Connect with us

Technology

AIRIS is a learning AI teaching itself how to play Minecraft

Published

on

AIRIS is a learning AI teaching itself how to play Minecraft

Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More


A new learning AI has been left to its own devices within an instance of Minecraft as the artificial intelligence learns how to play the game through doing, says AI development company SingularityNET and the Artificial Superintelligence Alliance (ASI Alliance). The AI, named AIRIS (Autonomous Intelligent Reinforcement Inferred Symbolism), is essentially starting from nothing inside Minecraft to learn how to play the game using nothing but the game’s feedback loop to teach it.

AI has been set loose to learn a game before, but often in more linear 2D spaces. With Minecraft, AIRIS can enter a more complex 3D world and slowly start navigating and exploring to see what it can do and, more importantly, whether the AI can understand game design goals without necessarily being told them. How does it react to changes in the environment? Can it figure out different paths to the same place? Can it play the game with anything resembling the creativity that human players employ in Minecraft?

VentureBeat reached out to SingularityNET and ASI Alliance to ask why they chose Minecraft specifically.

Advertisement

“Early versions of AIRIS were tested in simple 2D grid world puzzle game environments,” a representative from the company replied. “We needed to test the system in a 3D environment that was more complex and open ended. Minecraft fits that description nicely, is a very popular game, and has all of the technical requirements needed to plug an AI into it. Minecraft is also already used as a Reinforcement Learning benchmark. That will allow us to directly compare the results of AIRIS to existing algorithms.”

They also provided a more in-depth explanation of how it works.

“The agent is given two types of input from the environment and a list of actions that it can perform. The first type of input is a 5 x 5 x 5 3D grid of the block names that surround the agent. That’s how the agent “sees” the world. The second type of input is the current coordinates of the agent in the world. That gives us the option to give the agent a location that we want it to reach. The list of actions in this first version are to move or jump in one 8 directions (the four cardinal directions and diagonally) for a total of 16 actions. Future versions will have many more actions as we expand the agent’s capabilities to include mining, placing blocks, collecting resources, fighting mobs, and crafting.

“The agent begins in ‘Free Roam’”’ mode and seeks to explore the world around it. Building an internal map of where it has been that can be viewed with the included visualization tool. It learns how to navigate the world and as it encounters obstacles like trees, mountains, caves, etc. it learns and adapts to them. For example, if it falls into a deep cave, it will explore its way out. Its goal is to fill in any empty space in its internal map. So it seeks out ways to get to places it hasn’t yet seen.

Advertisement

“If we give the agent a set of coordinates, it will stop freely exploring and navigate its way to wherever we want it to go. Exploring its way through areas that it has never seen. That could be on top of a mountain, deep in a cave, or in the middle of an ocean. Once it reaches its destination, we can give it another set of coordinates or return it to free roam to explore from there.

“The free exploration and ability to navigate through unknown areas is what sets AIRIS apart from traditional Reinforcement Learning. These are tasks that RL is not capable of doing regardless of how many millions of training episodes or how much compute you give it.”

For game development, a successful use-case for AIRIS may include automatic bug and stress tests for software. A hypothetical AIRIS that can run across the entirety of Fallout 4 could create bug reports when interacting with NPCs or enemies, for example. While quality assurance testers would still need to check what the AI has documented, it would speed along a laborious and otherwise frustrating process for development.

Moreover, it is the first step in a virtual world for self-directed learning for AI in complex, omni-directional worlds. That should be exciting for AI enthusiasts as a whole.

Advertisement

Source link
Advertisement
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Science & Environment

Solar stocks that may suffer under Trump because of reliance on IRA, per Goldman

Published

on

Solar stocks that may suffer under Trump because of reliance on IRA, per Goldman




Source link

Continue Reading

Technology

How to watch The Day of the Jackal online from anywhere

Published

on

Eddie Redmayne preparing to take a shot with a sniper rifle in The Day of the Jackal.

Watch The Day of the Jackal online

There aren’t many onscreen stereotypes more enticing than a trained assassin and Eddie Redmayne is bringing the cool, killer vibes to a new 10-episode TV adaptation of The Day of the Jackal to Sky Atlantic in the UK and Peacock in the US. Read on for how to watch The Day of the Jackal online from anywhere with a VPN.

Swipe to scroll horizontally
Premiere date: Thursday, November 7
US premiere: Thursday, November 14
FREE stream: TVNZ+ (New Zealand)
Stream: Peacock (US) | Sky Go (UK) | Global TV / StackTV (Can) | Binge / Foxtel (Aus)
Use NordVPN to watch any stream

Loosely based on Frederick Forsyth’s 1971 novel of the same name, this version brings the action bang up to date with a cat and mouse story set in the modern day. Some things never change, however, and that goes for the steely, secretive contract killer played here by Oscar-winning actor Eddie Redmayne (The Theory of Everything, Fantastic Beasts and Where to Find Them).

Source link

Continue Reading

Technology

3 sci-fi movies on Peacock you need to watch in November 2024

Published

on

3 sci-fi movies on Peacock you need to watch in November 2024
Doc using a machine with Marty beside him, both looking up stunned in Back to the Future.
Universal Pictures

Sci-fi is a genre that everyone loves, whether it’s hard sci-fi or lighter options that incorporate sci-fi themes. There are classic and new sci-fi movies available to stream on all the top streaming services, including Peacock.

For this month, there are three sci-fi movies on Peacock you need to watch in November. Chances are these are movies you watched when they were first released, dating back to the 1980s through 2010s. But these are films with great re-watch value as well, especially if you haven’t seen them in a while. One, in fact, is among the greatest sci-fi movies of all time.

We also have guides to the best movies on Netflix, the best movies on Hulu, the best movies on Amazon Prime Video, the best movies on Maxand the best movies on Disney+.

Back to the Future (1985)

Back To The Future (1985) Theatrical Trailer – Michael J. Fox Movie HD

One of the most iconic movies ever made, Back to the Future stars Michael J. Fox as Marty McFly, a teenager in 1985 who is sent back in time to 1955 after his eccentric scientist friend Emmett “Doc” Brown (Christopher Lloyd) builds a time-traveling DeLorean. While there, Marty accidentally prevents his parents from falling in love, which means he would cease to exist in the future. Now it’s up to him to get them back together so he can be born and the future isn’t irreversibly altered.

Advertisement

Not only is Back to the Future streaming on Peacock right now, but so is Back to the Future Part II and Back to the Future Part III, each of which cemented a place in movie history, and influenced so much technology we see today. With the holiday season coming, you’ll love sitting back with the family to binge all three films. As the highest-grossing movie that year, Back to the Future is one of the best sci-fi movies ever made, and Marty McFly one of the most beloved movie characters.

Stream Back to the Future on Peacock.

Interstellar (2014)

Interstellar Movie – Official Trailer

A decade ago, Christopher and Jonathan Nolan released this epic sci-fi drama about a group of astronauts traveling through a wormhole near Saturn. They are in search of a new home for humans because Earth has suffered a catastrophic event and everything is slowly dying.

Advertisement

Interstellar, one of the best sci-fi movies in the 2010s, praised for its accurate depictions, including that of a black hole. That’s thanks, in large part, to the fact that Kip Thorne, a theoretical physicist, served as executive producer and scientific consultant. Starring Matthew McConaughey, Anne Hathaway, Jessica Chastain, Matt Damon, and Michael Caine, Interstellar earned five Academy Award nominations and, not surprisingly, won for its fabulous visual effects.

Stream Interstellar on Peacock.

The Day After Tomorrow (2004)

The Day After Tomorrow | #TBT Trailer | 20th Century FOX

The Day After Tomorrow received mixed reviews, but it was in the top 10 highest-grossing movies of 2004. The sci-fi disaster film hails from Roland Emmerich, who is known as the “master of disaster” in Hollywood having been behind other movies like Independence Day and 1998’s Godzilla. A climate event has wreaked havoc on Earth, resulting in a series of extreme weather events. Now in a new ice age, surviving humans are struggling to stay alive.

Advertisement

The story centers around Jack Hall (Dennis Quaid), a paleoclimatologist who warned humanity about the potential for a new ice age before it began. He’s dismissed by Vice President Raymond Becker (Kenneth Welsh), and when the events start to occur proving he was correct, it’s too late. As the storm worsens, Jack is desperate to connect with his son Sam (Jake Gyllenhaal) and ensure his safety. Oozing edge-of-your-seat tension, The Day After Tomorrow is arguably one of the best disaster movies ever made.

Stream The Day After Tomorrow on Peacock. 






Source link

Continue Reading

Technology

The Galaxy S25 Slim’s model number just popped up

Published

on

The Galaxy S25 Slim's model number just popped up

We’ve been following rumors of Samsung launching a “Slim” version of its Galaxy S25. Unconfirmed details about this model tricked in over the past few months, but we might have some pretty damning evidence. Thanks to SmartPrix, we may know the Galaxy S25 Slim’s model number.

We don’t expect this phone to reach the market for the better part of a year, so you’ll want to take this news with a grain of salt. Information about it is still scarce, so anything can change over the next several months.

The Galaxy S25 Slim’s model number may have been spotted

Korean news website ETNews revealed that Samsung was working on a fourth Galaxy S25 model to launch in the second half of the year. SmartPrix confirmed this information. The base Galaxy S255, Galaxy S25+, and Galaxy S25 Ultra have the model numbers SM-S931, SM-S936, and SM-S938, respectively. Well, there’s a new model number showed up, and it’s SM-S937U.

Samsung typically launches an FE model of its phones later on in the year, but we’re not looking at the model number for the Galaxy S25 FE. The FE models’ model numbers start with “SM-S7” while the mainline Galaxy S phones start with “SM-S9.”

Advertisement

The “U” at the end of the model number means that it will come to the U.S. market. Right now, we don’t know too much about this phone other than the fact that it will be rather thin. Not too long after we got word about a slim version of the iPhone 17, this news popped up, so we know that Samsung’s decision to bring a slim phone was inspired by Apple.

Since the Galaxy S25 Slim could launch in the second half of the year, we know that it will go up against the iPhone 17 Slim. So, it’ll be interesting to see how these phones compare. Only time will tell if this phone will be able to turn Samsung’s fortunes around.

Source link

Continue Reading

Technology

The best early deals we could find from Amazon, Best Buy and more

Published

on

The best early Black Friday 2024 deals we could find from Amazon, Best Buy and more

Black Friday may technically just be one day, but it’s evolved to consume the entire month of November in the US at this point. For the past few years, retailers like Amazon, Walmart and Target have ushered in the holiday shopping season earlier and earlier, and this year is no different.

Early Black Friday deals are already here, bringing discounts to some of our favorite tech we’ve tested this year. While it’s still advisable to wait until the week before Thanksgiving to ensure you’re getting the best of the best deals, you have plenty of opportunities to save right now if you’re eager to get a jump on your gift list this year. These are the best early Black Friday deals we could find; we’ll be updating this post regularly throughout November, so check back for the latest discounts.

  • Apple iPad mini (7th gen) for $400 ($100 off): The latest iPad mini only just arrived this month, but it’s already $100 off with an on-page coupon at Amazon. Only the purple colorway is on sale, but this is a giant discount for a new Apple release, so we wouldn’t expect it to last long. We gave the new mini a review score of 83: It’s a minor refresh, but it continues to provide most of the iPad Air’s strengths in a form factor that’s easier to tuck in a bag and hold with one hand. This deal is available in additional colors at Costco, but only to store members.

  • Apple Pencil Pro for $92 ($36 off): While this deal is a couple bucks higher than the lowest price we’ve ever seen for Apple’s top-of-the-line iPad stylus, it’s still a sizable drop compared to buying from Apple directly. Just be aware that Pencil Pro is only compatible with the most recent iPad Airs and iPad Pros. Also at Walmart.

Photos of Apple’s 13-inch iPad Air, released in 2024

The Apple iPad Air (M2). (Photo by Nathan Ingraham / Engadget)
A small smart display with a white border, the Amazon Echo Show 5, sits on a wood table next to various desktop accessories, displaying the time and the title of a currently playing podcast.

The Amazon Echo Show 5. (Amazon)
  • Amazon Echo Pop for $18 ($22 off): Amazon’s smallest smart speaker has dropped to a record-low price. It’s part of a larger sale that includes the Echo Dot for $28 and the new Echo Spot for $50.

  • Amazon Fire HD 10 for $75 ($65 off): No Fire HD tablet comes close to matching the performance, build quality and app support of an iPad, but they’re significantly more affordable, and they still work well enough if all you need is something for casual streaming, e-reading and web browsing. At this price, the 10.1-inch Fire HD 10 is likely a better value than the smaller Fire HD 8, as it has a sharper display, it’s a tick faster and it can last slightly longer on a charge. Just be ready to deal with a bunch of ads for Amazon’s own apps and services. This discount ties an all-time low, and it’s also available at Best Buy and Target.

  • Amazon Echo Show 5 for $50 ($40 off): We highlight the Echo Show 5 in our guide to the best smart displays. While the Echo Show 8 — which isn’t majorly discounted yet — has a roomier display, louder speakers and sharper cameras, this 5.5-inch model provides most of the same functionality in a design that’s easier to fit on a nightstand. If you’re already onboard the Alexa train, it’ll work nicely as a smart alarm clock. This deal is $10 more than the all-time low we saw last Black Friday, so it may drop further in the weeks ahead, but for now it matches the best price we’ve seen in 2024. Also at Target, Kohl’s and Best Buy.

  • Blink Outdoor 4 (6-pack) for $180 ($300 off): The Outdoor 4 is a wireless, IP65-rated outdoor security camera we highlight in our guide to the best smart home gadgets. It captures decent (if not class-leading) 1080p video, it’s relatively painless to install and it supports features like night vision, motion alerts, local storage and two-way talking. The catch is that it locks things like person detection and cloud storage behind a subscription plan. Still, it’s a solid value on balance, and this deal furthers that. We’ve seen this price on a six-camera bundle for a few weeks, but it’s still an all-time low. An eight-camera pack is also on sale for $250, another low.

  • Audible Premium Plus (3-month) for $1 ($29 off): Those who don’t currently subscribe to Audible can get three months of the audiobook service’s Premium Plus plan for $1. Normally, the service costs $15 per month after a 30-day free trial. As a refresher, Premium Plus is Audible’s upper tier: In addition to giving access the full Audible Plus library, it lets you keep one title from a curated selection of audiobooks each month. We wouldn’t call it essential, but if you’ve been on the fence, this is a good way to see if it’d work for you. Just note that the plan will auto-renew until you cancel.

Beats Solo 4 laying on two books with an iPhone to the left and a black pen in the foreground.

Billy Steele for Engadget
  • Beats Solo 4 for $100 ($100 off): The Solo 4 is light on features and may be uncomfortable on larger heads, but its even-handed sound and 50+-hour battery life make it worth considering if you prefer a more compact on-ear design instead of traditional over-ears. We gave it a score of 79 in our review. This discount ties an all-time low and is also available at Walmart, Target and Best Buy. The full-size Beats Studio Pro is discounted as well, but that pair is a bit harder to recommend over the top picks in our wireless headphone buying guide.

  • Bose QuietComfort Headphones for $199 ($150 off): This ties the lowest price we’ve seen for Bose’s mid-tier noise-canceling headphones. At this price, their effective ANC and light fit make them a worthy alternative to higher-end pairs like the Sony WH-1000XM5 (our favorite pair overall). That said, their bass-heavy sound won’t be for everyone, and the XM5 has a more comprehensive feature set. Also at Bose.com, Target and Best Buy. The higher-end QuietComfort Ultra, meanwhile, are $100 off and put out even stronger ANC, though we still prefer the XM5 for around the same price.

  • Samsung Music Frame for $248 ($150 off): This unique smart speaker can show art or your own photos while it plays music, and it can sync with your Samsung TV speakers. Also available at Samsung.

  • JBL Clip 5 speaker for $50 ($30 off): This tiny speaker has a built-in clip so you can hang it from a backpack or bag easily, plus it packs good sound with punchy base. You can expect 12 hours of battery life on it as well.

  • Hisense U8N 4K TV (55-inch) for $728 ($371 off): The U8N is the next step up from the U7N in Hisense’s TV lineup, so it should provide better colors, contrast and brightness across the board. If you don’t mind buying a smaller panel for around the same price, this is another new low. Also at Best Buy.

  • Backbone One (PlayStation Edition) for $60: The Backbone One is an comfy gamepad that snaps around your phone and lets you play mobile or cloud-based games without having to rely on touch controls. We’ve recommended it before. This deal on the PlayStation-themed version isn’t an all-time low, but it’s $10 to $20 less than the usual discounts we’ve seen over the past year. Sony’s listing doesn’t specify whether this is the first- or second-gen model — the latter can fit a wider range of phones and cases — but that shouldn’t be a major hindrance if you use an older iPhone or Android device. Both the USB-C and Lightning variants are on sale.

  • Samsung T9 portable SSD (4TB) for $300 ($250 off): The latest model in the T-series of Samsung’s portable drives supports read and write speeds of up to 2,000MB/s, and it has dynamic thermal guard to keep it cool even when you’re pushing it to its limits. Also available at Samsung.

  • Apple iPad Air (13-inch, M2) for $691 ($107 off): If you’d prefer more screen space, the 13-inch iPad Air is also down to an all-time low at Amazon. This model can get slightly brighter than its smaller counterpart, but the two slates are virtually identical otherwise.

  • Apple iPad Air (11-inch, M2) for $497 at Amazon ($102 off MSRP): This is a new low for the latest iPad Air, which we consider to be the best Apple tablet for most people. While it lacks the top-end performance and 120Hz OLED panel of the iPad Pro, it’s much less expensive, and it still gets you a more futureproof M2 chip, a superior display and better accessory support than the base-model iPad. Also at Best Buy.

  • Apple AirTag (4-pack) for $74 at Amazon ($25 off): The AirTag is, unsurprisingly, the top pick for iPhone users in our guide to the best Bluetooth trackers, as it uses Apple’s giant network of Apple devices and ultrawideband tech to locate items accurately. Its effectiveness has had deeply unfortunate side effects, but if you use it as intended, it can provide a little extra peace of mind. While not an all-time low, this deal is a welcome drop from the usual $80 street price we’ve seen for a four-pack in recent months. Also at Best Buy.

  • Apple MacBook Air (13.6-inch, M2) for $700 at Amazon ($300 off): This matches the all-time low for Apple’s last-gen MacBook Air, which remains a perfectly competent notebook for everyday use. The caveat is that this model only comes with 8GB of RAM, so it’s really only meant for lower-power tasks. Apple (finally) made 16GB of memory the standard across its MacBook lineup earlier this week, so this might be an instance of Apple trying to clear out old inventory. Still, this is a great value if you only need a laptop for basic web browsing, emailing and word processing. Clip the on-page coupon to see the full discount.

  • Anker Soundcore Motion+ for $69 at Amazon ($31 off): We recommend the Soundcore Motion+ in our guide to the best portable Bluetooth speakers. While it isn’t especially light or compact, it pumps out a more spacious sound than most speakers in its price range, it’s waterproof and it lasts a decent 12 to 15 hours per charge. We’ve seen this discount a few times before, but it comes within a few bucks of the lowest price we’ve tracked. Also at Anker’s online store with an on-page coupon.

  • Hisense U7N 4K TV (65-inch) for $700 at Amazon ($300 off): Various reviews around the web suggest that the U7N is one of the year’s better TV values, with impressive brightness and contrast for the money. It supports up to a fast 144Hz refresh rate in 4K, which is great for gaming, and it runs on the easy-to-grok Google TV platform. Its image can wash out when viewed at an angle, though, and it’s limited to two HDMI 2.1 ports. This discount is a new low for the 65-inch model. Also at Best Buy.

  • Dyson Digital Slim cordless vacuum for $250 ($250 off): It’s hard to beat a Dyson for less than $300, but we do expect even more Dyson Black Friday deals to pop up as we get closer to the big day. This model is 33 percent lighter than the Dyson V11, which could make it a good pick for someone who loathes their current, heavy-duty upright vac. The LED screen shows power mode, maintenance alerts and remaining run time, and you should get up to 40 minutes of battery life here. Also available at Dyson.

Black Friday 2024 lands on November 29 this year.

We expect some Black Friday tech deals to start as early as November 1. Over the past few years, retailers have been kicking off the holiday shopping season earlier and earlier. This trend will continue in 2024, and you’ll likely find early Black Friday deals available online and in stores in the weeks before the actual shopping event.

Advertisement

Some Black Friday tech deals will end immediately on Saturday, November 30. But those will likely be few and far between. Along with starting deals earlier and earlier, retailers have also extended Black Friday deals past the day for a while now, too. In the tech space, we’ve seen many Black Friday deals in the past run through Cyber Monday.

There is no one place to buy all of the best Black Friday deals, but you can expect the big retailers like Amazon, Walmart and Target to have many of the same Black Friday deals available — both in the lead up and on the day itself. We also recommend checking direct-to-consumer sites like Apple, Samsung, Sonos and others to make sure you’re getting the best deal before you cross things off your list.

You typically will not find cash discounts on Apple’s website for Black Friday, though it has offered various gift card bundles during Black Friday in recent years. You may be able to find local Apple store discounts on accessories, but Apple isn’t a retailer known for slashing prices on its products. However, you can find more traditional Apple Black Friday tech deals at other retailers like Amazon, Walmart, Target and Best Buy.

Check out all of the latest Black Friday and Cyber Monday deals here.

Advertisement

Source link

Continue Reading

Science & Environment

Oil market’s future still uncertain under Donald Trump after election win

Published

on

Oil market's future still uncertain under Donald Trump after election win


Offshore workers examine hydrocarbon samples aboard the Chevron Corp. Jack/St. Malo deepwater oil platform in the Gulf of Mexico off the coast of Louisiana, U.S., on Friday, May 18, 2018.

Luke Sharrett | Bloomberg | Getty Images

U.S. oil producers are looking forward to less regulations on crude production under a Donald Trump presidency, meaning higher oil supply and consequently lower prices.

But it’s not that straightforward: Trump who was announced Wednesday as the winner of the 2024 election, has also vowed to put more sanctions on Iranian and Venezuelan barrels, meaning the global market could become tighter, potentially boosting prices.

Advertisement

At the same time, the increased likelihood of trade wars under Trump could dampen global economic growth and slow oil demand. So the picture for the market’s longer-term outlook is, well, decidedly mixed.

“Conceptually, the impact of a potential second Trump term on oil prices is ambiguous, with some short-term downside risk to Iran oil supply … and thus upside price risk,” Goldman Sachs commodities analysts wrote in a research note Monday. “But medium-term downside risk to oil demand and thus oil prices from downside risk to global GDP from a potential escalation in trade tensions.”

The U.S. has a 'clear competitive advantage' on energy, says TotalEnergies CEO

Trump expressed his enthusiasm for increased U.S. oil production while giving a speech from the Republican campaign headquarters in Florida on Wednesday, just hours before his victory was confirmed. He made a reference to Robert F. Kennedy, Jr., the independent candidate who he said would become a part of his team.

“Bobby, stay away from the oil, stay away from the liquid gold!” Trump said in a joking tone. “We have more than Saudi Arabia and Russia.” Kennedy is known for his history of environmental activism.

U.S. oil and gas production hit record highs under the Biden administration, which gradually changed its approach to the industry despite campaigning on pledges of environmental stewardship.

Advertisement

U.S. crude futures — both West Texas Intermediate and international benchmark Brent crude — are currently trading in the $70 to $75 per barrel range, which is lower than what many oil producers seek to balance their costs and budgets amid slowed global demand for oil and growing supply.

Energy sector is the best sector under Biden

But a further push to open drilling projects, putting more supply on the market, would lead to lower prices, thereby decreasing revenues for American producers, said Cole Smead, president and CEO of Smead Capital.

“If the Trump administration opens up federal leases for oil and gas, Federal lands would get 25% per barrel of revenues. You will have a lot of trouble finding an oil company that can make money at $52.50 per barrel with what they have left from a $70 barrel,” Smead said in emailed notes. “The only thing that will cause drill baby drill to happen is higher oil prices based on these margins.”

“Drill baby, drill is going to run into the energy vigilantes,” he added. “Now that equity investors in the energy business know what free cash flow looks like they won’t give it up. They will allow capital expenditures to go up over their dead body.”

‘Clear competitive advantage’

The U.S. is the world’s largest oil producer, accounting for 22% of the global total, according to the Energy Information Administration, with Saudi Arabia next, producing 11%. The vast majority of U.S. crude is consumed within the country, which is also the world’s largest oil consumer.

Advertisement

The CEO of French oil major TotalEnergies told CNBC over the weekend that whoever wins the presidency should ensure that the U.S. doesn’t lose its energy advantage.

“U.S. energy has been unleashed … since the last two, three years, production of oil has never been so high,” in the country, Patrick Pouyanne told CNBC in Abu Dhabi.

“For me, today, the U.S. has a clear competitive advantage on energy compared to many [in the] rest of the world,” he said. “So I will be surprised to see whoever is elected lose the competitive advantage.”

OPEC always plays the long game, Energy Aspects' Amrita Sen says

Many in the market forecast lower crude prices due to Trump’s encouragement of domestic oil production and greater supply. Amrita Sen, founder and director of research at London-based Energy Aspects, sees it differently due to the specter of sanctions.

“Every hedge fund I’ve spoken to thinks bearish, because [Trump has] tended to tweet about low oil prices … I actually think it’s the opposite,” she said. “There’s an enormous amount of sanctioned barrels right now in the market, especially Iranian volumes.” Iran is currently producing 3.5 million barrels per day of crude or more, Sen said, with 1.8 million of those being exported, as sanctions and their enforcement loosened under the Biden administration.

Advertisement

“You could lose a million barrels per day of that … when Trump was in power, Iranian exports were just 400,000 barrels per day,” Sen said. “Now I’m not saying it’s going to go down all the way, because smuggling networks are bigger and better probably now, but you could lose a million there,” she said, adding that some Venezuelan barrels could go off the market as well.

For Smead, the outlook is bearish, as he predicts lower prices putting many producers — particularly those with higher production costs — in a less-than-ideal situation.

“The price of goods that are produced is the number one factor in America’s policies,” he said. “If you are not the low-cost producer, you should be scared.”



Source link

Advertisement

Continue Reading

Trending

Copyright © 2024 WordupNews.com