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

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Less petroleum demand and the associated lower petroleum product prices encouraged refinery closures, reducing global refining capacity, particularly in the United States, Europe, and Japan. The refinery’s return is likely to decrease petroleum product prices and increase supply, particularly in south and southeast Asian markets.

Global 448
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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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The new refinery projects would increase production of refined products, such as gasoline and diesel, and in turn, they might reduce the current high prices for these products. Net global capacity declined in 2021 for the first time in 30 years, according to the IEA. China’s refinery capacity is scheduled to increase significantly this year.

Asia 418
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Oil price tumbles after OPEC releases 2015 forecast

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As a result, the price of Brent crude has plunged more than 40 percent since June. You start to price that in now.”. In fact this year’s price plunge hasn’t hurt just the weaker OPEC members. Bloomberg reports that oil prices now are too low for 10 of its 12 members to balance their governments’ budgets. And yet on Nov.

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Oil Prices Running Out Of Reasons To Rally

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Oil prices faltered at the start of the second week of the year, as fears set in about a rapid rebound in US shale production. The gains in the rig count come even as oil prices have held steady in the mid- to low-$50s per barrel. The pace and magnitude of each trend will ultimately drive oil prices one way or the other.

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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. trillion market by.

Oman 218
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Baker Institute: End of the ‘Big Oil giveaway’ is underway in the Persian Gulf

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In recent years, all six Gulf monarchies—Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Oman, Qatar and Bahrain—have begun to challenge the notion that citizens are entitled to cheap energy. Policymakers hope higher energy prices can produce a number of helpful effects, the authors said.

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Opinion: How Much Longer Can OPEC Hold Out?

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Simply put, the world has too much oil at the moment which has resulted in the reduction of price levels from approximately $100 to $50 a barrel, and OPEC (as well as US shale producers) has a major role to play in this supply glut. The current oil price levels are nowhere near this.