The FCC will seek public comment on the program, which is expected to launch in 2024. The White House initially said it expected to roll out its first set of standards for the program in spring 2023. The initiative was previewed in a workshop with industry leaders and government officials last fall, as first reported by CyberScoop. The Department of Energy will research and develop a cybersecurity labeling requirement for smart meters and power inverters. The requirements are expected to be reported to the FCC by the end of the year. “The goal is to make this something that consumers look for in the marketplace and that product manufacturers want to use,” said FCC Chairwoman Jessica Rosenworcel.Īs part of the program, NIST will also define specific cybersecurity requirements for consumer-grade routers, another frequent hacker target. Officials noted that the program is similar to the Energy Star labeling program the Environmental Protection Agency and the Department of Energy operate to promote energy efficiency. The Saudi energy ministry has directed producer Saudi Aramco to raise its output capacity to 13 million from 12 million barrels per day (bpd).The program will draw from the National Institute of Standards and Technology cybersecurity recommendations, including the requirement of unique and strong default passwords, data protection, software updates and incident detection capabilities. Saudi Arabia and the United Arab Emirates announced plans to boost production capacity following the collapse of coordinated output cuts by Saudi Arabia, Russia and others. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak, as they now see demand contracting in this quarter. “News on the coronavirus does not seem to be inspiring demand hopes right now.”īoth the Organization of the Petroleum Exporting Countries and the U.S.

“What caused the dump in oil prices in the last minutes before the oil market close was when the stock market made new lows,” said Phil Flynn, analyst at Price Futures Group in Chicago. Risk assets tumbled throughout the day, but accelerated losses late as the number of coronavirus cases increased and numerous countries restricted travel.

West Texas Intermediate (WTI) crude ended down $1.38 or 4% to $32.98. REUTERS/Nick Oxford/File Photoīrent crude settled down $1.43, or 3.8%, at $35.79 per barrel, while U.S. FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S.

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