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BNEF: Oil price plunge to have only moderate impact on low-carbon electricity development, but likely to slow EV growth

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The collapse in world oil prices in the second half of 2014 will have only a moderate impact on the fast-developing low-carbon transition in the world electricity system, according to research firm Bloomberg New Energy Finance. However, the slump in the Brent crude price per barrel from $112.36 on 30 June to $61.60

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API reports record US petroleum production in April: 10.543 million b/d; strongest April demand since 2007

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April saw the US produce a record 10,543,000 barrels per day (MBD) of oil, according to data from the American Petroleum Institute. The first four months of this year also saw US petroleum demand average 750,000 barrels a day above the same period in 2017 despite higher prices. This was the strongest April monthly demand since 2007.

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IHS Markit: global oil demand still growing in the short term despite increasing focus on EVs

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Short-term oil demand is still growing strong and will continue to do so through the end of 2020 despite the market’s increasing focus on electric vehicles and the forecasted future plateau in oil demand, according to new analysis from IHS Markit, a global business information provider. Source: IHS Markit 2018.

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API: total US petroleum demand topped 20.8 mb/d in July, highest since 2005; on-road fuel demand down

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mb/d, its strongest level since 2007. The increase in demand came as the US continued to sustain world-leading production, which continues to meet virtually all global oil demand growth. compared with July 2018, even as gasoline prices were 3.6% However, WTI prices remained down 19.2% ($13.62 from June and 0.4%

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EIA: US summer gasoline demand expected to be at 11-year low, prices at record high

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US gasoline demand this summer is expected to be the lowest in 11 years, while the average summer fuel price is forecast to be at a record level, according to the US Energy Information Administration (EIA). less than 2007’s record summer gasoline demand of 9.4 US gasoline consumption is forecast to average almost 8.8

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Wall Street Losing Millions From Bad Energy Loans

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Oil companies continue to get burned by low oil prices, but the pain is bleeding over into the financial industry. Major banks are suffering huge losses from both directly backing some struggling oil companies, but also from buying high-yield debt that is now going sour. billion in 2007 up to $201 billion today.

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EIA 2035 reference case projects drop in US imports of petroleum due to modest economic growth, increased efficiency, growing domestic oil production, and biofuels

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Under the Reference case, domestic crude oil production is expected to grow by more than 20% over the coming decade; already, domestic crude oil production increased from 5.1 million barrels per day in 2007 to 5.5 Over the next 10 years, continued development of tight oil (e.g., million barrels per day in 2010.

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