
<html><head><meta http-equiv="Content-Type" content="text/html charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><table cellspacing="0" cellpadding="0" border="0" width="100%" align="center" class="" style="color: rgb(51, 51, 51); font-family: arial, sans-serif; font-size: 20px; orphans: 2; widows: 2; background-color: rgb(255, 241, 224);"><tbody class=""><tr class="" style="background-color: rgb(214, 109, 7); background-position: initial initial; background-repeat: initial initial;"><td align="center" class="m_6058317860071961740header" valign="top" style="margin: 0px; text-align: center;"><img alt="FINANCIAL TIMES - Energy Source: Your weekly briefing" align="center" class="m_6058317860071961740bigLogo"></td></tr></tbody></table><table cellspacing="0" cellpadding="0" border="0" width="100%" class="" style="color: rgb(51, 51, 51); font-family: arial, sans-serif; font-size: 20px; orphans: 2; widows: 2; background-color: rgb(255, 241, 224);"><tbody class=""><tr class=""><td class="" style="margin: 0px; padding-left: 15px; padding-top: 15px; padding-right: 15px;"><table width="100%" border="0" cellpadding="0" cellspacing="0" align="center" class=""><tbody class=""><tr class=""><td align="center" class="" style="font-family: Arial, serif; margin: 0px; padding-top: 15px; font-size: 32px; font-weight: 700; text-align: center; line-height: 1.1;">Opec tantalised</td></tr></tbody></table><table width="100%" border="0" cellpadding="0" cellspacing="0" class=""><tbody class=""><tr class=""><td align="left" class="" style="font-family: Arial, serif; margin: 0px; padding-top: 15px; color: rgb(46, 110, 158); font-size: 12px;"><table class="" style="width: 630px;"><tbody class=""><tr class=""><td valign="middle" class="" style="font-family: arial, sans-serif; margin: 0px; width: 80px;"><img class=""></td><td valign="middle" class="" style="font-family: Arial, sans-serif; margin: 0px; font-size: 14px;"><strong class="">By <a href="http://click.newsletters.ft.com/f/a/SuzFZkR2sdDNZjMJrejR7g~~/AAAAAQA~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" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/SuzFZkR2sdDNZjMJrejR7g~~/AAAAAQA~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&source=gmail&ust=1495306424023000&usg=AFQjCNHkopgbZCxXduIswZbuPGExeKjleQ" class="" style="color: rgb(46, 110, 158); text-decoration: none;">Ed Crooks </a></strong><br class=""><font color="#505050" class=""><span class="aBn" data-term="goog_1538669921" tabindex="0" style="border-bottom-width: 1px; border-bottom-style: dashed; border-bottom-color: rgb(204, 204, 204); position: relative; top: -2px; z-index: 0;"><span class="aQJ" style="position: relative; top: 2px; z-index: -1;">May 19, 2017</span></span></font></td></tr></tbody></table></td></tr></tbody></table><table width="100%" border="0" cellpadding="0" cellspacing="0" align="center" class=""><tbody class=""><tr class=""><td align="left" class="" style="margin: 0px; padding-top: 15px;"><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">In Homer’s <i class="">Odyssey</i>, Tantalus is tortured in the Underworld by being made to stand in a pool of water, parched with thirst. When he tries to drink, “time and again the water vanished”. Opec ministers will know how he felt.</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">A rebalancing of the oil market, with demand clearly exceeding supply and swollen inventories subsiding, has seemed <a href="http://click.newsletters.ft.com/f/a/CnxZOx0qj1ptOVakggzVdg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9mZGI3Zjk0Yy0xZjk3LTExZTctYTQ1NC1hYjA0NDI4OTc3Zjk_ZW1haWxJZD01OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEmc2VnbWVudElkPTdlOTQ5NjhhLWE2MTgtYzQ2ZC00ZDhiLTZlMjY1NWU2ODMyMIdaAXsic291cmNlIjoic2ltcGxlLWVtYWlsLXNlcnZpY2UiLCJ0cmFuc2FjdGlvbklkIjoiNzRjZjVkM2ItNTFiNS00N2ZjLThkNzctNmJlZTg2ZDA5YzE3IiwiZW1haWxJZCI6IjU5MWYyZTY2OTQxOGRlMDAwNDMzOTRiYSIsImJpbmRpbmciOiJlZGl0b3JpYWwiLCJ1c2VyVXVpZCI6IjcwMGViYjIzLTNkNWYtNGRhZC05MGZhLTgwZTcyNmY2YjM3MSIsInByb2R1Y3QiOiJFbUUiLCJyZXF1ZXN0ZWRTZW5kVGltZSI6IjE0OTUyMTc1MDkiLCJjYXRlZ29yeSI6Im5ld3NsZXR0ZXIiLCJ0ZW1wbGF0ZUlkIjoiNTY1NWQxNGNjYjU2ZTYwZmM2NDQ3ZTIzIiwibGlzdElkIjoiNTY1NWQwOTllNGIwMTA3N2U5MTFkNjBmIn0~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/CnxZOx0qj1ptOVakggzVdg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9mZGI3Zjk0Yy0xZjk3LTExZTctYTQ1NC1hYjA0NDI4OTc3Zjk_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~&source=gmail&ust=1495306424024000&usg=AFQjCNFHBu4YWfZeCicuvCUpXFi6QClUCg" class="" style="color: rgb(17, 85, 204);">within reach</a> for months, but has <a href="http://click.newsletters.ft.com/f/a/1-lGXdre0YHEeV8c-j1g9Q~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC85ZjBkM2YyOC0zNjQ1LTExZTctYmNlNC05MDIzZjhjMGZkMmU_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/1-lGXdre0YHEeV8c-j1g9Q~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC85ZjBkM2YyOC0zNjQ1LTExZTctYmNlNC05MDIzZjhjMGZkMmU_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~&source=gmail&ust=1495306424024000&usg=AFQjCNH0B8z8kR32GxZVLXCW5RqniCUXHg" class="" style="color: rgb(17, 85, 204);">never quite arrived</a>. The International Energy Agency <a href="http://click.newsletters.ft.com/f/a/TFZNQZsFhndTaDVrvBFXRg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC81ZDlhM2NiZS0zYTNhLTExZTctODIxYS02MDI3YjhhMjBmMjM_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/TFZNQZsFhndTaDVrvBFXRg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC81ZDlhM2NiZS0zYTNhLTExZTctODIxYS02MDI3YjhhMjBmMjM_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~&source=gmail&ust=1495306424024000&usg=AFQjCNE8GL_gmYDK2GTk_ECZ4ragC49gbA" class="" style="color: rgb(17, 85, 204);">warned</a> this week that “much work remains” to get there. Opec members and their allies among other leading producers have already accepted that the pact to curb output that they agreed last December will need to be extended from its original six months, and the energy ministers of Saudi Arabia and Russia said this week they wanted it to last until <a href="http://click.newsletters.ft.com/f/a/i54CJumDZjyR2HsW3gl6RA~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9iZmVmZjIwMC0zOTIyLTExZTctODIxYS02MDI3YjhhMjBmMjM_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/i54CJumDZjyR2HsW3gl6RA~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9iZmVmZjIwMC0zOTIyLTExZTctODIxYS02MDI3YjhhMjBmMjM_ZW1haWxJZD01OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEmc2VnbWVudElkPTdlOTQ5NjhhLWE2MTgtYzQ2ZC00ZDhiLTZlMjY1NWU2ODMyMIdaAXsiYmluZGluZyI6ImVkaXRvcmlhbCIsInRyYW5zYWN0aW9uSWQiOiI3NGNmNWQzYi01MWI1LTQ3ZmMtOGQ3Ny02YmVlODZkMDljMTciLCJlbWFpbElkIjoiNTkxZjJlNjY5NDE4ZGUwMDA0MzM5NGJhIiwidXNlclV1aWQiOiI3MDBlYmIyMy0zZDVmLTRkYWQtOTBmYS04MGU3MjZmNmIzNzEiLCJ0ZW1wbGF0ZUlkIjoiNTY1NWQxNGNjYjU2ZTYwZmM2NDQ3ZTIzIiwic291cmNlIjoic2ltcGxlLWVtYWlsLXNlcnZpY2UiLCJwcm9kdWN0IjoiRW1FIiwibGlzdElkIjoiNTY1NWQwOTllNGIwMTA3N2U5MTFkNjBmIiwicmVxdWVzdGVkU2VuZFRpbWUiOiIxNDk1MjE3NTA5IiwiY2F0ZWdvcnkiOiJuZXdzbGV0dGVyIn0~&source=gmail&ust=1495306424024000&usg=AFQjCNEMhRFDeJC4dZXsc2EVpzUDuLwShw" class="" style="color: rgb(17, 85, 204);">March 2018</a>.</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">Meetings of ministers from Opec and its allied producers <span class="aBn" data-term="goog_1538669922" tabindex="0" style="border-bottom-width: 1px; border-bottom-style: dashed; border-bottom-color: rgb(204, 204, 204); position: relative; top: -2px; z-index: 0;"><span class="aQJ" style="position: relative; top: 2px; z-index: -1;">next Thursday</span></span> are supposed to confirm the plan, which some sources have suggested could include <a href="http://click.newsletters.ft.com/f/a/USiyGq2Hql1JBraC2NsY_w~~/AAAAAQA~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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/USiyGq2Hql1JBraC2NsY_w~~/AAAAAQA~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~&source=gmail&ust=1495306424024000&usg=AFQjCNEB9tNzHe8lxe0i_jzdypNg90e3Pg" class="" style="color: rgb(17, 85, 204);">deeper cuts</a>, but Platts reported there were clear signs of <a href="http://click.newsletters.ft.com/f/a/XWkcU_0jn-GOBP1nrcnYnA~~/AAAAAQA~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~~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/XWkcU_0jn-GOBP1nrcnYnA~~/AAAAAQA~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~~&source=gmail&ust=1495306424025000&usg=AFQjCNEvbMv6iYo06fnsxkdtLWFQoRecPw" class="" style="color: rgb(17, 85, 204);">divisions within the coalition</a>. David Sheppard argued in the FT that the prime objective of next week’s meetings would simply be to prevent another collapse in the oil price; a sign of Opec’s <a href="http://click.newsletters.ft.com/f/a/5eWKDflySsr025lLMy2Aug~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9mYjA2ODIwNC0zYWZlLTExZTctODIxYS02MDI3YjhhMjBmMjM_ZW1haWxJZD01OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEmc2VnbWVudElkPTdlOTQ5NjhhLWE2MTgtYzQ2ZC00ZDhiLTZlMjY1NWU2ODMyMIdaAXsicmVxdWVzdGVkU2VuZFRpbWUiOiIxNDk1MjE3NTA5IiwicHJvZHVjdCI6IkVtRSIsInNvdXJjZSI6InNpbXBsZS1lbWFpbC1zZXJ2aWNlIiwiY2F0ZWdvcnkiOiJuZXdzbGV0dGVyIiwidHJhbnNhY3Rpb25JZCI6Ijc0Y2Y1ZDNiLTUxYjUtNDdmYy04ZDc3LTZiZWU4NmQwOWMxNyIsInVzZXJVdWlkIjoiNzAwZWJiMjMtM2Q1Zi00ZGFkLTkwZmEtODBlNzI2ZjZiMzcxIiwiYmluZGluZyI6ImVkaXRvcmlhbCIsImxpc3RJZCI6IjU2NTVkMDk5ZTRiMDEwNzdlOTExZDYwZiIsImVtYWlsSWQiOiI1OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEiLCJ0ZW1wbGF0ZUlkIjoiNTY1NWQxNGNjYjU2ZTYwZmM2NDQ3ZTIzIn0~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/5eWKDflySsr025lLMy2Aug~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9mYjA2ODIwNC0zYWZlLTExZTctODIxYS02MDI3YjhhMjBmMjM_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~&source=gmail&ust=1495306424025000&usg=AFQjCNGb9SZ43EAtKz1_20TPXAqwiQPnJg" class="" style="color: rgb(17, 85, 204);">shrunken ambitions</a>. The US Energy Information Administration highlighted the cartel’s difficulties, estimating that Opec member countries’ net oil export revenues were last year at their <a href="http://click.newsletters.ft.com/f/a/Qwq08VjkkJJnl73uqHtJ9w~~/AAAAAQA~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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/Qwq08VjkkJJnl73uqHtJ9w~~/AAAAAQA~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~&source=gmail&ust=1495306424025000&usg=AFQjCNGMSU9siqUJlIusNY5QuSG6_FErlw" class="" style="color: rgb(17, 85, 204);">lowest since 2004</a>.</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">One reason why a rebalanced oil market seems to be slipping out of reach is the resurgence in the US shale industry. Many in Opec hoped that US E&P companies, which have relied on a steady inflow of capital to finance their drilling, would run out of funds and collapse. As it has turned out, the lenient US bankruptcy code and the unflagging enthusiasm of investors have meant that even the companies that have fallen into bankruptcy have got <a href="http://click.newsletters.ft.com/f/a/5vuyRlqvEZH0LXyZjQSvsQ~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC81MTEzZjViZS0zOTZmLTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/5vuyRlqvEZH0LXyZjQSvsQ~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC81MTEzZjViZS0zOTZmLTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~&source=gmail&ust=1495306424025000&usg=AFQjCNHio1URXUuLJgrKjhRbiKzkwU6SLw" class="" style="color: rgb(17, 85, 204);">right back up again</a>. One potential threat to shale producers is resurgent cost inflation, and Bloomberg reported that companies seeking to increase production were <a href="http://click.newsletters.ft.com/f/a/BU7sGwnSsUQyUyYIgQzSoA~~/AAAAAQA~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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/BU7sGwnSsUQyUyYIgQzSoA~~/AAAAAQA~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~&source=gmail&ust=1495306424029000&usg=AFQjCNFsgnzdWcK4HJ61dHz9HR3N1DUohw" class="" style="color: rgb(17, 85, 204);">struggling to find fracking crews</a>. Jeff Miller, the newly announced chief executive of Halliburton, the world’s second-largest listed oilfield services group, told Ernest Scheyder of Reuters that he expected to <a href="http://click.newsletters.ft.com/f/a/o5Tiida919-tUEJVY5-qMQ~~/AAAAAQA~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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/o5Tiida919-tUEJVY5-qMQ~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARE1odHRwOi8vd3d3LnJldXRlcnMuY29tL2FydGljbGUvdXMtaGFsbGlidXJ0b24tZXhlY3V0aXZlcy1ncm93dGgtaWRVU0tDTjE4RTJRNIdaAXsicHJvZHVjdCI6IkVtRSIsImxpc3RJZCI6IjU2NTVkMDk5ZTRiMDEwNzdlOTExZDYwZiIsInRlbXBsYXRlSWQiOiI1NjU1ZDE0Y2NiNTZlNjBmYzY0NDdlMjMiLCJ0cmFuc2FjdGlvbklkIjoiNzRjZjVkM2ItNTFiNS00N2ZjLThkNzctNmJlZTg2ZDA5YzE3IiwiY2F0ZWdvcnkiOiJuZXdzbGV0dGVyIiwidXNlclV1aWQiOiI3MDBlYmIyMy0zZDVmLTRkYWQtOTBmYS04MGU3MjZmNmIzNzEiLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwiZW1haWxJZCI6IjU5MWYyZTY2OTQxOGRlMDAwNDMzOTRiYSIsInNvdXJjZSI6InNpbXBsZS1lbWFpbC1zZXJ2aWNlIiwicmVxdWVzdGVkU2VuZFRpbWUiOiIxNDk1MjE3NTA5In0~&source=gmail&ust=1495306424029000&usg=AFQjCNHpKEMK8qUAdVLJee3yJN55XIoDsQ" class="" style="color: rgb(17, 85, 204);">raise prices</a> by 10-20+ per cent this year, but the current incumbent Dave Lesar conceded: “We and our customers have to co-exist in this environment.” Jeff Meyer of IHS Markit argued that costs in the industry as a whole were likely to be <a href="http://click.newsletters.ft.com/f/a/HiTSegtXHLXZvn8anHfNVg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARJJodHRwOi8vYmxvZy5paHMuY29tL21ha2luZy1lbmRzLW1lZXQtaG93LXRoZS1vaWwtaW5kdXN0cnktaXMtY3V0dGluZy1jb3N0cy10by1tYWtlLXVwLWZvci1sb3dlci1wcmljZXM_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/HiTSegtXHLXZvn8anHfNVg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARJJodHRwOi8vYmxvZy5paHMuY29tL21ha2luZy1lbmRzLW1lZXQtaG93LXRoZS1vaWwtaW5kdXN0cnktaXMtY3V0dGluZy1jb3N0cy10by1tYWtlLXVwLWZvci1sb3dlci1wcmljZXM_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~&source=gmail&ust=1495306424029000&usg=AFQjCNGg7D9ZPxy3ebEBPJO87gfeHwWyYQ" class="" style="color: rgb(17, 85, 204);">“relatively flat”</a> this year.</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">President Donald Trump will be <a href="http://click.newsletters.ft.com/f/a/f0zBeSTONc81nEED8rqWzA~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARFRodHRwczovL3d3dy50aGVhdGxhbnRpYy5jb20vaW50ZXJuYXRpb25hbC9hcmNoaXZlLzIwMTcvMDUvdHJ1bXAtc2F1ZGktYXJhYmlhLzUyNzMzNC-HWgF7InByb2R1Y3QiOiJFbUUiLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwidHJhbnNhY3Rpb25JZCI6Ijc0Y2Y1ZDNiLTUxYjUtNDdmYy04ZDc3LTZiZWU4NmQwOWMxNyIsInRlbXBsYXRlSWQiOiI1NjU1ZDE0Y2NiNTZlNjBmYzY0NDdlMjMiLCJlbWFpbElkIjoiNTkxZjJlNjY5NDE4ZGUwMDA0MzM5NGJhIiwic291cmNlIjoic2ltcGxlLWVtYWlsLXNlcnZpY2UiLCJsaXN0SWQiOiI1NjU1ZDA5OWU0YjAxMDc3ZTkxMWQ2MGYiLCJyZXF1ZXN0ZWRTZW5kVGltZSI6IjE0OTUyMTc1MDkiLCJ1c2VyVXVpZCI6IjcwMGViYjIzLTNkNWYtNGRhZC05MGZhLTgwZTcyNmY2YjM3MSIsImNhdGVnb3J5IjoibmV3c2xldHRlciJ9" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/f0zBeSTONc81nEED8rqWzA~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARFRodHRwczovL3d3dy50aGVhdGxhbnRpYy5jb20vaW50ZXJuYXRpb25hbC9hcmNoaXZlLzIwMTcvMDUvdHJ1bXAtc2F1ZGktYXJhYmlhLzUyNzMzNC-HWgF7InByb2R1Y3QiOiJFbUUiLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwidHJhbnNhY3Rpb25JZCI6Ijc0Y2Y1ZDNiLTUxYjUtNDdmYy04ZDc3LTZiZWU4NmQwOWMxNyIsInRlbXBsYXRlSWQiOiI1NjU1ZDE0Y2NiNTZlNjBmYzY0NDdlMjMiLCJlbWFpbElkIjoiNTkxZjJlNjY5NDE4ZGUwMDA0MzM5NGJhIiwic291cmNlIjoic2ltcGxlLWVtYWlsLXNlcnZpY2UiLCJsaXN0SWQiOiI1NjU1ZDA5OWU0YjAxMDc3ZTkxMWQ2MGYiLCJyZXF1ZXN0ZWRTZW5kVGltZSI6IjE0OTUyMTc1MDkiLCJ1c2VyVXVpZCI6IjcwMGViYjIzLTNkNWYtNGRhZC05MGZhLTgwZTcyNmY2YjM3MSIsImNhdGVnb3J5IjoibmV3c2xldHRlciJ9&source=gmail&ust=1495306424030000&usg=AFQjCNFr3dhGCzwHI5xsm0vU_XI6yCtCXA" class="" style="color: rgb(17, 85, 204);">visiting Saudi Arabia</a> this weekend, and he is being followed by a constellation of <a href="http://click.newsletters.ft.com/f/a/0AgkEiSWZOFLIcJMSOn7eA~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9kYThhYWNjZS0zYjMyLTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_ZW1haWxJZD01OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEmc2VnbWVudElkPTdlOTQ5NjhhLWE2MTgtYzQ2ZC00ZDhiLTZlMjY1NWU2ODMyMIdaAXsic291cmNlIjoic2ltcGxlLWVtYWlsLXNlcnZpY2UiLCJwcm9kdWN0IjoiRW1FIiwibGlzdElkIjoiNTY1NWQwOTllNGIwMTA3N2U5MTFkNjBmIiwicmVxdWVzdGVkU2VuZFRpbWUiOiIxNDk1MjE3NTA5IiwidHJhbnNhY3Rpb25JZCI6Ijc0Y2Y1ZDNiLTUxYjUtNDdmYy04ZDc3LTZiZWU4NmQwOWMxNyIsImVtYWlsSWQiOiI1OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEiLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwidGVtcGxhdGVJZCI6IjU2NTVkMTRjY2I1NmU2MGZjNjQ0N2UyMyIsImNhdGVnb3J5IjoibmV3c2xldHRlciIsInVzZXJVdWlkIjoiNzAwZWJiMjMtM2Q1Zi00ZGFkLTkwZmEtODBlNzI2ZjZiMzcxIn0~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/0AgkEiSWZOFLIcJMSOn7eA~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9kYThhYWNjZS0zYjMyLTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~&source=gmail&ust=1495306424030000&usg=AFQjCNEBt7sTzizwleCtQTykmufyz5dY7A" class="" style="color: rgb(17, 85, 204);">US business leaders</a>, hoping to <a href="http://click.newsletters.ft.com/f/a/v_bqZ1-Q3QwpvOKUY-3mRw~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9iMTBiNjA2Mi0zYzc0LTExZTctODIxYS02MDI3YjhhMjBmMjM_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/v_bqZ1-Q3QwpvOKUY-3mRw~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9iMTBiNjA2Mi0zYzc0LTExZTctODIxYS02MDI3YjhhMjBmMjM_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~&source=gmail&ust=1495306424030000&usg=AFQjCNE2lEaotrYCSy1IKSO1gmRIAtPTBg" class="" style="color: rgb(17, 85, 204);">sign deals</a> and build relationships in the kingdom. One big deal still up for grabs is the <a href="http://click.newsletters.ft.com/f/a/eLSo2JYYI2bSeIazLOvdog~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC84OGNjMjNhYy0zYmQ0LTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/eLSo2JYYI2bSeIazLOvdog~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC84OGNjMjNhYy0zYmQ0LTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~&source=gmail&ust=1495306424030000&usg=AFQjCNE9yk8E2GiCicjXnWducHUyDUTGrw" class="" style="color: rgb(17, 85, 204);">international listing</a> for Saudi Aramco, which is scheduled to have its IPO next year. Javier Blas at Bloomberg told the <a href="http://click.newsletters.ft.com/f/a/tvXsqYDs1A1umvnFCWToGw~~/AAAAAQA~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~~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/tvXsqYDs1A1umvnFCWToGw~~/AAAAAQA~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~~&source=gmail&ust=1495306424030000&usg=AFQjCNEjRdWg4TZaw8Nt1sTWMlGIS89Y7g" class="" style="color: rgb(17, 85, 204);">sorry story</a> of Aramco’s only previous attempt at an IPO: the sale of shares in Rabigh Refining and Petrochemical in 2008.</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">The best read of the week was Pilita Clark’s magisterial overview of the state of the renewable energy revolution: “<a href="http://click.newsletters.ft.com/f/a/zjjDWCCt75EkNw3Om7mDIg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC80NGVkN2U5MC0zOTYwLTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/zjjDWCCt75EkNw3Om7mDIg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC80NGVkN2U5MC0zOTYwLTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~&source=gmail&ust=1495306424030000&usg=AFQjCNE9V-j8-s5yRNlbARU4CIPDpqiVtw" class="" style="color: rgb(17, 85, 204);">The Big Green Bang</a>”. The piece is full of fascinating charts, but this one particularly struck me: the huge investment going into new battery factories.</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px; text-align: center;"><a href="http://click.newsletters.ft.com/f/a/HGviqN15ppDnxWkxk16LYQ~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC80NGVkN2U5MC0zOTYwLTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/HGviqN15ppDnxWkxk16LYQ~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC80NGVkN2U5MC0zOTYwLTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~&source=gmail&ust=1495306424030000&usg=AFQjCNHrw5eaKXlSuvYrM-kwZuVGJxcTBw" class="" style="color: rgb(17, 85, 204);"><img alt="" width="350" class="" style="margin: 0px 4px; vertical-align: middle;"></a></p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">In a sign of the ways that the renewables boom is changing corporate strategies, Daimler announced an <a href="http://click.newsletters.ft.com/f/a/yUOEfJ3kDBN6636vDcJM8Q~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC8xMjQ0ZGMwOC0zYmM4LTExZTctODIxYS02MDI3YjhhMjBmMjM_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/yUOEfJ3kDBN6636vDcJM8Q~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC8xMjQ0ZGMwOC0zYmM4LTExZTctODIxYS02MDI3YjhhMjBmMjM_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~&source=gmail&ust=1495306424031000&usg=AFQjCNFwE3SIIr_zWpDtDRNhQBJ__xtjwQ" class="" style="color: rgb(17, 85, 204);">alliance</a> with Vivint Solar of the US, to offer a package of rooftop solar systems and Mercedez-Benz branded storage batteries for the home. The move sets Daimler up as a direct competitor to Elon Musk’s Tesla.</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">These shifts, often driven by markets and technological change more than by government policy, have profound implications for oil companies. Occidental Petroleum a week ago became the first US energy company where shareholders <a href="http://click.newsletters.ft.com/f/a/Cty6ML0ljcnXnrg_9paYlQ~~/AAAAAQA~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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/Cty6ML0ljcnXnrg_9paYlQ~~/AAAAAQA~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~&source=gmail&ust=1495306424031000&usg=AFQjCNF94Ac5aLxkbsG4vShclqtHQMgI-g" class="" style="color: rgb(17, 85, 204);">backed</a> a call to publish an annual assessment of how its operations could be affected by responses to the threat of climate change. A similar resolution for Chevron’s annual meeting has been <a href="http://click.newsletters.ft.com/f/a/stGEHQFV5AjhNPQ-y3YYzw~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9iMzJmOWQxMC0zOTg0LTExZTctODIxYS02MDI3YjhhMjBmMjM_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/stGEHQFV5AjhNPQ-y3YYzw~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9iMzJmOWQxMC0zOTg0LTExZTctODIxYS02MDI3YjhhMjBmMjM_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~&source=gmail&ust=1495306424031000&usg=AFQjCNECNShxYrvfjleSgZ_ZiPbcpK9rBw" class="" style="color: rgb(17, 85, 204);">withdrawn</a>, after the company published a <a href="http://click.newsletters.ft.com/f/a/KOi_aSAyUWqmHH5bpMOo5Q~~/AAAAAQA~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~~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/KOi_aSAyUWqmHH5bpMOo5Q~~/AAAAAQA~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~~&source=gmail&ust=1495306424031000&usg=AFQjCNHtIXxo345EZFvptvk9u0uOw8RilQ" class="" style="color: rgb(17, 85, 204);">report</a> on managing climate risks. Investors interested in this issue are now focused on ExxonMobil, where shareholders will be voting on a version of the same proposal at the annual meeting on <span class="aBn" data-term="goog_1538669923" tabindex="0" style="border-bottom-width: 1px; border-bottom-style: dashed; border-bottom-color: rgb(204, 204, 204); position: relative; top: -2px; z-index: 0;"><span class="aQJ" style="position: relative; top: 2px; z-index: -1;">May 31</span></span>. A coalition of environmental groups published a detailed guide to the state of <a href="http://click.newsletters.ft.com/f/a/rge_g6G7IwKy2jkKsVQxrA~~/AAAAAQA~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~~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/rge_g6G7IwKy2jkKsVQxrA~~/AAAAAQA~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~~&source=gmail&ust=1495306424031000&usg=AFQjCNHLR9Gk1rYCnh71IbcR8hrYUjHwpQ" class="" style="color: rgb(17, 85, 204);">climate disclosure and engagement</a> at the world’s largest listed oil and gas groups.</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">BP this week held its annual general meeting, where investors supported the decision to <a href="http://click.newsletters.ft.com/f/a/eA3I3-SkR4p4vDiYvRzxEQ~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9jMDkyNGE3MC0zYjBmLTExZTctODIxYS02MDI3YjhhMjBmMjM_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/eA3I3-SkR4p4vDiYvRzxEQ~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9jMDkyNGE3MC0zYjBmLTExZTctODIxYS02MDI3YjhhMjBmMjM_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~&source=gmail&ust=1495306424032000&usg=AFQjCNE-alfUzpKmzlawkggVKqt9RbxEkg" class="" style="color: rgb(17, 85, 204);">cut chief executive Bob Dudley’s pay</a> by 40 per cent. Mr Dudley <a href="http://click.newsletters.ft.com/f/a/b7VLgK5FlPosYVBSQeUoGw~~/AAAAAQA~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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/b7VLgK5FlPosYVBSQeUoGw~~/AAAAAQA~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~&source=gmail&ust=1495306424032000&usg=AFQjCNGeeleGlo5NVYYqJ_ukC2h-4y5HgA" class="" style="color: rgb(17, 85, 204);">set out</a> his strategy, leading on a shift towards producing more gas and “advantaged” low-cost oil. Carl-Henric Svanberg, the chairman, <a href="http://click.newsletters.ft.com/f/a/Bl94NFrK0GiQXDiIHAWfEg~~/AAAAAQA~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~~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/Bl94NFrK0GiQXDiIHAWfEg~~/AAAAAQA~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~~&source=gmail&ust=1495306424032000&usg=AFQjCNHjRcTjuI6BBEZA_qSDuba1paZ-sg" class="" style="color: rgb(17, 85, 204);">explained</a> the company's outlook. “Consumption of oil will slow and eventually peak,” he said. “Oil prices will continue to be under pressure. Efficiency and low cost production will be rewarded.”</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">There was another great read from Andrew Ward, with the <a href="http://click.newsletters.ft.com/f/a/WY6_QJB86qblCfkhAIsCjw~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC8zNmJlZTU2YS0zYTAxLTExZTctODIxYS02MDI3YjhhMjBmMjM_ZW1haWxJZD01OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEmc2VnbWVudElkPTdlOTQ5NjhhLWE2MTgtYzQ2ZC00ZDhiLTZlMjY1NWU2ODMyMIdaAXsicmVxdWVzdGVkU2VuZFRpbWUiOiIxNDk1MjE3NTA5IiwiYmluZGluZyI6ImVkaXRvcmlhbCIsInVzZXJVdWlkIjoiNzAwZWJiMjMtM2Q1Zi00ZGFkLTkwZmEtODBlNzI2ZjZiMzcxIiwicHJvZHVjdCI6IkVtRSIsInNvdXJjZSI6InNpbXBsZS1lbWFpbC1zZXJ2aWNlIiwidGVtcGxhdGVJZCI6IjU2NTVkMTRjY2I1NmU2MGZjNjQ0N2UyMyIsImNhdGVnb3J5IjoibmV3c2xldHRlciIsInRyYW5zYWN0aW9uSWQiOiI3NGNmNWQzYi01MWI1LTQ3ZmMtOGQ3Ny02YmVlODZkMDljMTciLCJlbWFpbElkIjoiNTkxZjJlNjY5NDE4ZGUwMDA0MzM5NGJhIiwibGlzdElkIjoiNTY1NWQwOTllNGIwMTA3N2U5MTFkNjBmIn0~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/WY6_QJB86qblCfkhAIsCjw~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC8zNmJlZTU2YS0zYTAxLTExZTctODIxYS02MDI3YjhhMjBmMjM_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~&source=gmail&ust=1495306424032000&usg=AFQjCNHQw4bFcKbyxGvn_MCHqiYBm60vaQ" class="" style="color: rgb(17, 85, 204);">jaw-dropping saga</a> of Finland’s Olkiluoto-3 new nuclear plant, almost a decade late and three times over budget. The piece includes an interview with a trainee operator, who by the time the plant comes on line will have been practising to run it for a third of his life.</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">The difficulties facing coal-fired power plants in the US are well known. Closures of plants with a total capacity of about 8.6 gigawatts have been <a href="http://click.newsletters.ft.com/f/a/uJ1YtVRdZHw-cFSD4M2EmA~~/AAAAAQA~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~~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/uJ1YtVRdZHw-cFSD4M2EmA~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARENodHRwOi8vbnVtZXJpY2FsLmNvLmluL251bWVyb25zL2NvbGxlY3Rpb24vNThkMDQ4ODY0ZTk3NjI2NDAzNWExZTM1h1oBeyJ1c2VyVXVpZCI6IjcwMGViYjIzLTNkNWYtNGRhZC05MGZhLTgwZTcyNmY2YjM3MSIsInJlcXVlc3RlZFNlbmRUaW1lIjoiMTQ5NTIxNzUwOSIsInRlbXBsYXRlSWQiOiI1NjU1ZDE0Y2NiNTZlNjBmYzY0NDdlMjMiLCJ0cmFuc2FjdGlvbklkIjoiNzRjZjVkM2ItNTFiNS00N2ZjLThkNzctNmJlZTg2ZDA5YzE3IiwiZW1haWxJZCI6IjU5MWYyZTY2OTQxOGRlMDAwNDMzOTRiYSIsImJpbmRpbmciOiJlZGl0b3JpYWwiLCJsaXN0SWQiOiI1NjU1ZDA5OWU0YjAxMDc3ZTkxMWQ2MGYiLCJwcm9kdWN0IjoiRW1FIiwic291cmNlIjoic2ltcGxlLWVtYWlsLXNlcnZpY2UiLCJjYXRlZ29yeSI6Im5ld3NsZXR0ZXIifQ~~&source=gmail&ust=1495306424032000&usg=AFQjCNEvHcM9FWaoxsM2_mJXx7Uy8pdC7g" class="" style="color: rgb(17, 85, 204);">announced</a> already this this year. Detroit –based DTE Energy, the seventh-largest power utility in the US, said this week that it planned to <a href="http://click.newsletters.ft.com/f/a/oiQJSOzuyryaz65eHxyG1g~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARGFodHRwOi8vd3d3LmZyZWVwLmNvbS9zdG9yeS9uZXdzL2xvY2FsL21pY2hpZ2FuLzIwMTcvMDUvMTYvZHRlLXBsYW5zLWNvYWwtcGxhbnRzLWNhcmJvbi8zMjQ5OTEwMDEvh1oBeyJ1c2VyVXVpZCI6IjcwMGViYjIzLTNkNWYtNGRhZC05MGZhLTgwZTcyNmY2YjM3MSIsImxpc3RJZCI6IjU2NTVkMDk5ZTRiMDEwNzdlOTExZDYwZiIsInRlbXBsYXRlSWQiOiI1NjU1ZDE0Y2NiNTZlNjBmYzY0NDdlMjMiLCJ0cmFuc2FjdGlvbklkIjoiNzRjZjVkM2ItNTFiNS00N2ZjLThkNzctNmJlZTg2ZDA5YzE3IiwicmVxdWVzdGVkU2VuZFRpbWUiOiIxNDk1MjE3NTA5IiwiZW1haWxJZCI6IjU5MWYyZTY2OTQxOGRlMDAwNDMzOTRiYSIsInNvdXJjZSI6InNpbXBsZS1lbWFpbC1zZXJ2aWNlIiwiYmluZGluZyI6ImVkaXRvcmlhbCIsInByb2R1Y3QiOiJFbUUiLCJjYXRlZ29yeSI6Im5ld3NsZXR0ZXIifQ~~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/oiQJSOzuyryaz65eHxyG1g~~/AAAAAQA~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~~&source=gmail&ust=1495306424032000&usg=AFQjCNE2vsKLBsp06KN_IMYn24gzPcGsaQ" class="" style="color: rgb(17, 85, 204);">close all its coal plants by 2050</a>, and rely on gas, wind and nuclear power. Now even some gas-fired plants are facing difficulties. Panda Temple Tower, a plant that entered service only three years ago, has <a href="http://click.newsletters.ft.com/f/a/Aus7prTASUXOHeVeLhu6SQ~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARHJodHRwOi8vd3d3LnV0aWxpdHlkaXZlLmNvbS9uZXdzL3BhbmRhLXRlbXBsZS1iYW5rcnVwdGN5LWNvdWxkLWNoaWxsLW5ldy1nYXMtcGxhbnQtYnVpbGRvdXQtaW4tZXJjb3QtbWFya2V0LzQ0MjU4Mi-HWgF7ImVtYWlsSWQiOiI1OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEiLCJzb3VyY2UiOiJzaW1wbGUtZW1haWwtc2VydmljZSIsInVzZXJVdWlkIjoiNzAwZWJiMjMtM2Q1Zi00ZGFkLTkwZmEtODBlNzI2ZjZiMzcxIiwicmVxdWVzdGVkU2VuZFRpbWUiOiIxNDk1MjE3NTA5IiwicHJvZHVjdCI6IkVtRSIsInRyYW5zYWN0aW9uSWQiOiI3NGNmNWQzYi01MWI1LTQ3ZmMtOGQ3Ny02YmVlODZkMDljMTciLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwibGlzdElkIjoiNTY1NWQwOTllNGIwMTA3N2U5MTFkNjBmIiwiY2F0ZWdvcnkiOiJuZXdzbGV0dGVyIiwidGVtcGxhdGVJZCI6IjU2NTVkMTRjY2I1NmU2MGZjNjQ0N2UyMyJ9" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/Aus7prTASUXOHeVeLhu6SQ~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARHJodHRwOi8vd3d3LnV0aWxpdHlkaXZlLmNvbS9uZXdzL3BhbmRhLXRlbXBsZS1iYW5rcnVwdGN5LWNvdWxkLWNoaWxsLW5ldy1nYXMtcGxhbnQtYnVpbGRvdXQtaW4tZXJjb3QtbWFya2V0LzQ0MjU4Mi-HWgF7ImVtYWlsSWQiOiI1OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEiLCJzb3VyY2UiOiJzaW1wbGUtZW1haWwtc2VydmljZSIsInVzZXJVdWlkIjoiNzAwZWJiMjMtM2Q1Zi00ZGFkLTkwZmEtODBlNzI2ZjZiMzcxIiwicmVxdWVzdGVkU2VuZFRpbWUiOiIxNDk1MjE3NTA5IiwicHJvZHVjdCI6IkVtRSIsInRyYW5zYWN0aW9uSWQiOiI3NGNmNWQzYi01MWI1LTQ3ZmMtOGQ3Ny02YmVlODZkMDljMTciLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwibGlzdElkIjoiNTY1NWQwOTllNGIwMTA3N2U5MTFkNjBmIiwiY2F0ZWdvcnkiOiJuZXdzbGV0dGVyIiwidGVtcGxhdGVJZCI6IjU2NTVkMTRjY2I1NmU2MGZjNjQ0N2UyMyJ9&source=gmail&ust=1495306424033000&usg=AFQjCNHgBDRvwNlnUViMKyo8jyQn9dzOcA" class="" style="color: rgb(17, 85, 204);">filed for Chapter 11</a> bankruptcy protection. An industry adviser blamed “too much [tax credit] subsidised wind” in Texas.</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">The Center for American Progress has been studying coal power in China, and <a href="http://click.newsletters.ft.com/f/a/sQYE08hT5PgcHciHVNYx4w~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARG9odHRwczovL3d3dy5hbWVyaWNhbnByb2dyZXNzLm9yZy9pc3N1ZXMvZ3JlZW4vcmVwb3J0cy8yMDE3LzA1LzE1LzQzMjE0MS9ldmVyeXRoaW5nLXRoaW5rLWtub3ctY29hbC1jaGluYS13cm9uZy-HWgF7InByb2R1Y3QiOiJFbUUiLCJyZXF1ZXN0ZWRTZW5kVGltZSI6IjE0OTUyMTc1MDkiLCJzb3VyY2UiOiJzaW1wbGUtZW1haWwtc2VydmljZSIsImVtYWlsSWQiOiI1OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEiLCJjYXRlZ29yeSI6Im5ld3NsZXR0ZXIiLCJ1c2VyVXVpZCI6IjcwMGViYjIzLTNkNWYtNGRhZC05MGZhLTgwZTcyNmY2YjM3MSIsInRyYW5zYWN0aW9uSWQiOiI3NGNmNWQzYi01MWI1LTQ3ZmMtOGQ3Ny02YmVlODZkMDljMTciLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwibGlzdElkIjoiNTY1NWQwOTllNGIwMTA3N2U5MTFkNjBmIiwidGVtcGxhdGVJZCI6IjU2NTVkMTRjY2I1NmU2MGZjNjQ0N2UyMyJ9" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/sQYE08hT5PgcHciHVNYx4w~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARG9odHRwczovL3d3dy5hbWVyaWNhbnByb2dyZXNzLm9yZy9pc3N1ZXMvZ3JlZW4vcmVwb3J0cy8yMDE3LzA1LzE1LzQzMjE0MS9ldmVyeXRoaW5nLXRoaW5rLWtub3ctY29hbC1jaGluYS13cm9uZy-HWgF7InByb2R1Y3QiOiJFbUUiLCJyZXF1ZXN0ZWRTZW5kVGltZSI6IjE0OTUyMTc1MDkiLCJzb3VyY2UiOiJzaW1wbGUtZW1haWwtc2VydmljZSIsImVtYWlsSWQiOiI1OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEiLCJjYXRlZ29yeSI6Im5ld3NsZXR0ZXIiLCJ1c2VyVXVpZCI6IjcwMGViYjIzLTNkNWYtNGRhZC05MGZhLTgwZTcyNmY2YjM3MSIsInRyYW5zYWN0aW9uSWQiOiI3NGNmNWQzYi01MWI1LTQ3ZmMtOGQ3Ny02YmVlODZkMDljMTciLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwibGlzdElkIjoiNTY1NWQwOTllNGIwMTA3N2U5MTFkNjBmIiwidGVtcGxhdGVJZCI6IjU2NTVkMTRjY2I1NmU2MGZjNjQ0N2UyMyJ9&source=gmail&ust=1495306424033000&usg=AFQjCNEtqYLntzMgHnjhSdaPZH62fkZjHg" class="" style="color: rgb(17, 85, 204);">concluded</a> that the industry was widely misperceived in the US. While China has built many more coal-fired power plants in the past couple of years, “many of those new plants are white elephants that China cannot fully utilise,” the report argues. Meanwhile, another large new coal-fired coal plant planned in India has been <a href="http://click.newsletters.ft.com/f/a/R7C_1sJMecUgDqJXaO7x2Q~~/AAAAAQA~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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/R7C_1sJMecUgDqJXaO7x2Q~~/AAAAAQA~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~&source=gmail&ust=1495306424033000&usg=AFQjCNHv-NxS234YX7-lwCuKzr7synCY0w" class="" style="color: rgb(17, 85, 204);">cancelled</a>.</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">Wang Yilin, chairman of CNPC, China’s largest energy group, told <a href="http://click.newsletters.ft.com/f/a/T0Kfqirgq3HUn__Cf4NMrg~~/AAAAAQA~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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/T0Kfqirgq3HUn__Cf4NMrg~~/AAAAAQA~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~&source=gmail&ust=1495306424033000&usg=AFQjCNEnQz40t0nG09bH4HzoP1Myt4RPTQ" class="" style="color: rgb(17, 85, 204);">Bloomberg TV</a> he expected Chinese imports of US oil and gas to increase, and said the company <a href="http://click.newsletters.ft.com/f/a/53EiKeabrr-XgJfbMvoXSA~~/AAAAAQA~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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/53EiKeabrr-XgJfbMvoXSA~~/AAAAAQA~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~&source=gmail&ust=1495306424033000&usg=AFQjCNERIg6SGyKj9KMFF9qOtujKI3_Bpw" class="" style="color: rgb(17, 85, 204);">would consider investing</a> in American LNG export facilities.</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">A possible long-term alternative to gas imports was back in the news this week: Chinese authorities said they had achieved a “major breakthrough” in <a href="http://click.newsletters.ft.com/f/a/AKxMYQfjcthf5EsYRDNvvA~~/AAAAAQA~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~~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/AKxMYQfjcthf5EsYRDNvvA~~/AAAAAQA~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~~&source=gmail&ust=1495306424033000&usg=AFQjCNEY_2CrmUGU0SU39AtjEZKmIqnT7A" class="" style="color: rgb(17, 85, 204);">producing gas</a> from <a href="http://click.newsletters.ft.com/f/a/Pn2f-4s6FgPuQnw9JL-Ulw~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC84OTI1Y2JiNC03MTU3LTExZTMtOGY5Mi0wMDE0NGZlYWJkYzA_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/Pn2f-4s6FgPuQnw9JL-Ulw~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC84OTI1Y2JiNC03MTU3LTExZTMtOGY5Mi0wMDE0NGZlYWJkYzA_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~&source=gmail&ust=1495306424033000&usg=AFQjCNFrZGRscyDxZZwDTl1djy7hrw6X-g" class="" style="color: rgb(17, 85, 204);">methane hydrates</a>: a mix of gas and water frozen at the bottom of the sea. Praveen Linga from the National University of Singapore told the BBC that the Chinese project appeared to have extracted “much more gas” than a <a href="http://click.newsletters.ft.com/f/a/SjbDL5QKWFLbk9UD1zfOew~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC84NGFiZGM1Ni0zMGIwLTExZTctOTU1NS0yM2VmNTYzZWNmOWE_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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/SjbDL5QKWFLbk9UD1zfOew~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC84NGFiZGM1Ni0zMGIwLTExZTctOTU1NS0yM2VmNTYzZWNmOWE_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~&source=gmail&ust=1495306424033000&usg=AFQjCNEqlJ4P1858VeyxJVnkIsqIpTqy4A" class="" style="color: rgb(17, 85, 204);">similar test</a> by Japan’s Jogmec, which reported successful results earlier this month.</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;">And finally… This is an old story, but it was new to me this week. Shell has been getting the sort of publicity that money just can’t buy, thanks to the owner of one of its petrol stations in Brazil, who adopted a stray dog and <a href="http://click.newsletters.ft.com/f/a/EH124aF1ZTClc4KmOPb9ng~~/AAAAAQA~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~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/EH124aF1ZTClc4KmOPb9ng~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARDtodHRwczovL3d3dy50aGVkb2RvLmNvbS9kb2ctam9iLWdhcy1zdGF0aW9uLTIyNTkzODgwMDYuaHRtbIdaAXsicmVxdWVzdGVkU2VuZFRpbWUiOiIxNDk1MjE3NTA5IiwidGVtcGxhdGVJZCI6IjU2NTVkMTRjY2I1NmU2MGZjNjQ0N2UyMyIsImVtYWlsSWQiOiI1OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEiLCJwcm9kdWN0IjoiRW1FIiwic291cmNlIjoic2ltcGxlLWVtYWlsLXNlcnZpY2UiLCJ1c2VyVXVpZCI6IjcwMGViYjIzLTNkNWYtNGRhZC05MGZhLTgwZTcyNmY2YjM3MSIsInRyYW5zYWN0aW9uSWQiOiI3NGNmNWQzYi01MWI1LTQ3ZmMtOGQ3Ny02YmVlODZkMDljMTciLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwibGlzdElkIjoiNTY1NWQwOTllNGIwMTA3N2U5MTFkNjBmIiwiY2F0ZWdvcnkiOiJuZXdzbGV0dGVyIn0~&source=gmail&ust=1495306424034000&usg=AFQjCNEjea-AByt20mO2Wdl9crzoNJOhOw" class="" style="color: rgb(17, 85, 204);">gave it a job</a>.</p><p class="" style="border-width: 1px 0px; border-bottom-style: dotted; border-bottom-color: rgb(206, 198, 185); border-top-style: dotted; border-top-color: rgb(206, 198, 185); color: rgb(214, 109, 6); font-family: Arial, sans-serif; font-size: 20px; font-weight: bold; line-height: 23px; margin: 0px 0px 12px; padding: 8px 0px;">Quote of the week</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;"><i class="">"We are planning to be leaving totally the dependency [on oil] that we have been living for the last 40, 50 years. Hopefully by even 2030, I wouldn't care if the oil price is zero, although I would like it to be $100 and $150." </i>– Mohammed Al-Jadaan, finance minister of Saudi Arabia, in an <a href="http://click.newsletters.ft.com/f/a/RSNtWWkwsjemB8QAlYfUyg~~/AAAAAQA~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~~" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/RSNtWWkwsjemB8QAlYfUyg~~/AAAAAQA~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~~&source=gmail&ust=1495306424034000&usg=AFQjCNGV7uqeZp6Z7_JnfM09dqJmjARM4Q" class="" style="color: rgb(17, 85, 204);">interview with CNN</a>, setting out an ambitious goal for the kingdom’s Vision 2030 economic reform programme.</p><p class="" style="border-width: 1px 0px; border-bottom-style: dotted; border-bottom-color: rgb(206, 198, 185); border-top-style: dotted; border-top-color: rgb(206, 198, 185); color: rgb(214, 109, 6); font-family: Arial, sans-serif; font-size: 20px; font-weight: bold; line-height: 23px; margin: 0px 0px 12px; padding: 8px 0px;">Chart of the week</p><p class="" style="font-family: arial; font-size: 16px; line-height: 23px; margin: 0px 0px 30px;"><a href="http://click.newsletters.ft.com/f/a/Zd_DLwSfwzi2gvZ44fLQXg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARHVodHRwczovL3d3dy5icm9va2luZ3MuZWR1L3Jlc2VhcmNoL2NsZWFudGVjaC12ZW50dXJlLWNhcGl0YWwtY29udGludWVkLWRlY2xpbmVzLWFuZC1uYXJyb3ctZ2VvZ3JhcGh5LWxpbWl0LXByb3NwZWN0cy-HWgF7InJlcXVlc3RlZFNlbmRUaW1lIjoiMTQ5NTIxNzUwOSIsInVzZXJVdWlkIjoiNzAwZWJiMjMtM2Q1Zi00ZGFkLTkwZmEtODBlNzI2ZjZiMzcxIiwidGVtcGxhdGVJZCI6IjU2NTVkMTRjY2I1NmU2MGZjNjQ0N2UyMyIsImxpc3RJZCI6IjU2NTVkMDk5ZTRiMDEwNzdlOTExZDYwZiIsImNhdGVnb3J5IjoibmV3c2xldHRlciIsInRyYW5zYWN0aW9uSWQiOiI3NGNmNWQzYi01MWI1LTQ3ZmMtOGQ3Ny02YmVlODZkMDljMTciLCJlbWFpbElkIjoiNTkxZjJlNjY5NDE4ZGUwMDA0MzM5NGJhIiwic291cmNlIjoic2ltcGxlLWVtYWlsLXNlcnZpY2UiLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwicHJvZHVjdCI6IkVtRSJ9" target="_blank" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://click.newsletters.ft.com/f/a/Zd_DLwSfwzi2gvZ44fLQXg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARHVodHRwczovL3d3dy5icm9va2luZ3MuZWR1L3Jlc2VhcmNoL2NsZWFudGVjaC12ZW50dXJlLWNhcGl0YWwtY29udGludWVkLWRlY2xpbmVzLWFuZC1uYXJyb3ctZ2VvZ3JhcGh5LWxpbWl0LXByb3NwZWN0cy-HWgF7InJlcXVlc3RlZFNlbmRUaW1lIjoiMTQ5NTIxNzUwOSIsInVzZXJVdWlkIjoiNzAwZWJiMjMtM2Q1Zi00ZGFkLTkwZmEtODBlNzI2ZjZiMzcxIiwidGVtcGxhdGVJZCI6IjU2NTVkMTRjY2I1NmU2MGZjNjQ0N2UyMyIsImxpc3RJZCI6IjU2NTVkMDk5ZTRiMDEwNzdlOTExZDYwZiIsImNhdGVnb3J5IjoibmV3c2xldHRlciIsInRyYW5zYWN0aW9uSWQiOiI3NGNmNWQzYi01MWI1LTQ3ZmMtOGQ3Ny02YmVlODZkMDljMTciLCJlbWFpbElkIjoiNTkxZjJlNjY5NDE4ZGUwMDA0MzM5NGJhIiwic291cmNlIjoic2ltcGxlLWVtYWlsLXNlcnZpY2UiLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwicHJvZHVjdCI6IkVtRSJ9&source=gmail&ust=1495306424034000&usg=AFQjCNHpfgfwhKwlwB3XtmsCQthGSZb3jg" class="" style="color: rgb(17, 85, 204);">Venture capital investment</a> in US “cleantech” – pollution-cutting technologies including energy efficiency, renewables, EVs and batteries – has fallen sharply since 2011, according to a new report from the Brookings Institution. The authors argue that the US “faces a significant crisis in cleantech innovation”, with patenting slowing down and early-stage financing system failing to work effectively.</p></td></tr></tbody></table></td></tr></tbody></table><div class=""><br class=""></div><div class="">

<div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">*******************************************************************************************<br class="">“ Ecosystem management must avoid two traps: falsely assuming a tame solution and inaction from overwhelming complexity. “<br class=""><br class="">Ruth DeFries, Harini Nagendra. Ecosystem management as a wicked problem. Science  21 Apr 2017 Special Issue: Ecosystem Earth</div><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><br class=""></div><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">*********************************************************************************************</div><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Behind complexity, there is always simplicity to be revealed. Inside simplicity, there is always complexity to be discovered.”<br class=""><br class="">Gang Yu</div></div></div></div>

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