Russia warns of future global oil shortage

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Demand will exceed supply in the next three to five years due to a lack of investment in the industry

The global market will experience oil supply shortages within the next few years due to a lack of investment in the industry, Russian Deputy Energy Minister Pavel Sorokin said on Thursday.

Oil production is now “underinvested” due to the “actions of Western countries,” he said, referring to a shift towards renewable energy that has prompted companies around the world to slash investment in hydrocarbons.

“Investments [in oil production] are now 20-25% below the pre-Covid level, which means that in three to five years we will have a fairly significant drop in new, commissioned capacities. This means that the burden will fall on the OPEC+ countries that are trying to continue to invest,” Sorokin stated.

His remarks echo forecasts by OPEC, which believes the global oil industry needs more financing as demand continues to rise due to an emphasis on energy security, even as the world moves towards renewable energy.

The alliance of oil-producing countries has said in its reports that crude is expected to retain the largest share in the global energy mix, and that the industry would require $12.1 trillion in investment by 2045 to meet global demand.

Earlier this week, Russia announced that it would extend its unilateral production cut of 500,000 barrels per day for another three months until the end of June. The move contributed to a stabilization of crude oil prices, which fell sharply last week on concerns that the Western banking crisis could weaken global energy demand.

Russia decided to voluntarily cut oil output in March in retaliation for an oil-price cap introduced by the West, which it said would eventually result in scarce supply and trigger uncertainty on the global market.

Tech hubs near England’s universities to benefit from almost £1bn in extra funding

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The chancellor will make the pledge to create 12 investment zones in eight areas “to drive business investment and level up” the country, each backed with £80m of government funding.

Jeremy Hunt will say that the zones will form the cornerstone of his efforts to “supercharge growth” to accelerate research and development in the “most budding industries”.

Eight existing and proposed combined authority areas across England have been shortlisted to host the zones, with the intention to agree plans with the combined authority mayors, individual local authorities and business groups by the end of the year.

Last September the former chancellor Kwasi Kwarteng said he wanted a national network of investment zones to be the springboard for business investment in the regions.

When he took over last October, Hunt said he would implement the policy “in a way that learns the lessons of when similar models have been tried in the past and we will make sure they are successful”.

The precise rules governing investment zones have not yet been confirmed but Hunt has set aside the funds to cover five years rather than the 10 years most developers hoped for.

The Institute for Government said a reduction in national insurance contributions for employers, a cut in business rates and more generous capital allowances on the purchase of new machinery and equipment are also likely to be part of the package of incentives.

Looser planning rules inside the zones are expected to mean it will be easier to build commercial buildings and houses on the land, putting the government on a collision course with environmental charities that have argued the zones will damage the natural biodiversity in the areas affected.

Wildlife charities including the Woodland Trust have said the loosening of regulations could put nature in peril, as many could be in green belt land on the edge of cities that currently protect fragile ecosystems from development.

Hunt said he wanted to support research institutions clustered around universities covering the life sciences, advanced manufacturing, creative industries, the tech sector and the development of green jobs.

He said: “True levelling up must be about local wealth creation and local decision-making to unblock obstacles to regeneration.

“From unleashing opportunity through new investment zones, to a new approach to accelerating R&D in city regions, we are delivering on our key priority to supercharge growth across the country.”

The zones will be located in the proposed East Midlands Mayoral Combined County Authority, Greater Manchester Mayoral Combined Authority, Liverpool City Region Mayoral Combined Authority, the proposed North East Mayoral Combined Authority, South Yorkshire Mayoral Combined Authority, Tees Valley Mayoral Combined Authority, West Midlands Mayoral Combined Authority, and the West Yorkshire Mayoral Combined Authority.

 

How Eric J. Hannon’s Experience in the United States Coast Guard Has Aided Him In the Manufacturing industry

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Eric J. Hannon is an experienced technician and business professional.

Eric attended Bay Path Regional Vocational Technical High School where he studied engineering and machinery. Possessing a talent for athletics, Eric played varsity ball during his freshman and sophomore years. He went on to compete in track and field and led his team to two state championships.

At the age of seventeen, Eric enlisted in the United States Coast Guard and left his small town for basic training in Cape May, New Jersey. After completing an eight-week training course he was relocated to YorkTown, Virginia, where he spent the next twelve months expanding his mechanical knowledge. There he was trained in several services including natural disaster relief. When a local town was hit by a series of Tornados, the Coast Guard was called in to help support locals who have been impacted by providing medical and evacuation services.

Eric continued his journey by spending the next six years traveling around the United States as well as Liberia, Kuwait, and Baharan, Cuba. After leaving active duty in 2016, Eric pursued several positions in the manufacturing industry from engineering to material coordination. Eric currently works for a private manufacturing and engineering company that provides resources and equipment to larger companies to help them expand their operations.

What do you currently do at your company?

Initially I started out as a Senior Electrical Technician, building and wiring legacy and custom electrical enclosures and subsystems for our customers. I tested wire harnesses for techs to install into units and built in-house test equipment such as harness and board testers, vibration tables, and pressure degradation units. We implemented these in our build process to help identify WIP errors so we could correct them and prevent any future issues.

Eventually I moved into a quality role where I worked alongside other team members to identify short falls and manufacturing errors in WIP. We also created training programs to minimize the chance of repeating issues. Daily tasks also included inspecting incoming materials for supplier defects. From here, we issued them into a warehouse location to be coordinated with manufacturing. If the material failed to meet spec they were moved through our NCMR/MRB process and reworked in-house or returned to the vendor. We inspected WIP units at predetermined points to identify and re-work any defects and stage the units for the next work center. If the materials passed, this was our priority based on our manufacturing and shipping schedule to ensure we met customer demand.

What defines your way of doing business?

Every time I go to work I have to remember that every bit of what we do is for our customers. Especially in a quality role, we have to identify and eliminate any issues that arise so we can deliver a quality product on time – so their production schedule isnt interrupted. We use every project as a learning opportunity to grow and be better. We ensure the best training for our techs so they can continue to deliver top-of-the-line products.

What keys to being productive can you share?

Its been said a thousand times, set daily and weekly goals. Tackling those goals will help you through the day and help drive  the company’s quotas. A lot of people will tell you to only do what youre paid to do. Volunteering for other projects and to be more project based breaks up the monotony  of the day to day and you get to learn new skills and tasks, this allows you to be productive throughout your day in turn making yourself a more valuable member of the team and opening up yourself for more opportunities, growth or compensation either at your current employment or the next phase of your career.

Tell us one long-term goal in your career?

One long term goal I had was to make it to a position where I could help cultivate positive change in the daily lives of my employees. After spending eight years in the military, I was able to absorb many life skills that I now use in my professional life. I always try my best to use my experiences to my advantage and be the best version of myself.

How do you measure success?

Dont measure your progress or your standing off that of those around you, work with, or your family. Your own success is how you see it, success isnt truly a quantitative value in my opinion for that exact reason. Success to me isnt going to be the same as it is to the next person. Success to me? I get to wake up, go to my job, go home, spend time with family and friends and have some sort of extra curricular. Im doing what I enjoy and truly I just like the simple things. It took a while to figure out what exactly it is after the military, but everything that I have in life and everything I get to be a part of to me is success. Its not always about having the best job title, largest paycheck or all the fancy stuff. Just do what makes you feel successful and enjoyable and youll figure everything out.

Whats the most valuable lesson youve learned through the course of your career?

Always have a solution. Its easy to come to your peers and supervisors with issues. Without a delay in production you should take time to come up with a solution, you will make yourself a more valuable employee. Youve taught yourself to evaluate the situation and avoid the issue from happening again.

What advice would you give to others aspiring to succeed in your field?

Treat the product you build as something you yourself would want to purchase. Its our job to find any and every defect and deliver a quality product to the customer so they dont have any interruptions to production. When we inspect our products or materials that go into our product we have to hold everyone to a higher standard. Letting any issues slide without proper rework or documentation will allow issues to continue to happen interrupting the flow of product to our customers. Every time you inspect a product, it doesnt matter if the owner of the company built it. If you find defects or issues you set aside everything to ensure its built to spec, without defects. Be brutal but respectful in your inspection and find it all.

What are some of your favorite things to do outside of work?

Any spare time I have I mostly spend with family, beyond that I read a lot and am interested in philosophy. Alan Watts its a great read he went and experienced everything that he speaks and wrote about worth a read or a listen. Tolkien obviously and Andre Spakowski do such an amazing job building worlds and complex characters.

Other than that I hike as often as I can, being in a field that requires so much screen time and time inside its nice to unplug and get away from it all. Lastly I play a weekly dnd game, its quite the opposite of my last remark saying get unplugged. But its a second way of getting unplugged, setting aside real life and stepping into your own fantasy world is a really good time and we have a DM that makes sure our characters really feel like theyre a part of the world.

How would your colleagues describe you?

That is a good question, my boss would probably describe me as a pain. Coming from the military and a manufacturing role its difficult to point out issues without providing feedback and I greatly struggle with this. I sometimes forget to just stop at this is wrong” and I try to provide feedback, a resolution or point them to the person who can help. My coworkers in my opinion would most likely describe me as reserved, if Im not actively engaged in daily tasks. Im working on some sort of project to drive better quality, building the next test module we will implement or reading about other quality members’ roles and the impact they have where they work.

How do you maintain a solid work life balance?

Thats simple, you have to remember to just shut it off. Whatever happens at work happens in the eight hours you are there. You need to be able to separate that from what happens at home. Once you leave your day is over dont bring it home and focus on whats important and just live life. I personally take the time on my drive home and contact loved ones, I see how the day went, I discuss whats going on and once Im home I focus on myself or my significant other by enjoying the extra curricular activities or just unwinding. The key is just doing exactly what the question asks: balance work and life by keeping them separate.

What is one piece of technology that helps you the most in your daily routine?

My notes and calendar app. I actually wrote all of the rough drafts for these questions in notes. My day to day and my tasks, I keep detailed notes so I can go back and reference or keep track of what Im working on. I find upper management loves when you have an answer immediately to a question they ask and with notes I have them or I can find the person that does. Plus I can track what Im doing or need to do outside of work and my calendar keeps track of important dates, so I dont get in trouble by forgetting an anniversary or birthday and it keeps me from double booking and disappointing someone.

What has been the hardest obstacle youve overcome?

I invited the wrong people into my life. I disregarded the advice of my parents, friends and mentors and accepted bad people. These people took advantage of me emotionally and financially. The borrowed a lot of money so they could try and make it through school and when I needed them the most, when I was working ridiculous hours, traveling for work and needed them to show up they werent present and it cost me a lot of my house, my dog, money, time, reputation and peace of mind. I was at rock bottom and building yourself back from the bottom is one of the toughest things you could ask someone to do.

Who has been a role model to you and why?

Ive actually had a handful of them. My fifth grade teacher showed me my love for reading by introducing me to the right books, my great uncle showed me my love for engineering by allowing me to see his project, books and just a box of random parts that I was able to mess around with and make random designs. My now late principal, for teaching me a different way to view school, sports and life. My parents for the just love and support without.

AI and Machine Learning: Revolutionizing Mobile Development and Testing Landscape

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The rise of artificial intelligence (AI) and machine learning (ML) technologies is changing the mobile development and testing landscape.

These technologies offer many benefits for businesses, including faster time-to-market, improved quality, and reduced costs.

In this article, we’ll explore how AI and ML are revolutionizing the mobile development and testing landscape and why businesses should consider incorporating these technologies into their mobile development strategies.

The Role of AI and ML in Mobile Development and Testing

AI and ML technologies can automate many of the repetitive and time-consuming tasks involved in mobile development and testing, allowing businesses to save time and reduce costs. For example, AI-powered testing tools can perform complex tests in a fraction of the time compared to what it would take a human tester to complete them. ML algorithms can analyze large amounts of data to identify patterns and predict outcomes, allowing businesses to make informed decisions about their mobile development strategies.

Technology can be of great help for app testing process, analysis and planning, mobile development and consulting. For example, by automating testing and analysis, businesses can identify and address issues earlier in the development process, reducing the risk of bugs and other issues affecting the user experience. This can also help businesses save money in the long run by avoiding costly post-launch bug fixes.

In addition to testing and analysis, AI and ML can also be used to personalize the user experience. By analyzing user data, these technologies can identify patterns and preferences, allowing businesses to provide more relevant and personalized content to their users. This can improve user engagement and retention, leading to increased revenue and brand loyalty.

The Benefits of AI and ML in Mobile Development and Testing

There are many benefits to incorporating AI and ML technologies into mobile development and testing, including:

Faster time-to-market

By automating many of the tasks involved in mobile development and testing, businesses can bring their apps to market faster, giving them a competitive advantage.

Improved quality

AI and ML technologies can help identify and address issues earlier in the development process, leading to higher-quality apps and a better user experience.

Reduced costs

By automating tasks and improving efficiency, businesses can reduce the costs associated with mobile development and testing.

Personalized user experience

By analyzing user data, businesses can provide more personalized content and experiences to their users, leading to higher engagement and retention.

Challenges and Considerations

While there are many benefits to incorporating AI and ML technologies into mobile development and testing, there are also some challenges and considerations to keep in mind. One of the biggest challenges is the need for skilled professionals who can develop and implement these technologies. Businesses may need to invest in training or hire new staff to take advantage of these technologies.

Another consideration is the need to ensure the security and privacy of user data. As AI and ML technologies rely on large amounts of data to function, businesses need to take steps to protect user data and comply with relevant regulations and standards.

Conclusion

AI and ML technologies are changing the mobile development and testing landscape, offering many benefits for businesses. By automating tasks, improving efficiency, and personalizing the user experience, these technologies can help businesses stay competitive in today’s digital economy.

While there are some challenges and considerations to keep in mind, the benefits of incorporating AI and ML into mobile development and testing far outweigh the costs. Businesses that want to stay ahead of the curve should consider incorporating these technologies into their mobile development strategies.

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AI and Machine Learning: Revolutionizing Mobile Development and Testing Landscape