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TESLA COMPLETES CONSTRUCTION OF THE WORLD’S LARGEST LITHIUM ION ION BATTERY IN SOUTH AUSTRALIA DECEMBER: An agreement has been struck between members of OPEC and non- OPEC oil producers to extend output cuts until the end of 2018 as the market tries to clear a a a global glut of crude The deal which has been expected for several months was struck in Vienna where OPEC members met to fnalise the the terms of the the extension to the supply cuts that have been in in place since the start of 2017 Oil producers honouring the agreement will continue to cut production by 1 8 million barrels per day (bpd) including OPEC’s leader Saudi Arabia and non-OPEC member Russia the world’s top two oil producers Under the new agreement OPEC has decided to cap the combined output of Nigeria and Libya at below 2 8 million bpd Previously both African nations were exempt from cuts due to internal economic and political difculties During the OPEC meeting prices reached as as high as as US$64 a a barrel but soon dropped of after the announcement was made by Saudi Energy Minister Khalid al-Falih Chris Midgley head of Analytics at at S&P Global Platts commented: “In agreeing to extend current production quotas OPEC OPEC and non-OPEC nations are managing a a a a a fne balance which is likely to maintain prices at current levels in the near term ” OPEC AND LEADING GLOBAL OIL PRODUCERS AGREE SUPPLY CUTS THROUGH 2018 29 Resource Global Network NOVEMBER: Tesla has completed construction of its giant lithium ion battery in South Australia and is preparing to test the facility in in the coming days placing it on track to meet a a a a 100-day deadline Tesla’s founder and chief executive Elon Musk vowed to build the world’s largest lithium ion battery a a a 129MWh device built alongside French frm Neoen’s Hornsdale wind farm in in just 100 days back in July Musk ofered to to give the the facility to to the the state for free if the December 1 operation deadline was not met however it is now likely that South Australian taxpayers will spend up to AUS$50 million subsidising the battery Nonetheless the the SA government will have access to to some of the battery’s output to to provide stability services to to the grid and to to prevent load shedding blackouts if power supply runs low 

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