Each week, BIV staff will share with you some of the interesting stories we have found from around the web.
Nelson Bennett, reporter:
With embargoes and boycotts against Russian oil, in response to Russia’s invasion of Ukraine, it was expected China would absorb a lot of that stranded Russian oil. But according to Markets Insider, China has actually been importing more oil from the U.S. than Russia. China imported 330,000 barrels a day of American oil in July – up from just 60,000 barrels in the previous two months – while reducing imports from Russia. – Markets Insider
A severe drought and low water levels in hydroelectric dams in Sichuan province of China has resulted in plant shutdowns that will affect battery and electric vehicle production. Several plants have had to temporarily shut down due to an electricity shortage, which will affect the EV battery supply chain. – Bloomberg
Timothy Renshaw, managing editor:
US$1.6 trillion and other sobering numbers from the Canadian Energy Centre on how much it is going to cost Canadians and their economy to hit net-zero targets in the oil and gas sector over the next 30 years.
Maybe we could make up the loss by transitioning into the global bubble tea marketplace, where in Southeast Asia alone bubble tea consumers invest around US$3.7 billion per year in the beverage. – Momentum Works