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EIA expects sustained global demand for petroleum products and Saudi Arabia’s extended voluntary production cuts will contribute to oilprices rising through the year. The Brent crude oilprice was near $75 per barrel at the beginning of July and increased throughout the month to surpass $86 per barrel on 4 August.
The US Energy Information Administration (EIA) expects global consumption of liquid fuels such as gasoline, diesel, and jet fuel, to set new record highs in 2024. EIA also expects oil production in Canada, Brazil, and Norway collectively to grow 12% from 2022 to 2024, and also expects growth from new sources such as Guyana.
Global production of biofuels increased 17% in 2010 to reach an all-time high of 105 billion liters (28 billion gallons US), up from 90 billion liters (24 billion gallons US) in 2009. of all global fuel for road transportation—an increase from 2% in 2009, according to the report. Source: Worldwatch Institute. Click to enlarge.
World markets for petroleum and other liquid fuels have entered a period of dynamic change in both supply and demand, the EIA noted, leading to its reassessment of its outlook for long-term global liquid fuels markets in IEO2014. Rising world oilprices attract investment in areas previously considered uneconomic.
Higher crude prices and continued optimization improvements have driven the first upward revision to the S&P Global Commodity Insights 10-year oil sands production outlook in more than half a decade. Higher oilprices have driven record returns for the Canadian oil sands.
Oil production capacity is surging in the United States and several other countries at such a fast pace that globaloil output capacity could grow by nearly 20% from the current 93 million barrels per day to 110.6 Such an increase in capacity could prompt a plunge or even a collapse in oilprices, he suggests.
IHS Markit is forecasting that global commercial vehicle production (GVW 4-8) volumes in 2020 compared to 2019 will be down 22% (more than 650,000 units) to 2.6 These forecasts are informed by the latest IHS Markit global economic forecast updates, which reflect a 3.0% decline in global real GDP in 2020.
This year, shale output forecasts combine with OPEC’s production cuts, geopolitical factors, and unexpected outages to further complicate supply/demand and oilprice forecasts by Wall Street’s major investment banks. shale production, new oil discoveries, and new project start-ups also differ a lot. shale output. million bpd.
CAR said that a number of positive factors support a high level of US light vehicle sales, including: Projected moderate US economic output growth in 2019; Historically low US unemployment rates; Relatively low oilprices continue through 2020; Underlying nominal wage growth continues; High levels of consumer confidence were reached in Q4 2018; and.
” Their analysis is in the context of the “ surprising [oil] demand strength of 2010 “; 2010 saw absolute incremental demand at around 2.2mb/d of growth—the second highest in 30 years, despite oilprices in the $90/bbl region. The DB auto team counts at least 130 models in the global pipeline for 2012.
IHS Automotive forecasts global automotive sales for 2015 to reach 88.6 In India, falling inflation, lower interest rates, energy prices and a regained confidence will help lift the car market into growth mode starting in 2015 after a two-year lull. North America continues to be an impetus to global light vehicle demand levels.
Levi argues that it is important to integrate US and Canadian cap-and-trade systems, while warning against the risks of a Canada-only cap-and-trade scheme and against an ill-designed US low-carbon fuel standard. of the global total—“ a small piece of the [global] emissions picture. ”.
The International Energy Agency (IEA) last week launched the 2011 edition of the World Energy Outlook (WEO), the current edition of its annual flagship publication assessing the threats and opportunities facing the global energy system out to 2035. While there is still time to act, the window of opportunity is closing. —WEO 2011.
However, the new forecast represents a slowing of future oil sands production growth compared to the predictions of last year’s forecast. Conventional oil production in Western Canada, including condensates, remains stable at 1.5 CAPP does not forecast oilprices. Pipelines and proposals. Click to enlarge.
They also note that if the scale of analysis is that of the entire economy, the value commonly referenced for economy wide emissions is that oil sands constitute ~5% of Canada’s emissions. However, this only accounts for the processing that occurs in Canada and therefore excludes much of the refining and transport emissions.
Royal Dutch Shell plc will not continue construction of the 80,000 barrel per day Carmon Creek thermal in situ oil sands project located in Alberta, Canada. This decision reflects current uncertainties, including the lack of infrastructure to move Canadian crude oil to global commodity markets.
“NEB and GNWT study finds 200 billion barrels of oil in the Sahtu,” gushed CBC News , referring to a region of the sprawling territory that cuts across three provinces and touches the Arctic Ocean. The two formations have more oil in place than any other shale deposit assessed by the NEB, including the Montney region and Duvernay field.
World production of fossil fuels—oil, coal, and natural gas—increased 2.9% million tons of oil equivalent (Mtoe) per day, according to a Worldwatch Institute analysis. In the first half of the year, producers strained to meet global demand, but when the recession took hold later in the year the market was swamped by excess supply.
These five case studies represent just a fraction of the opportunity that we identified globally. Stagnant oilprices continue to limit large-scale investments in global exploration worldwide, including deepwater plays, and many onshore US projects are not yet cash-flow positive, so energy investors are demanding financial returns.
OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oilprices rather than to continue Saudi Arabia's role of guarantor of $100+/bbl oil. percent from 10.2 percent to 10.4
The Saudi decision to let the market set prices and to pursue market share, has led to steep declines in crude and petroleum product prices. The decision also has impacted natural gas export prices negatively, since, for Russia's long-term supply agreements, they wholly or partially are indexed to oilprices.
Very broadly, they found that an LCFS would buffer the economy against globaloilprice spikes, trim demand for petroleum, and lessen upward pressure on gas prices. Treat all crude oils as part of the overall pool of transportation fuels. Harmonize global LCFS policies. Harmonize global LCFS policies.
Chevron is taking its technology learnings from Kern River and apply them to Duri and other major heavy oil fields globally, such as Wafra in the onshore Partitioned Neutral Zone (PNZ) between Kuwait and Saudi Arabia and in the Orinoco in Venezuela. Using thermal recovery processes in heavy oil reservoirs depends largely on.
But recently due to outbreak of COVID-19, sales of electric vehicles have been affected with the consumer markets being shaken and oilprices being plunged to high. According to the news report, EV sales will reduce in 2020 and one of the factor is global uncertainity, making people less adapt to change in technology that is new.
Analysts say rising oilprices benefited the company’s petrochemical business, helping to offset losses from its battery unit SK On, which has been facing weaker electric vehicle (EV) battery demand. Ford executives have said they will not launch the next generation of EVs until its EV business is profitable.
Over the long term, lower-than-expected oilprices could affect the outlook for oil sands production, and in certain scenarios higher transportation costs resulting from pipeline constraints could exacerbate the impacts of low prices. such a change is not likely to occur under expected market conditions.
While the Department of Defense (DoD) is one of the world’s largest fuel users, its consumption of about 340,000 bpd is a small fraction (less than one-half of 1 percent) of global petroleum demand. In the lead report, Bartis notes that globaloil supplies are finite and thus, at some point, oil production must peak.
The DOS SEIS accordingly takes a detailed look at life-cycle greenhouse gas emissions of petroleum products from Western Canadian Sedimentary Basin (WCSB) oil sands crudes compared with reference crudes and the potential impact the pipeline might have on climate change as well as on the future development of the oils sands resource in Canada.
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