The head of Saudi Aramco said that oil prices eventually will rise as exploration drops and the number of new oil fields lessens. According to Reuters:
The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries, Saudi Aramco’s chief executive said on Monday.
Unconventional shale oil and alternative energy resources are an important factor to help meet future demand but it is premature to assume that they can be developed quickly to replace oil and gas, Amin Nasser told a conference in Istanbul.
Elon Musk unveiled Tesla Inc.’s (NASDAQ: TSLA) new Model 3. According to The Verge:
Elon Musk said that the first production unit of the ultra-anticipated Tesla Model 3 would be coming this week, and here it is. The Tesla CEO posted two photos of the vehicle to Twitter late on Saturday night.
Musk has said that the first 30 Model 3 customers will receive their cars at a party on the 28th. Production is expected to grow to 100 cars in August, more than 1,500 by September, and then 20,000 by December.
The wealth fund of Qatar said it has a huge stockpile of assets that allows it to survive a standoff with its Gulf neighbors. According to Bloomberg:
[C]entral bank Governor Sheikh Abdullah bin Saoud Al Than told CNBC:
Qatar’s central bank had $40 billion in cash reserves plus gold and the Qatar Investment Authority has $300 billion, the governor said. The country’s oil and gas long-term contracts weren’t seeing any disruptions, he said.
The new Spider-Man movie was a huge hit and a much-needed success for Sony Corp. (NYSE: SNE). According to Box Office Mojo:
Sony’s Spider-Man: Homecoming fell just a bit shy of the $120 million mark it was looking like it would hit after Friday estimates, but nevertheless the webslinger still delivered a stellar opening, delivering the third largest opening weekend of the year so far
The Oculus division of Facebook Inc. (NASDAQ: FB) has chopped prices. According to The New York Times, the move was to match the price of Sony’s PlayStation VR, a major rival. Its new price is $399.
The deal for AT&T Inc. (NYSE: T) to buy Time Warner Inc. (NYSE: TWX) has advanced more slowly than the companies expected. Among the reasons are slow investigations by the Department of Justice, according to The New York Times.