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Strong continuing international demand for petroleum and other liquids will sustain US production above 2022 levels through 2050, according to most of the cases in the US Energy Information Administration’s (EIA’s) Annual Energy Outlook 2023 (AEO2023). million barrels per day (b/d) by 2050, more than double the 3.9
As oilprices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil’s immediate future. In a speech made at the Association of International Petroleum Negotiators’ 2017 International Petroleum Summit, Johnston laid out his concerns for the future of oil.
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).
Oilprices have climbed by about 50 percent from their February lows, topping $40 per barrel. But the rally could be reaching its limits, at least temporarily, as persistent oversupply and the prospect of new shale production caps any potential price increase. by Nick Cunningham of Oilprice.com. More output is bearish.”
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. Total global investment in oil and gas exploration grew rapidly over the last 15 years.
The impact of rising oilprices on North American light tight oil (LTO) production is said to be a “Catch 22”, the title of Joseph Heller’s popular 1961 novel set in WWII. Too many analysts continue to believe drilling and service has the same problem with rising oilprices. by David Yager for Oilprice.com.
Oil demand grew by less than 1%—the slowest rate amongst fossil fuels—while gas grew by 2.2%, and coal was the only fossil fuel with above average annual consumption growth at 5.4% Brent oilprices were on average 40% higher than 2010 and exceeded $100 a barrel for the first time ever; at $111.26/bbl,
Conventional oil and gas discoveries during the past three years are at the lowest levels in seven decades and a significant rebound is not expected, according to a new report by global business information provider IHS Markit. —Keith King, senior advisor at IHS Markit and a lead author of the IHS Markit E&P trends analysis.
Alfredo Altavilla (Chief Operating Officer of FCA EMEA Region), Pierre Lahutte (IVECO Brand President) and Marco Alverà (Chief Executive Officer of Snam), signed a Memorandum of Understanding (MoU) aimed at fostering the development of natural gas as a fuel for road vehicles. This will result in a direct benefit of €1.5 billion (US$1.7
The US Energy Information Administration’s (EIA’s) International Energy Outlook 2013 (IEO2013) projects that world energy consumption will grow by 56% between 2010 and 2040, from 524 quadrillion British thermal units (Btu) to 820 quadrillion Btu. World energy consumption by fuel type, 2010-2040. Source: IEO2013. Click to enlarge.
Worldwide energy consumption will grow by 53% between 2008 and 2035 with much of the increase driven by strong economic growth in the developing nations, especially China and India, according to the reference case in the newly released International Energy Outlook 2011 (IEO2011) from the US Energy Information Administration (EIA).
Even with CCS, the liquid product costs are comparable to recent crude oilprices. For a liquids-only configuration, CCS is a cheaper option when the CO 2 price exceeds $12/tonne. The IEA Greenhouse Gas R&D Programme (IEA GHG) is the organizer of the GHGT conferences which are held every two years. Click to enlarge.
Such an increase in capacity could prompt a plunge or even a collapse in oilprices, he suggests. Taking into consideration limitation in transportation infrastructure and refining capacity, and environmental barriers to development, the United States could still increase oil production by 3.5 Oil: The Next Revolution."
Responding to press articles saying that the collapse of the global oilprice is threatening oil and gas production in the off-shore Brazil pre-salt layer, Petrobras countered that it is expanding its production capacity “in an economically viable manner.” On Tuesday, 6 January, the price for WTI crude closed at $47.93/bbl,
In its International Energy Outlook 2021 (IEO2021), EIA projects that strong economic growth, particularly with developing economies in Asia, will drive global increases in energy consumption despite pandemic-related declines and long-term improvements in energy efficiency. —EIA Acting Administrator Stephen Nalley.
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).
Following that announcement, G-20 Leaders agreed to national plans to implement subsidy reform (June 2010) and have asked international organizations to review and assess members’ progress against their commitments (November 2010), according to the conference report. Recent international political developments.
The Middle East becomes the world’s second-largest gas consumer by 2020 and third-largest oil consumer by 2030, redefining its role in global energy markets. As the source of two-thirds of global greenhouse-gas emissions, the energy sector will be pivotal in determining whether or not climate change goals are achieved. …
High oilprices, impending emissions regulations and technical advancements are propelling the market faster than we expected. A key factor is International Maritime Organization Tier III emissions standards, which are slated to take effect in 2015-2016. Accelerating growth is what you would expect under these circumstances.
Considering today’s oilprices and the efforts being made by the IMO, for example with the coming International Energy Efficiency Certificate (IEE), we believe that this product really has come at exactly the right time. The gas expands over an expander, which drives a generator to produce electricity. Click to enlarge.
gigatonnes (Gt) in 2011, according to preliminary estimates from the International Energy Agency (IEA). Coal accounted for 45% of total energy-related CO 2 emissions in 2011, followed by oil (35%) and natural gas (20%). Global CO 2 emissions from fossil-fuel combustion reached a record high of 31.6 Gt on 2010, or 3.2%.
High oilprices, a global economic rebound, and new laws and mandates in Argentina, Brazil, Canada, China, and the United States, among other countries, are all factors behind the surge in production, according to research conducted by the Worldwatch Institute’s Climate and Energy Program for the website Vital Signs Online.
A new study by the Peterson Institute for International Economics concluded that the Kerry-Lieberman “American Power Act”—the energy and climate change legislation recently introduced in the Senate ( earlier post )—would reduced US oil imports by 33-40% below current levels and by 9-19% below projected business-as-usual levels by 2030.
OPEC (Organization of the Petroleum Exporting Countries) has been the most talked about international organization among investors, analysts and international political lobbies in the last few months. Containing some of the largest proven oil and gas reserves in the world, Venezuela is one of the founding members of OPEC.
However, both cases result in global CO 2 emissions well above the IEA 450 scenario—a back-cast which illustrates what is required to stabilize greenhouse gas concentrations at 450 ppm. OPEC’s share of global oil production is set to increase to 46%, a position not seen since 1977. Coal will increase by 1.2% —Christof Rühl.
The other two key findings from Bartis’ introductory report are: Where security shortfalls impede hydrocarbon production or transport, current and future US Air Force partnership-building capabilities offer security improvements that could promote greater production of petroleum and natural gas resources.
Building on the revised ASTM International standard for aviation turbine fuel approved in June, Brazil’s ANP last week removed the last regulatory hurdle for the use of our renewable jet fuel in Brazil. Amyris and its partners are contributing to reductions in greenhouse gas emissions with our renewable fuel.
The US government must place an initial price on US greenhouse-gas emissions, either through a cap-and-trade mechanism or a tax. International engagement—especially with China—is also a need. Oil security policy. If the price later rose above $90, the tax would disappear. Policy for energy technology innovation.
Change in primary oil demand by sector and region in the central New Policies Scenario, 2010-2035. The 450 Scenario works back from the international goal of limiting the long-term increase in the global mean temperature to two degrees Celsius (2 °C) above pre-industrial levels, in order to trace a plausible pathway to that goal.
Growth in diesel fuel consumption will be moderated by the increased use of natural gas in heavy-duty vehicles. The United States becomes a net exporter of natural gas earlier than estimated a year ago. Biofuels grow at a slower rate due to lower crude oilprices and. Biomass and biofuels growth is slower.
A new study by the French institute Enerdata, commissioned by the European Federation for Transport & Environment (T&E), suggests that the European CO 2 standards for new vehicles due to come into effect in 2012 will lead not only to a European savings on oil (mainly via lower oil import volumes) but also to slightly lower global oilprices.
Driven by a number of growing concerns including the increasingly worrying geopolitics of oil, governments and industry are investing heavily to accelerate the development of low carbon technologies that aim to reduce, replace or obviate the use of fossil fuels in the energy mix.
The transportation sector thus represents a significant fraction of total greenhouse gas (GHG) emissions both globally and in the US—light-duty vehicles (LDVs) are responsible for 17.5% Electrification will also reduce oil dependence, providing foreign policy benefits and the potential to reduce real oilprices and oilprice volatility.
Removing fossil fuel subsidies would have only a small effect on CO 2 emissions and renewable energy use, according to a new study led by the International Institute for Applied Systems Analysis (IIASA) and published in the journal Nature. First, these subsidies generally apply only to oil, gas, and electricity.
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. According to the IEA, supply could lag demand in a few years, which could lead to a surge in oilprices. “
The global energy map is changing significantly, according to the 2012 edition of the Internal Energy Agency’s (IEA) World Energy Outlook ( WEO-2012 ). 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. Energy demand. — WEO-2012.
Greenhouse gas (GHG) emission standards and CAFE standards increase new LDV fuel economy through model year 2025 and beyond, with more fuel-efficient new vehicles gradually replacing older vehicles on the road and raising the fuel efficiency of the LDV stock by an average of 2.0% per year, from 21.5 l/100 km) in 2012 to 37.2
The party is over for tight oil. Despite brash statements by US producers and misleading analysis by Raymond James, low oilprices are killing tight oil companies. Reports this week from IEA and EIA paint a bleak picture for oilprices as the world production surplus continues. Party On, Dude!
Although electric vehicles (EVs) are making headlines, they are not yet a market force to replace the internal combustion engines that power today’s automotive fleets, so oil demand is currently growing strong. percent of the global vehicle fleet; so their influence on the oil market, in the short term, is limited.
integrating biological and thermochemical processing to produce biofuels and/or power could offer similar, if not lower, efficiencies and costs and very large reductions in greenhouse gas emissions compared to petroleum-derived fuel, according to a comparative analysis of 14 mature technology biomass refining scenarios.
The question today is just how much Argentina is willing to change and how this plays into a low oilprice environment that is already negatively impacting investment elsewhere. This translates to an estimated 802 trillion cubic feet of technically recoverable shale gas and 27 billion barrels of oil.
Due to the collapse in oilprices, IHS Markit expects US producers are in the process of curtailing about 1.75 The oil market fear that characterized March and the extreme price pressure that producers felt in April have galvanized producers across North America into unprecedented action.
A flood of bearish news has pushed down oilprices to their lowest levels in months, with WTI nearing $45 per barrel and Brent flirting with sub-$50 territory. With a bear market back, there is pessimism throughout the oil markets. However, the WTI/Brent spread has shrunk more dramatically since the collapse in oilprices.
Further, improved supply prospects for natural gas are likely to lead to decoupling of oil and gas markets, according to the study. The world is nearing a paradigm shift in oil demand. The predominant role of oil in the global energy mix is facing an ever greater challenge from a number of emerging trends.
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