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SaudiArabia has cut a number of deals recently that coud make the country’s lithiu-ion supply chain the most developed in the Middle East, according to an analysis by Benchmark Mineral Intelligence. The Saudi processing plant will process spodumene from a mine that European Lithium is developing in Wolfsberg, Austria.
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
SaudiArabia continues to ratchet up production, taking market share away from US shale producers. According to OPEC's latest monthly oil report , SaudiArabia boosted its oil output to 10.31 In other words, as SaudiArabia ramps up, US shale is being forced to cut back. by James Stafford of Oilprice.com.
EVM is building a global battery chemicals and technology business with the development of the first integrated Battery Chemicals Complex at Yanbu Industrial City in the Kingdom of SaudiArabia. Under the FEED agreement, the scope of work will focus on the non-process infrastructure, utilities and port infrastructure.
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 SaudiArabia. This new complex will be designed and built by Lurgi, a division of Air Liquide Engineering.
In its latest Oil Market Report , the International Energy Agency (IEA) raises its forecast for global consumption of oil to 90.8 Global crude oil supplies fell by 170 kb/d in December, to 91.2 OPEC crude supply in December fell to its lowest level in a year at 30.65 mb/d on lower output from SaudiArabia and Iraq.
A number of factors are pushing SaudiArabia to raise its crude-oil production capacity, but the wide range of potential outcomes suggests that such an increase is a risky strategy for the kingdom and the global environment, according to a new article by an expert from Rice University’s Baker Institute for Public Policy.
Driven by our vision to be recognized as the global leader in carbon emission reduction technologies by 2024, we are excited to offer innovative and attractive low-carbon solutions to our customers. An example is the Helios project in NEOM, SaudiArabia, announced in July 2020, which includes the world’s largest ammonia loop (1.2
Since the EU imposed sanctions on Russia in the wake of the invasion of Ukraine, there has been a redrawing of the global oil map, a new study by Transport & Environment (T&E) shows. Norway and SaudiArabia followed closely. C target, new oil projects are still being planned globally and in the key countries supplying the EU.
Global oil demand is expected to increase by 37 percent by 2040, with a dominant proportion of that coming from developing countries—i.e. After that point, when the shale revolution peters out, oil markets revert to their old ways—that is, looking to the Middle East once again to meet global demand. China and India.
The strategic initiative will be implemented by Australian Lithium Alliance Pty Limited (ALA), a wholly owned subsidiary of EVM, through joint ventures and off-take agreements as an alternative to Chinese companies that currently dominate the purchase of spodumene concentrate from Australia to supply chemicals processing companies in China.
The first volume of the report, the World Oil Review, is devoted to oil reserves, supply, demand, trade and prices with a special focus on crude oil quality and on refining industry. In 2018, global oil reserves rose slightly (+0.4%), mainly due to growth in the US. WTI, the US light crude, covers 60% of global growth.
But the delay of 46 major oil and gas projects that have 20 billion barrels of oil equivalent in reserves mean that global production several years from now could be much lower than anticipated. It makes sense for companies to cut today, but collectively that could lead to much lower supplies in the future. That is no longer the case.
NEOM is a $500-billion giga-project in northwest SaudiArabia on the Red Sea. Various global corporations have already committed to invest more than $5 billion to produce green hydrogen in NEOM in the world’s largest hydrogen production plant.
The laws of supply and demand are fierce in extreme conditions. Demand is collapsing because of the closure of a large share of the global economy because of coronavirus disease 2019 (COVID-19). IHS Markit revised its global oil production outlook to reflect practical limits to crude oil storage capacity. Something has to give.
SaudiArabia-based SABIC, a global leader in diversified chemicals, has taken a majority stake in Black Diamond Structures (BDS), a nanotechnology company established in 2014. Moreover, Hacskaylo expects MOLECULAR REBAR to play an effective role in the down-gauging and downsizing of new battery designs.
The undisputed king of oil and gas is making some moves that could change the face of the global refining sector. In June 2015, SaudiArabia pumped a record 10.564 million barrels a day, a record level. Saudis have moved into the product business in a big way,” said Fereidun Fesharaki of FGE Energy. By offering almost 2.8
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 IEA said these changes will recast expectations about the role of different countries, regions and fuels in the global energy system over the coming decades. Energy demand.
As the world population increases by the estimated 30% from 2010 to 2040, ExxonMobil sees global GDP rising by about 140%, but energy demand by only about 35% due to greater efficiency. The Outlook for Energy provides ExxonMobil’s long-term view of global energy demand and supply. Click to enlarge. Outlook for Energy.
The record cuts set in motion in May and June by SaudiArabia and its OPEC+ partners played a pivotal role in accelerating the improbable rebalancing of global oil markets. Meanwhile, the global demand recovery is showing clear signs of plateauing and Chinese crude buying has begun to soften.
Chokepoints are narrow channels along widely used global sea routes, some so narrow that restrictions are placed on the size of vessel that can navigate through them. They are a critical part of global energy security due to the high volume of oil traded through their narrow straits. —US EIA. Source: EIA. Click to enlarge.
Russia’s central bank recently warned about the growing financial risks to the Russian economy from SaudiArabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but SaudiArabia has been making inroads in the European market amid the oil price downturn.
SaudiArabia is preparing to unveil how much oil it holds, a closely guarded state secret that has been kept quiet for decades. The decision to bring such important data to light comes as Saudi Aramco is preparing to partially privatize its assets, an IPO that could bring in some $100 billion. by Nick Cunningham of Oilprice.com.
Lucid Group announced today that it has signed a contract with several Saudi Arabian government agencies that locks in plans for a production facility with an annual capacity of 155,000 units. billion in aggregate over the next 15 years to build the facility in SaudiArabia, it said. Lucid Group will receive up to $3.4
The City of Lancaster will supply guaranteed feedstock of recyclables, and will save between $50 to $75 per ton in landfilling and landfill space costs. Bloomberg New Energy Finance reports that clean hydrogen could cut up to 34% of global greenhouse gas emissions from fossil fuels and industry.
As SaudiArabia announces plans to slash production and move their economy away from oil dependency, many industry insiders are predicting that the now over-saturated market will reach an equilibrium with higher commodity prices by 2018 and U.S. shale production will continue to grow along with global demand.
thyssenkrupp Uhde Chlorine Engineers recently signed a supply contract with Shell for the large-scale project Hydrogen Holland I in the port of Rotterdam, the Netherlands. Our partnership perfectly combines our engineering excellence with Shell’s competence of a large global energy player.
SaudiArabia’s Public Investment Fund and Taiwan-based technology manufacturer Foxconn entered into a joint venture to develop and manufacture electric vehicles. SaudiArabia’s foray into the global EV market is another step forward in its Vision 2030 goal to reduce its reliance on oil.
This agreement is a significant step forward in our expanding relationship with CNPC and in our global downstream strategy. We are proud to contribute to China’s steady economic growth and continued social development through our strategic long term investment and reliable supply of energy. —Khalid A. Earlier post.).
With its headquarters in Vienna, Austria, one of the mandates of 12-member OPEC is to “ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.” Source: opec.org).
Over the same period, energy intensity, a key measure of energy use per unit of economic output, is set to improve globally led by rapid efficiency gains in the same non-OECD economies, under these projections. Biofuels will account for 9% of global transport fuels. per year growth, and accounts for 93% of global energy growth.
The so-called balance of supply and demand has always been a moving target, a race to the top in which the two run neck and neck. Perversely, imbalances breed further imbalances as the supply and demand components are provoked in opposite directions but with different timing, magnitudes and inertias. and OECD demand.
And given the supply-and-demand equations in the global oil industry, that means that demand has risen as supplies have stayed steady or fallen. So even though SaudiArabia has refused to constrain its production to.
out in the second quarter of 2014, global oil demand growth has since steadily risen, with year?on?year mb/d, bringing global demand to an average 93.5 mb/d, bringing global demand to an average 93.5 Globalsupply rose by 1.3 expected US crude supply, raising the 2015 North American outlook. Having bottomed?out
SaudiArabia-based Aramco, one of the world’s leading integrated energy and chemicals companies, and Linde Engineering, a global leader in the production and processing of gases, signed an agreement jointly to develop a new ammonia cracking technology.
Moller–Maersk and IBM announced the creation of TradeLens , jointly developed by the two companies to apply blockchain to the world’s globalsupply chain. Pacific International Lines (PIL) have joined Maersk Line and Hamburg Süd as global container carriers participating in the solution.
Moody’s Investors Service sees the contraction as too little to make a significant dent in the globalsupply gut. Moody’s sees global oil production rising by 1 million barrels per day in both 2015 and 2016. The ratings agency cut its forecasted oil price for 2016 to just $48 per barrel.
To cut exports rather than production would hit hard the bottom lines of those who are heavy exporters, so it's quite clear why an oil cartel whose self-proclaimed mission is to secure "a steady income to producers" chose to cut "production" instead of "exports" in its latest supply-cut agreement.
OPEC’s coordinated effort to curtail globalsupply has so far managed to put a floor under oil prices, which have been sitting modestly above US$50 since the deal was announced at the end of November last year. Global oil supplies plunged nearly 1.5 by Tsvetana Paraskova for Oilprice.com. But resurgent U.S.
CCC is a globally diversified company specializing in Engineering and Construction. Commenting on the news, Richard Thompson, Editorial Director at MEED, part of GlobalData, said: For nearly a century, the Gulf’s abundant supplies of accessible hydrocarbons has put it at the center of a gas-guzzling global economy.
Lucid will aim for 12,000 to 14,000 units, citing supply chain constraints and “a continued focus on quality.” However, the shortages are not for crucial parts like semiconductors or batteries, which have been in short supply since the COVID-19 pandemic started in early 2020. percent.
Then again, there is a question about whether or not shale can really be a major source of supply over the long-term. By the 2020s, the IEA says, the world will once again be dependent on traditional sources of supply—largely from the Middle East. Oilprice article for Green Car Congress: Day Of Reckoning For U.S.
The argument emerged that having contributed to the collapse of world oil prices, US LTO was the new global swing producer, replacing OPEC leader SaudiArabia in that role. If prices went too low the LTO operators couldn’t afford to drill, which would shrink supply and cause prices to rise.
The globally competitive Upstream Company will comprise five business units that today make up Global Primary Products: Bauxite, Alumina, Aluminum, Casting and Energy. The Value-Add Company will include Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. billion, with $2.8
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