around 685 tests per million people, although the rate of testing varies widely between countries. By comparison, European countries have carried out nearly 17 million tests, the equivalent of just under 23,000 per million people.

Africa’s public health systems are notoriously ill-equipped, but there is also little public data on the resources they have to fight the virus. Reuters sent questions to health ministries and public health authorities across Africa. Health officials or independent experts provided answers in 48 out of Africa’s 54 countries, to create the most detailed picture publicly available on resources including intensive care beds, ventilators, testing and essential personnel.

China now accounts for more greenhouse gas emissions than all of the world’s developed nations combined, according to new research from Rhodium Group. China’s emissions of six heat-trapping gases, including carbon dioxide, methane and nitrous oxide, rose to 14.09 billion tons of CO2 equivalent in 2019, edging out the total of Organization for Economic Cooperation and Development members by about 30 million tons, according to the New York-based climate research group.

highlights the importance of President Xi Jinping’s drive to peak carbon emissions before 2030 and reach net-zero by 2060. China accounted for 27% of global emissions. The U.S., the second biggest emitter, contributed 11% while India for the first time surpassed the European Union with about 6.6% of the global total

per capita emissions remain far less than those of the U.S. And on a historical basis, OECD members are still the world’s biggest warming culprits, having pumped four times more greenhouse gases into the atmosphere than China since 1750

has also illustrated that national governments remain the primary actors

the world is likely to see a different, more limited version of global integration than the one we have known over the past three decades

Before the pandemic, global goods trade was still rising, but relative to the total output of the global economy, the share of trade is lower today than it was before the financial crisis.

Over the past several decades, the state has not only triumphed as the only legitimate unit of the international system, but it has also rewired our collective imagination into the belief that this has been the normal way of doing things since 1648.

As late as 1800, Europe east of the French border looked nothing like its contemporary iteration. As historian Peter H. Wilson describes in his recent book Heart of Europe (2020), the Holy Roman Empire, long snubbed by historians of the nation-state, had been in existence for a thousand years at that point; at its peak it had occupied a third of continental Europe. It would hold on for six more years, until its dissolution under the strain of Napoleonic invasions and its temporary replacement with the French-dominated Confederation of the Rhine (1806–1813) and then the German Confederation (1815–1866).

what we think of as modern-day Italy was still a patchwork of kingdoms (Sardinia, the Two Siciles, Lombardy-Venetia under the Austrian Crown), Duchies (including Parma, Modena, and Tuscany), and Papal States, while territory further east was ruled by the Ottoman Empire.

Meta Platforms Inc. is planning to build a €1 billion ($1.1 billion) data center. Meta expects the facility to use about 665 million liters (176 million gallons) of water a year, and up to 195 liters per second during “peak water flow,” according to a technical report. Enthusiasm about the jobs the project is expected to create (1,000 in total, about 250 of which will be permanent) is now being weighed against heightened concerns over water.

“People don’t realize that ‘the cloud’ is real, that it is part of an ecosystem that consumes many resources,” says Aurora Gómez, a spokesperson for Tu Nube Seca Mi Río (“Your Cloud Dries Up My River” in Spanish), a group created to fight the construction. “People are not aware of the amount of water that goes into watching a kitten meme.”

With drought spreading around the globe, battles are emerging between data center operators and adjacent communities over local water supplies in places such as Chile, Uruguay and parts of the southwestern US. In the northern Netherlands, public outrage erupted last year when a local news outlet reported that a Microsoft Inc. data center complex was consuming more than four times as much water as the company had previously disclosed.