The completion of the first stage will also begin the second and third stage of the project. Once finished this power plant will be the world's largest, providing electricity for 1.1 million people in Morocco. The project would also help reduce the country's dependence on imported energy source as well as reducing carbon emission.
The rise of oil prices had brought positive growth to most of the Asian markets, except for Japan. On the other hand, European market had seen a drop. The oil prices increased overnight due to speculations that U.S Federal Reserve would possibly decide not to increase interest rates throughout 2016.
Royal Dutch Shell said that its profit for the fourth quarter dropped 44% as the price of the crude oil tumble. The UK-based oil firm also confirmed that it is trimming 10,000 jobs, a move to reduce its costs.
The lower oil price for about 19 months is benefiting the consumers, but creating a lot of problems for the global governments and business firms. Many banks and the US government forecast oil price above $40 a barrel this year. The oil price fell to below $30 during the past 19 months from $107 a barrel.
The latest forecast indicates 50 percent rebound in oil prices by the end of 2016. The oil price could be higher by $15 per barrel this year taking the New York crude to $46 a barrel by fourth quarter and Brent to $48 during the same period. The drop in US shale output is likely to drive oil price up in the second half of 2016.
Stocks dipped to session lows on Tuesday. Shares of oil companies plunged as crude oil continued to slide. Three of major indexes also fell.
China's benchmark Purchasing Managers' Index (PMI) fell to lowest in the three-and-a-half years. PMI was at 49.4 for January as against average forecast of 49.6. The PMI was 49.7 in December 2015. The disappointed China factory output data pulled oil prices lower.
Russian's Gazprom planned to meet investors in New York and London this week. The company plan to increase its gas supplies to European countries.
Nigeria requires $3.5 billion funds to fill its $15 billion budget deficit. The falling oil prices are eroding revenues for the government. The largest economy in Africa is seeking $2.5 billion loan from the World Bank and $1 billion loan from ADB.
Saudi Arabia has suffered from the oil price collapse, and needs to plan a diversified economic strategy. The country has called $30 per barrel oil price is not rational, and aiming to encourage foreign investment to enter the country.
Oil prices rebounded on news that there may be production cut by OPEC. US Brent futures recouped losses by 6.8 percent and US crude pared 9.3 percent losses during the week. In overall, oil prices rebounded by over 25 percent after hitting 12-month low in January. Oil price hit $27.10 on 20 January 2016.
Russia says there's proposal from OPEC on production cuts and it's open to have a word on oil production cuts. Russia is a non-OPEC oil producing nation. Russian oil minister said that the proposal envisages five percent cut in the oil production to support falling oil price. However, there's no clarity over the proposal whether it was from OPEC or non-OPEC members.
California becomes the pioneer state with new LED standards in place. The new regulation replaces the old traditional directional bulbs with the more expensive but energy-efficient LED ones. While more expensive, California Energy Commission promises huge benefits in terms of a bulb's longevity and, more importantly, electric bills.
South American nation Venezuela is suffering from gasoline smuggling to neighboring nations. Gasoline is heavily subsidized in Venezuela. The cheaper gasoline smuggling has become a major revenue source in the crisis-hit Venezuelan economy. Venezuela's President has deployed soldiers in large number to keep constant vigil on its borders. Venezuela is losing foreign exchange revenue in US dollars because of smuggling of gasoline.
Malaysia has trimmed its growth forecast mainly due to plunging oil prices. A miscalculated assumption has messed up the 2016 budget, which has the government groping for damage-control measures. One of the key outcomes were increasing the household spending of the country, which can give the sluggish economy a much-needed boost.