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The Ukrainian military has attacked an oil refinery in Ufa, Russia.On April 3, data released by the Russian Ministry of Finance on Friday showed that Russias national oil and gas revenue fell 43% year-on-year in March to 617 billion rubles (approximately $7.72 billion), but was up from 432.3 billion rubles in February, affected by falling oil prices and a stronger ruble. Oil and gas revenue is crucial to Russias national budget. Against the backdrop of high military spending, Russias fiscal deficit is projected to reach 5.6 trillion rubles by 2025, accounting for 2.6% of GDP. This revenue accounts for about a quarter of total budget revenue. These revenues are based on payments made by Russian companies up to March 30, corresponding to Februarys production, before the Middle East conflict drove up global oil prices. Revenue is expected to increase starting in April. In the first quarter of this year, revenue was 1.44 trillion rubles, a 45% year-on-year decrease. The budget projects oil and gas sales revenue of 8.92 trillion rubles this year, but current revenue progress is behind this target.On April 3rd, at the 2026 Space Computing Industry Conference, Zhao Ce, Deputy Director of the Information and Communication Development Department of the Ministry of Industry and Information Technology, stated in his speech that the first priority is to strengthen collaborative efforts, plan and guide policy measures for the construction and application of space computing power, and strengthen institutional guarantees. Support will be given to qualified regions to leverage their own advantages and conduct pilot projects tailored to local conditions; support will be given to relevant units to actively conduct forward-looking research on space computing power technology, gradually establish a standard system covering hardware, software, networks, and security, promote the research and development of technologies and products such as spaceborne radiation-resistant chips and inter-satellite laser communication, enhance full-stack technical capabilities, and solidify the foundation for industrial development; furthermore, application-driven development will be strengthened, and application scenarios and service models will be cultivated. Space computing power applications will be explored around scenarios such as real-time remote sensing processing, communication enhancement, and spatiotemporal information, exploring integrated "communication, navigation, remote sensing, and computing" service innovation. Support will be given to on-orbit data processing in areas such as low-altitude economy and emergency communication, accelerating technological iteration and commercial cycles through practical application scenarios. The integration of computing power with satellite internet will be promoted to accelerate the cultivation of the space computing power industry ecosystem.April 3rd - According to the Qingmao Border Inspection Station of the Zhuhai Entry-Exit Border Inspection General Station, the Qingmao Port is experiencing a peak in both inbound and outbound passenger traffic as the Qingming Festival holiday approaches. In the week leading up to the holiday, the port saw an average of over 107,000 inbound and outbound passengers per day, an increase of approximately 8% compared to normal days. It is understood that this years Qingming Festival holiday in mainland China is from April 4th to 6th. The public holiday in Hong Kong and Macau is from April 3rd to 7th, lasting five days. Many Hong Kong and Macau residents are choosing to return to their hometowns to pay respects to their ancestors and visit relatives and friends, while mainland tourists are taking advantage of the holiday for short trips for spring outings, sightseeing, and shopping, leading to a new peak in passenger traffic at the Qingmao Port. It is predicted that from April 3rd to 7th, the passenger flow through the Qingmao Port will reach approximately 580,000, with a peak daily passenger flow of 125,000, and the peak traffic is expected to occur on April 4th.On April 3, local time, Kyiv Oblast Governor Kalashnikov announced that the region had been hit by a large-scale missile and drone attack launched by Russia. The attack has resulted in one death and one injury. Local air defense forces have launched air defense operations in the area. Russia has not yet responded.

JP Morgan: Global Energy Investment Requires $1.3 Trillion by 2030

Haiden Holmes

Apr 21, 2022 09:29

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Investments will need to cover all fuel types, including oil and gas, renewables, and nuclear, with oil demand predicted to rise by roughly 10% by 2030 and gas consumption expected to climb by 18%.


"Not all fuels are created equal, and for the most part (and within this time horizon), different sources of energy are not completely interchangeable - solar panels cannot completely replace oil, which is required for industrial production of petrochemicals, for example," according to the outlook, which was authored by 30 JP Morgan analysts.


The analysis contradicts the International Energy Agency's (IEA) stance from last year, which said that no additional investment in fossil fuels was required.


The IEA has recently highlighted that their forecast was merely one of many possible scenarios and urged OPEC to increase oil production.


"On a very long time horizon, all present energy sources will be considered as transitory to a more secure, cleaner, and affordable source of energy. In the long run, this may be accomplished only by nuclear fusion "According to JP Morgan's prognosis.


"Until scalable, dependable, clean, and inexpensive solutions become available, the world will need to deal with all present energy sources - fossil and non-fossil - with their associated limitations," the report said.


It predicted that worldwide end-use energy consumption will increase to 9.5 percent of GDP in 2022, up from an average of 8.4 percent from 2015 to 2019.


Increased energy prices would raise the likelihood of civil dissatisfaction and a halt in the energy transition, according to JP Morgan.