News13Now
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    The rechargeable battery can be woven and washed, and could provide power for fiber-based electronic devices and sensors. — ScienceDaily

    Scientists modify yeast cell and turn it into a cannabis tracker — ScienceDaily

    How to Watch Argentina Vs. Netherlands in 2022 FIFA World Cup Quarterfinals – NBC10 Philadelphia

    How to Watch Argentina Vs. Netherlands in 2022 FIFA World Cup Quarterfinals – NBC10 Philadelphia

    Stock Market Today: Dow Slips Ahead of Fed Meeting, On Pace To Close Monthly Gains – The Wall Street Journal

    Stock Market Today: Dow Up 100 Points; Nasdaq, S&P 500 Gain in Midday Trading – The Wall Street Journal

    Winter is coming: Are your business clients prepared?

    Winter is coming: Are your business clients prepared?

    Teacher of the Week: Mariah White, special education, Clara Peterson Elementary, Paxton | Education

    Teacher of the Week: Mariah White, special education, Clara Peterson Elementary, Paxton | Education

    Vote tonight could advance process to possibly demolish Danville’s Bresee Tower | Politics

    Vote tonight could advance process to possibly demolish Danville’s Bresee Tower | Politics

    Putin warns nuclear risk is increasing and war in Ukraine is going to ‘take a while’

    Putin warns nuclear risk is increasing and war in Ukraine is going to ‘take a while’

    Trending Tags

    • Lifestyle
      • All
      • Food
      • Health

      Cooking and future risk of all-cause and cardiopulmonary mortality

      Heartland report helps rural communities navigate health care

      Heartland report helps rural communities navigate health care

      This $23 device helps you cook perfect & fish steak every time

      This $23 device helps you cook perfect & fish steak every time

      Turner seeks to make Delphi salaried retirees health care tax credit permanent

      Turner seeks to make Delphi salaried retirees health care tax credit permanent

      Indian Cooking Tips: How To Make Arhar Ki Dal – Recipe Inside

      Indian Cooking Tips: How To Make Arhar Ki Dal – Recipe Inside

      Va. clergy, police and hospitals pitch for change in mental health treatment

      Va. clergy, police and hospitals pitch for change in mental health treatment

      A glimmer of hope at UNC clinic re: long COVID

      A glimmer of hope at UNC clinic re: long COVID

      Trending Tags

      • Entertainment
        • All
        • Sports
        NFL odds Week 14: How to bet Panthers-Seahawks

        NFL odds Week 14: How to bet Panthers-Seahawks

        Philip Morris doesn’t expect much impact on its business from U.S. sanctions on Russia

        Digital Ally rallies on plans to spin off ticketing business to a public company, Kustom Entertainment

        Eagles, Cowboys rise, Chiefs, 49ers fall in Colin’s ‘Herd Hierarchy’

        Eagles, Cowboys rise, Chiefs, 49ers fall in Colin’s ‘Herd Hierarchy’

        The Hollywood Reporter’s 2022 Women in Entertainment Power 100 – The Hollywood Reporter

        The Hollywood Reporter’s 2022 Women in Entertainment Power 100 – The Hollywood Reporter

        World Cup 2022 highlights: Portugal defeats Switzerland, 6-1

        World Cup 2022 highlights: Portugal defeats Switzerland, 6-1

        Tinseltown: Christmas with Ilene Graff | Albany Herald Entertainment

        Tinseltown: Christmas with Ilene Graff | Albany Herald Entertainment

        NBA rights suitors, Bob Iger’s ESPN plans, the volleyball boom and more: Sports Media Mailbag, Part I

        NBA rights suitors, Bob Iger’s ESPN plans, the volleyball boom and more: Sports Media Mailbag, Part I

        Trending Tags

        • Tech
          HydraWell’s industry-first technology paves the way towards rigless operations

          HydraWell’s industry-first technology paves the way towards rigless operations

          Solar Tracker Market Research Report by Technology, Product, Application, Region – Global Forecast to 2027

          Solar Tracker Market Research Report by Technology, Product, Application, Region – Global Forecast to 2027

          Will LGL Group Inc (LGL) Stay at the Top of the Technology Sector?

          Will LGL Group Inc (LGL) Stay at the Top of the Technology Sector?

          Become a Certified Nursing Assistant Through the Chickasaw Institute of Technology

          Become a Certified Nursing Assistant Through the Chickasaw Institute of Technology

          Canadian companies see profits in providing underground water technology to dry Arizona

          Canadian companies see profits in providing underground water technology to dry Arizona

          Technology gap in agriculture | Political Economy

          Technology gap in agriculture | Political Economy

          Snow making at 70 degrees now possible with new technology

          Snow making at 70 degrees now possible with new technology

          Trending Tags

          Monday, January 23, 2023
          No Result
          View All Result
          • Home
          • News
            • All
            • Business
            • Politics
            • Science
            • World
            The rechargeable battery can be woven and washed, and could provide power for fiber-based electronic devices and sensors. — ScienceDaily

            Scientists modify yeast cell and turn it into a cannabis tracker — ScienceDaily

            How to Watch Argentina Vs. Netherlands in 2022 FIFA World Cup Quarterfinals – NBC10 Philadelphia

            How to Watch Argentina Vs. Netherlands in 2022 FIFA World Cup Quarterfinals – NBC10 Philadelphia

            Stock Market Today: Dow Slips Ahead of Fed Meeting, On Pace To Close Monthly Gains – The Wall Street Journal

            Stock Market Today: Dow Up 100 Points; Nasdaq, S&P 500 Gain in Midday Trading – The Wall Street Journal

            Winter is coming: Are your business clients prepared?

            Winter is coming: Are your business clients prepared?

            Teacher of the Week: Mariah White, special education, Clara Peterson Elementary, Paxton | Education

            Teacher of the Week: Mariah White, special education, Clara Peterson Elementary, Paxton | Education

            Vote tonight could advance process to possibly demolish Danville’s Bresee Tower | Politics

            Vote tonight could advance process to possibly demolish Danville’s Bresee Tower | Politics

            Putin warns nuclear risk is increasing and war in Ukraine is going to ‘take a while’

            Putin warns nuclear risk is increasing and war in Ukraine is going to ‘take a while’

            Trending Tags

            • Lifestyle
              • All
              • Food
              • Health

              Cooking and future risk of all-cause and cardiopulmonary mortality

              Heartland report helps rural communities navigate health care

              Heartland report helps rural communities navigate health care

              This $23 device helps you cook perfect & fish steak every time

              This $23 device helps you cook perfect & fish steak every time

              Turner seeks to make Delphi salaried retirees health care tax credit permanent

              Turner seeks to make Delphi salaried retirees health care tax credit permanent

              Indian Cooking Tips: How To Make Arhar Ki Dal – Recipe Inside

              Indian Cooking Tips: How To Make Arhar Ki Dal – Recipe Inside

              Va. clergy, police and hospitals pitch for change in mental health treatment

              Va. clergy, police and hospitals pitch for change in mental health treatment

              A glimmer of hope at UNC clinic re: long COVID

              A glimmer of hope at UNC clinic re: long COVID

              Trending Tags

              • Entertainment
                • All
                • Sports
                NFL odds Week 14: How to bet Panthers-Seahawks

                NFL odds Week 14: How to bet Panthers-Seahawks

                Philip Morris doesn’t expect much impact on its business from U.S. sanctions on Russia

                Digital Ally rallies on plans to spin off ticketing business to a public company, Kustom Entertainment

                Eagles, Cowboys rise, Chiefs, 49ers fall in Colin’s ‘Herd Hierarchy’

                Eagles, Cowboys rise, Chiefs, 49ers fall in Colin’s ‘Herd Hierarchy’

                The Hollywood Reporter’s 2022 Women in Entertainment Power 100 – The Hollywood Reporter

                The Hollywood Reporter’s 2022 Women in Entertainment Power 100 – The Hollywood Reporter

                World Cup 2022 highlights: Portugal defeats Switzerland, 6-1

                World Cup 2022 highlights: Portugal defeats Switzerland, 6-1

                Tinseltown: Christmas with Ilene Graff | Albany Herald Entertainment

                Tinseltown: Christmas with Ilene Graff | Albany Herald Entertainment

                NBA rights suitors, Bob Iger’s ESPN plans, the volleyball boom and more: Sports Media Mailbag, Part I

                NBA rights suitors, Bob Iger’s ESPN plans, the volleyball boom and more: Sports Media Mailbag, Part I

                Trending Tags

                • Tech
                  HydraWell’s industry-first technology paves the way towards rigless operations

                  HydraWell’s industry-first technology paves the way towards rigless operations

                  Solar Tracker Market Research Report by Technology, Product, Application, Region – Global Forecast to 2027

                  Solar Tracker Market Research Report by Technology, Product, Application, Region – Global Forecast to 2027

                  Will LGL Group Inc (LGL) Stay at the Top of the Technology Sector?

                  Will LGL Group Inc (LGL) Stay at the Top of the Technology Sector?

                  Become a Certified Nursing Assistant Through the Chickasaw Institute of Technology

                  Become a Certified Nursing Assistant Through the Chickasaw Institute of Technology

                  Canadian companies see profits in providing underground water technology to dry Arizona

                  Canadian companies see profits in providing underground water technology to dry Arizona

                  Technology gap in agriculture | Political Economy

                  Technology gap in agriculture | Political Economy

                  Snow making at 70 degrees now possible with new technology

                  Snow making at 70 degrees now possible with new technology

                  Trending Tags

                  No Result
                  View All Result
                  News13Now
                  No Result
                  View All Result
                  Home News Politics

                  Oil nations tipped for political instability if fossil fuels abandoned

                  by Editor
                  March 26, 2021
                  in Politics
                  0
                  Oil nations tipped for political instability if fossil fuels abandoned
                  491
                  SHARES
                  1.4k
                  VIEWS
                  Share on FacebookShare on Twitter


                  The Egina floating production storage and offloading vessel, the largest of its kind in Nigeria, is berthed in Lagos harbor on February 23, 2017.

                  Stefan Heunis | AFP | Getty Images

                  LONDON — Algeria, Chad, Iraq and Nigeria will be among the first countries to experience political instability as oil producers feel the effects of a transition to low carbon energy production, according to a new report from risk consultancy Verisk Maplecroft.

                  In its 2021 Political Risk Outlook, published Thursday, Verisk cautioned that countries that had failed to diversify their economies away from fossil fuel exports faced a “slow-motion wave of political instability.”

                  With the move away from fossil fuels set to accelerate over the next three to 20 years, and the Covid-19 pandemic eating into short-term gains gains in oil export revenues made in recent years, Verisk warned that oil-dependent countries failing to adapt risk sharp changes in credit risk, policy and regulation.

                  Though some countries are increasing fossil fuel investment in the short term, consensus estimates indicate that “peak oil” will be reached in 2030, after which the transition toward a low carbon economy will gather steam and force oil-producing countries to adapt their revenue streams.

                  Analysts suggested the worst-hit countries could enter “doom loops of shrinking hydrocarbon revenues, political turmoil, and failed attempts to revive flatlining non-oil sectors.”

                  Since the oil price crash of 2014, most exporters have either stagnated or reversed efforts to diversify their economies, Verisk data highlighted, with many doubling down on production in the ensuing years in a bid to plug revenue holes.

                  “Despite this, the majority took a hit on their foreign exchange reserves anyway, including Saudi Arabia, which has burnt through almost half of its 2014 dollar stockpile,” the report added.

                  Break-even costs, the capacity to diversify and political resilience were identified as the three key factors determining the severity of the impact on stability when the expected energy transition begins to bite.

                  “Currently, if countries’ external break-evens – the oil prices they need to pay for their imports – remain above what markets can offer, they have limited choices: draw down foreign exchange reserves like Saudi Arabia since 2014, or devalue their currency like Nigeria or Iraq in 2020, effectively rebalancing their imports and exports at the expense of living standards,” the report explained.

                  Nigeria, Africa’s largest economy, relies on crude sales for around 90% of its foreign exchange earnings and has devalued its naira currency twice since March last year. The IMF last month urged the country’s central bank to devalue once again, but met with resistance.

                  Verisk researchers suggested that recent currency devaluations were a “harbinger of the bleak options” ahead for oil-producing countries, who will have to either diversify or face forced economic adjustments.

                  “Many, if not a majority, of net oil producers are going to struggle with diversification largely because they lack the economic and legal institutions, infrastructure and human capital needed,” said Verisk Head of Market Risk James Lockhart Smith.

                  “Even when such institutions are in place, the political environment, corruption or governance challenges and entrenched interests mean some may not reform their way out of trouble, even where it is the rational course.”

                  The most vulnerable countries are higher-cost producers that are heavily dependent on oil for revenues, have lower capacity to diversify and are less politically stable, Verisk said, identifying Nigeria, Algeria, Chad and Iraq as the first to be hit “if the storm breaks” due to their fixed or crawling exchange rates.

                  Lower-cost Gulf producers with stronger economic institutions and resources that enable easier diversification, such as the UAE and Qatar, were seen as least susceptible to political upheaval. However, Lockhart Smith suggested that even they will not emerge unscathed.

                  “Authoritarian political stability is anything but stable over the long term and, as lower-for-longer oil prices cut into social spending, additional pressure will pile on these deceptively fragile political systems,” he said.

                  “Even diversification could come with its own political risks by challenging traditional petro-state social contracts: legitimacy to rule in return for hydrocarbon largesse.”



                  Source link

                  Tags: abandonedfossilfuelsinstabilityNationsOilPoliticaltipped
                  Share196Tweet123Share49
                  Editor

                  Editor

                  ARTiSTORY brokers MFA, Boston’s first licensed Location-Based Entertainment installation in Asia.

                  ARTiSTORY brokers MFA, Boston’s first licensed Location-Based Entertainment installation in Asia.

                  November 3, 2022

                  Mick Lynch says RMT no closer to calling off rail strikes as transport minister states there is ‘deal to be done’ – UK politics live | Politics

                  November 24, 2022
                  The rise of sports as an investment

                  The rise of sports as an investment

                  October 27, 2022
                  The Week in Iowa | Politics and elections

                  The Week in Iowa | Politics and elections

                  December 5, 2021
                  Cooks for Christ serves up bog for the ministry’s future

                  Cooks for Christ serves up bog for the ministry’s future

                  November 27, 2022
                  EXCLUSIVE Pope Francis denies he is planning to resign soon

                  EXCLUSIVE Pope Francis denies he is planning to resign soon

                  July 4, 2022
                  Nashville Council to file bill to fund abortion access, sex education

                  Nashville Council to file bill to fund abortion access, sex education

                  August 25, 2022

                  Soccer Tearful Messi confirms he is leaving Barcelona, in talks with PSG

                  August 8, 2021

                  World Cup 2022/23 kits: New team jerseys for Qatar finalists revealed

                  June 3, 2022

                  COVID-19: Pandemic has now killed three million across the world – as countries see surge in cases | World News

                  April 17, 2021

                  Science Shows Mask-Wearing Is Largely Safe for Children – Idaho Press-Tribune

                  August 29, 2021

                  Ivy Computer expanding in Waterbury Center

                  September 18, 2022

                  Voting, education are central messages of 2022 Metro Central NAACP Freedom Fund Banquet

                  October 2, 2022

                  Fare from afar: Chef shares authentic ingredients, dishes of Greek cuisine to transport your taste buds

                  July 13, 2021

                  Madison Square Garden Entertainment Corp. and MSG Networks Inc. Announce Key Filing Dates and Plans to Host Joint Webcast on Proposed Merger

                  May 6, 2021

                  Arts and entertainment quick picks July 28 to Aug. 4

                  July 27, 2021
                  News13Now

                  News 13 Now!

                  Categories

                  • Business
                  • Entertainment
                  • Food
                  • Health
                  • News
                  • Politics
                  • Science
                  • Sports
                  • Tech
                  • World

                  Recent News

                  The rechargeable battery can be woven and washed, and could provide power for fiber-based electronic devices and sensors. — ScienceDaily

                  Scientists modify yeast cell and turn it into a cannabis tracker — ScienceDaily

                  December 8, 2022
                  How to Watch Argentina Vs. Netherlands in 2022 FIFA World Cup Quarterfinals – NBC10 Philadelphia

                  How to Watch Argentina Vs. Netherlands in 2022 FIFA World Cup Quarterfinals – NBC10 Philadelphia

                  December 8, 2022

                  Copyright © 2022 The Blakeslee Group, Inc.

                  No Result
                  View All Result
                  • Home
                  • Entertainment
                    • Gaming
                    • Movie
                    • Music
                    • Sports
                  • Lifestyle
                    • Fashion
                    • Food
                    • Travel
                    • Health
                  • News
                    • Business
                    • Politics
                    • Science
                    • World
                  • Tech
                    • Apps
                    • Gadget
                    • Mobile

                  Copyright © 2022 The Blakeslee Group, Inc.