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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.
Natural gas is projected to be the fastest growing fossil fuel, and coal and oil are likely to lose market share as all fossil fuels experience lower growth rates. OECD oil demand peaked in 2005 and in 2030 is projected to be roughly back at its level in 1990. Oil, excluding bio-fuels, will grow relatively slowly at 0.6%
The WEO finds that the extraordinary growth in oil and natural gas output in the United States will mean a sea-change in global energy flows. barely rises in OECD countries, although there is a pronounced shift away from oil, coal (and, in some countries, nuclear) towards natural gas and renewables. Oil demand reaches 99.7
Change in primary oil demand by sector and region in the central New Policies Scenario, 2010-2035. Under the WEO 2011 central scenario, oil demand rises from 87 million barrels per day (mb/d) in 2010 to 99 mb/d in 2035, with all the net growth coming from the transport sector in emerging economies. Click to enlarge. billion in 2035.
Renewables That Even Coal-Based Utilities Can Love. Millions of EVs and PHEVs would expand the sale of electricity as an alternative to oil. Why not ake it all the way and spend 1 year of Iraq on retrofitting every home in America with nano solar. No more Big OIL - think of the extra money stimulating the economy!
However, the US military can play an important role in promoting stability in major oil producing regions and by helping protect the flow of energy through major transit corridors and on the high seas, the reports suggest. Earlier post.). Unless addressed, pipeline security issues will impede investment in Turkey, Bartis suggested.
The vision is fuelled by the fear of climate change and the need to find green alternatives to dirty coal, unpopular nuclear power and unreliable gas imports from Russia. I liken electric grid and renewable to the economic and political and military fiasco of the Iraq war. Oil is the alternative. — Bada Bing 9.
Electric cars are part of the electrification of the citys transit system -- along with trackless trolleys, streetcars and light rail -- helping lessen dependence on foreign oil and reduce pollution, Mayor Greg Nickels said. If we do things the wrong way, thats going to mean building more power plants, more dirty coal plants," he said.
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