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Photo: Spencer Platt/Getty Images)

The World Bank is out with new data on global amounts of natural gas burned at oil production sites, revealing it's still a big problem despite a decline last year alongside the drop in crude output.

Why it matters: Flaring is a source of greenhouse gas emissions and wastes gas that if captured could be used for energy.

  • Flaring last year declined to 142 billion cubic meters (bcm), compared to 150 bcm in 2019.
  • "Nonetheless, the world still flared enough gas to power sub-Saharan Africa," the bank said in a summary of the analysis.

Where it stands: Russia, Iraq, Iran, the United States, Algeria, Venezuela and Nigeria are the largest gas-flaring countries, per the report.

The U.S. accounted for 70% of last year's flaring decline, owing to the oil output drop "combined with new infrastructure to use gas that would otherwise be flared."

Go deeper

Ben Geman, author of Generate
Aug 4, 2021 - Energy & Environment

Big Oil has big problems despite rising profits

The just-concluded Big Oil earnings season highlighted two things at once: The sector's on far more solid footing than last year, but still faces big headwinds.

Driving the news: BP's stock rose 7% Tuesday after it reported a $2.8 billion Q2 profit after losing $6.7 billion that period last year, and announced higher dividends and new share buybacks.

58 mins ago - Health

NYC to impose vaccine mandate on private employers

New York City Mayor Bill de Blasio (D) announced a new COVID vaccine mandate for private companies during a Monday interview with MSNBC's "Morning Joe."

Why it matters: De Blasio said it was a "first-in-the-nation measure" and will go into effect starting Dec. 27.

D.C.-Beijing tensions are shifting markets

Illustration: Aïda Amer/Axios

U.S. markets stand to lose $2 trillion in value if D.C. and Beijing drift further apart.

Why it matters: Political chasms are showing up in new securities regulations that put companies and investors in a bind. The rules are also another reflection of how much relations between the world’s largest economies have cooled, even as they remain economically interdependent.