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Kuwait Researchers Forecast Global Conventional Crude Oil Production Will Peak in 2014; New Multicyclic Hubbert Model

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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. Click to enlarge. Their study is in published the ACS journal Energy & Fuels.

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EIA: New refineries will increase global refining capacity in 2022 and 2023; China leads

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The International Energy Agency (IEA) estimates that global refining capacity decreased by 730,000 barrels per day (b/d) in 2021—the first decline in global refining capacity in 30 years. million b/d since the start of 2020, contributing 184,000 b/d to the global decline in 2021. million b/d in 2022 and by an additional 1.6

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EIA: At least 9 new refinery projects to come online before end of 2023 in Asia and Middle East; 2.9 MMb/d

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million barrels per day (MMb/d) of global refinery capacity once fully operational. In the International Energy Agency’s (IEA) June 2022 Oil Market Report, the IEA expects net global refining capacity to expand by 1.0 The scheduled expansions follow a period of reduced global refining capacity. million b/d in 2023.

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IEA: non-OPEC oil supply tops 43 mb/d for first time in decades; global demand to reach 92.4 mb/d in 2014

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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 Global demand is now seen advancing by 1.2 Global oil supplies increased by 310 kb/d in November to 92.3 Global refinery crude runs plunged to 73.6

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Polestar hits 2021 sales target of 29,000 vehicles, up 185% y-o-y

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Polestar, the Swedish premium electric car company founded by Volvo Cars and Geely Holding, delivered on its global sales target of 29,000 vehicles in 2021, representing year-on-year growth exceeding 185%. Polestar increased its global presence from 10 to 19 markets in 2021, with growth in Europe and Asia Pacific.

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Consortium developing green hydrogen megaproject in Oman

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An international consortium comprising OQ, which is the Sultanate of Oman’s global integrated energy company, InterContinental Energy, the leading dedicated green fuels developer, and EnerTech, a Kuwait government-backed clean energy investor and developer, is developing an integrated green fuels mega project in Oman.

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Oil price tumbles after OPEC releases 2015 forecast

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Add to that a new report from the US government’s Energy Information Administration (EIA), which also cut its 2015 forecast for growth in global oil demand by 240,000 barrels per day, down to 880,000 barrels per day. The exceptions, the news agency reports, are Kuwait and Qatar. And yet on Nov.