Oil giant Saudi Aramco made nearly $34 billion in net income during the first half of 2017, making it the world's most profitable company, according to data viewed by Bloomberg News. Profits are also likely to be much higher this year thanks to increased oil prices.
Why it matters: The story revealsextremely closely held financial data as the state-owned Aramco readies what's likely to be the largest IPO ever, although the listing appears delayed until at least 2019 and is soaked with uncertainties.
The U.N. shipping agency has reached an agreement to cut carbon emissions "by at least 50 percent by 2050," Reuters reports, although they added that the goal "fell short of more ambitious targets."
Why it matters, from Axios' Ben Geman: Shipping is estimated to account for 2-3% of global CO2 emissions, but that share is projected to rise sharply to 17% by mid-century, absent more steps to tackle the problem. The agreement also highlights the challenge of curbing emissions from the wider transportation sector, even as cars and light trucks grow more efficient and move towards greater electrification.
Elon Musk says he's "under stress" but has been sleeping in the Tesla factory to ensure production of the Model 3 Tesla car reaches consumers in a timely manner, reports CBS.
"There shouldn't be a question mark as to whether somebody is going to get their car. It's just, yes, you'll definitely get your car. It's going to be 6 to 9 months longer than expected ... three of those months have already passed."
The International Energy Agency said Friday that OECD oil stockpiles are almost down to their five-year average.
Why it matters: That's the original goal of the production-limiting deal between OPEC, Russia and some other producers seeking to clear the global glut.
