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The price of US benchmark West Texas Intermediate (WTI) crude oil is near its highest level since 2014, increasing rapidly from low prices in mid-2020 as demand returns faster than supply, according to the US Energy Information Administration (EIA). US crude oil inventories were 440.3 million barrels per day (b/d).
In an effort to address the rapidly increasing cost of gasoline, President Biden authorized the release of 1 million barrels of oil per day for the next six months—more than 180 million barrels—from the Strategic Petroleum Reserve (SPR). million barrels of sweet and 200,000 barrels of sour crude oil. President George W.
World crude oil production model. Scientists from Kuwait University and Kuwait Oil Company are forecasting that world conventional crude oil production will peak in 2014—almost a decade earlier than some other predictions. The model has since gained in popularity and has been used to forecast oil production worldwide.
Israel-based Galten Biodiesel has signed a NIS 225-million (US$60-million) contract to supply 60,000 of Jatropha oil to Finland-based Neste Oil, the producer of NExBTL renewable fuels, beginning in 2014. Galten operates its first Jatropha plantation in Ghana. Galten’s shares rose 1.1% on the TASE on the news.
Despite what appears to be a saturated oil market in 2014, oil producers around the world will struggle to meet rising demand over the next few decades. Global oil demand is expected to increase by 37 percent by 2040, with a dominant proportion of that coming from developing countries—i.e. China and India.
The International Energy Agency’s (IEA’s) Oil Market Report (OMR) for December raised the estimate of global oil demand for 2013 by 130,000 barrels per day (130 kb/d) to 91.2 mb/d in both 2013 and 2014, to reach 92.4 mb/d in 2014. mb/d in both 2013 and 2014, to reach 92.4 mb/d in 2014.
Exxon Mobil Corporation plans to invest approximately $185 billion over the next five years to develop new supplies of energy to meet expected growth in demand, Chairman and CEO Rex W. A total of 21 major oil and gas projects will begin production between 2012 and 2014. billion oil equivalent barrels.
a renewable oil and bioproducts company, and Unilever have executed a commercial supply agreement for the first partnered Solazyme Tailored Algal Oil. The companies have been collaborating for five years on multiple projects with increasing levels of success culminating in this initial supply agreement. Solazyme, Inc.,
billion program of pipeline expansions to carry an additional 400,000 barrels per day (bpd) of light oil from North Dakota and western Canada to refinery markets in Ontario, Quebec and the US Midwest. billion investment rounds out our suite of major crude oil new market access initiatives for North American markets. Enbridge Inc.
Prototype low-viscosity ionic liquid-additized engine oil demonstrated a 2% improved fuel economy compared to Mobil 1 5W-30 engine oil (3.93% over the 20W-30 baseline oil) in standard fuel efficiency engine dynamometer tests. 1%) in nonpolar hydrocarbon oils. However, most ILs have little or no solubility (?1%)
Fred Diaz, President and CEO - Ram Truck Brand and Chrysler de Mexico, introduces the 2014 Ram ProMaster at the Chicago Auto Show. The Chrysler Group’s 2014 Ram ProMaster van, developed from the Fiat Ducato, will mark the the North American introduction of the 174 hp (130 kW) 3.0-liter The 2014 Ram ProMaster also offers a 280 hp 3.6-liter
The collapse in world oil prices in the second half of 2014 will have only a moderate impact on the fast-developing low-carbon transition in the world electricity system, according to research firm Bloomberg New Energy Finance. While diesel and oil-based power is still uneconomic at $60/barrel, the pressure to switch is reduced.
Profound shifts in the regional distribution of oil demand and supply growth will redefine the refining industry and transform global oil trade over the next five years, according to the annual Medium-Term Oil Market Report (MTOMR) released by the International Energy Agency (IEA). The oil market is at a crossroads.
Satellite tracking of oil cargoes by market reporting group OPIS shows that Europe’s dependence on Russia for road fuels in the 28 member countries has deepened significantly. Diesel imports from Russia are at a record in the first eight months of 2014, with Germany the most reliant, followed by France, and then the UK.
Kinder Morgan Energy Partners L.P.and Imperial Oil formed a 50-50 joint venture to build a crude oil rail-loading facility in Strathcona County, Alberta, called the Edmonton Rail Terminal. Accessing new and existing markets is critical for our continued growth and responsible development of Canada’s oil sands.
shale has thrown in another unknown in the mix of factors driving the price of oil. This year, shale output forecasts combine with OPEC’s production cuts, geopolitical factors, and unexpected outages to further complicate supply/demand and oil price forecasts by Wall Street’s major investment banks. In recent years, U.S.
The US Environmental Protection Agency (EPA) is proposing a reduction in the cellulosic biofuel and total renewable fuel standards (RFS) for 2014. This reflects EPA’s current estimate of the amount of cellulosic biofuel that will actually be produced in 2014, but EPA will consider public comments before setting the final cellulosic standard.
Oxford Catalysts Group PLC has been selected to supply Calumet Specialty Product Partners, L.P. Calumet intends to provide the majority, if not all of the funding for this project, and to start production in the second half of 2014. Any remaining funding will be provided by Calumet’s other project partners.
World petroleum and other liquid fuels consumption will increase 38% by 2040, spurred by increased demand in the developing Asia and Middle East, according to the Reference Case projections in International Energy Outlook 2014 ( IEO2014 ), released by the US Energy Information Administration (EIA). oil sands, either diluted or upgraded).
Reflecting slow growth in travel and accelerated vehicle efficiency improvements, US light-duty vehicle (LDV, cars and light trucks) energy use will decline sharply between 2012 and 2040, according to the US Energy Information Administration’s (EIA’s) Annual Energy Outlook 2014 (AEO2014) Reference case released today. Tcf in 2012 to 2.1
According to an analysis by the US Energy Information Administration (EIA), planned additions over the next two years to the US crude oil pipeline infrastructure should relieve the bottleneck at Cushing, Oklahoma which has been caused by the oversupply of oil resulting from the growth of crude oil production in the US mid-continent and Canada.
Enbridge is developing two pipelines in the Canadian oil sands area for a combined investment of about $3 billion. billion, depending on scope, to meet the needs of multiple producers in the Athabasca oil sands region. and Teck Resources Limited) as well as Suncor Energy Oil Sands Limited Partnership (Suncor) to develop a new $1.6-billion
Siemens is developing power technology for deep sea, self-sufficient oil and gas extraction facilities. As an example, beginning in 2020, Statoil plans to build oil and gas extraction facilities deep under water. These factories pump oil or gas directly out of the wells and compress the gas before transporting it to the surface.
per gallon (gal), the highest gasoline price before Memorial Day since 2014, according to the US Energy Information Administration’s (EIA’s) weekly Gasoline and Diesel Fuel Update. The average retail price for regular gasoline in the United States on 24 May, the Monday before the Memorial Day weekend, was $3.02 gal higher than a year ago.
Additionally, Governor Newsom requested that the California Air Resources Board (CARB) analyze pathways to phase out oil extraction across the state by no later than 2045. California’s production of oil has been steadily dropping since 1985. According to the California Energy Commission, California oil represented 34.9%
Many oil companies had trimmed their budgets heading into 2015 to deal with lower oil prices. Now a prevailing sense that oil prices may stay lower for longer has hit the markets. In other words, oil traders are now feeling much gloomier about oil prices several years out than they were at the beginning of 2015.
Total global oil production could decline for the next several years in a row as scarce new sources of supply come online. According to data from Rystad Energy, overall global oil output will fall this year as natural depletion overwhelms all new sources of supply. Many oil projects, after all, take years to develop.
Petrobras’s June oil production in Brazil averaged 2,008 thousand barrels/day (bpd), up 1.7% The company’s oil and natural gas production in Brazil in the same month was 2,426 thousand barrels of oil equivalent per day (boed), indicating a 1.6% from May’s production of 1,975 thousand bpd. rise from May (2,387 thousand boed).
Oil prices fell back suddenly over the last few trading sessions, dragged down by some forces beyond the oil market. A rebound for the greenback led to a steep decline in oil prices on Friday. At the same time, sudden turmoil in the broader financial system also bled over into the oil market.
Saudi Aramco and Air Liquide Arabia have signed a long-term hydrogen supply agreement for a grassroots refinery in Yanbu’ Industrial City, on the West coast of the Kingdom of Saudi Arabia. The newly incorporated Red Sea Refining Company will process 400,000 barrels of heavy crude per day when it is completed in 2014.
The US Environmental Protection Agency (EPA) will not finalize the 2014 applicable percentage standards (the 2014 Renewable Volume Obligations, RVOs) under the Renewable Fuel Standard (RFS) program until sometime next year. Earlier post.). Nearly all gasoline sold in the US is now E10 (10% ethanol). Reactions to the new delay.
China’s apparent oil demand in December rose 5.3% China’s apparent oil demand in 2014 rose 3% from a year before to an average of 10.1 China’s apparent oil demand in 2014 rose 3% from a year before to an average of 10.1 Total oil product imports in 2014 tumbled 24.2% year over year to 44.96
2014 Sprinter. This results in faster heating-up of the oil, therefore minimizing frictional losses after cold starting. The electric fuel pump controls the fuel supply for the Sprinter according to requirements—i.e. Click to enlarge. The familiar V6 diesel is available as an option. with a variable delivery rate.
HVCC ) is supplying a number of technologies to support the hydrogen fuel cell electric vehicle manufactured by Hyundai Motor Group. The air compressor features a high-speed brushless DC motor with a patented, oil-free and angular ball bearing design. Halla Visteon Climate Control Corp. Winners will be named in April.
The conclusion of the successful open season confirmed strong market support for a pipeline with approximately 900,000 bbl/d of firm, long-term contracts to transport crude oil from the oil sands area in Western Canada to Eastern Canadian refineries and export terminals. Eastern Canada currently imports approximately 700,000 bbl/d.
Launch of the “Type 1 EV” is targeted at year-end 2013/2014. The Chinese can increasingly afford cars; however, the global oilsupply would not suffice if they all buy petroleum-fueled vehicles. Chinese customers demand a premium electric vehicle, which we will be able to offer by acquiring Saab Automobile in Trollhättan.
The GREET (The Greenhouse Gases, Regulated Emissions, and Energy Use in Transportation Model) team at Argonne National Laboratory has released a new version of the widely used GREET lifecycle analysis tool, GREET 2014. The file stores both default data supplied by the model and values defined by the user.
Two diametrically opposed views dominate the current debate about where the oil price is heading. On the other hand, however, there is the view that the price of oil is set to explode, primarily due to underinvestment in the upkeep of brownfields , development of greenfields , and exploration for new resources. We will explain.
Ensyn Fuels, a wholly-owned subsidiary of Ensyn Corporation, has signed a contract with Memorial Hospital of North Conway, New Hampshire for the supply of RFO (Renewable Fuel Oil), Ensyn’s advanced cellulosic biofuel. Ensyn Fuels will supply the onsite tankage and the RFO delivery system to the boiler. Earlier post.).
Results from a new modeling assessment of contamination in the Athabasca Oil Sands Region (AOSR) suggest that officially reported emissions of polycyclic aromatic hydrocarbons (PAHs) in that region have been greatly underestimated. Average emissions densities from Shen et al. are represented by the dashed black line. Click to enlarge.
Artist’s rendering of a GE Frame-7 gas turbine, similar to the units that GE Oil & Gas is supplying for the Gorgon project. billion barrels of oil (boe). First gas is planned for 2014. The award further strengthens GE Oil & Gas’ strategic role in the Gorgon project. Click to enlarge. Earlier post.).
the largest low-cost and low-fare airline in Latin America, signed a memorandum of understanding that could pave the way for GOL commercial flights to use Amyris renewable jet fuel in 2014. We are committed to working with the aviation industry to bring cleaner skies, starting in Brazil in 2014. and GOL Linhas Aéreas Inteligentes S.A.,
It may be difficult to look beyond the current pricing environment for oil, but the depletion of low-cost reserves and the increasing inability to find major new discoveries ensures a future of expensive oil. The industry did not log a single “giant” oil field. Ed Crooks over at the FT persuasively summarizes the predicament.
Oil prices appear to be stuck in the $50s per barrel, but that doesn’t mean there aren’t serious supply risks to the market. Geopolitical tension has been largely irrelevant since the collapse of oil prices in 2014, but it’s making a return now that cracks have emerged in some key oil-producing nations.
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