Crude oil futures posted their third consecutive weekly loss on Friday as the bulls that pushed oil prices to nearly four-year highs head into retreat. At the start of October, oil prices were rising on signs that U.S. sanctions are shrinking Iran’s crude exports faster than anticipated, potentially leaving the world with a shortage of oil. The sanctions are expected to cut crude exports from Iran, OPEC’s third-biggest oil producer, by about 1 million barrels per day.
Volvo makes strides in Electric Vehicle market with FreeWire charging company acquisition. “To support wider consumer adoption of electric cars, society needs to make charging an electric car as simple as filling up your tank.”
Transport Scotland has announced £700,000 of funding to widen the uptake of ultra-low emission vehicles. Michael Matheson, Cabinet Secretary for Transport, Connectivity and Infrastructure said:
“The Scottish Government has an ambition to phase out the need for new petrol and diesel cars and vans by 2032 and to do this we need to widen access to electric vehicles to communities across the nation."
- South Korea’s state-utility firm said it has built a 3.5-megawatt floating solar farm on waters located at a coal-fired power plant to produce clean energy. EWP said:
“The latest solar farm uses unused space and can prevent the environmental degradation that comes from building a power plant.”
- Uttarakhand to buy 500 electric buses as trial run achieves success.Speaking to TOI, UTC general manager Deepak Jain said that if everything goes according to the plan, the corporation will have a fleet of 500 electric buses in the next three years.
See you tomorrow!