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Today’s Stunted Oil Prices Could Cause Oil Price Shock In 2020

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As oil prices 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.

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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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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. above April 2017. versus April 2017. versus April 2017. compared with April 2017. Strong global demand raised international oil prices by more than domestic ones.

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Navigant Research: plug-in electric vehicles close to becoming leading alternative fuel platform, best positioned to lead future

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From 2017 to 2018, PEV sales doubled in North America, and sales in Europe and China increased 39% and 77%, respectively, according to a new report from Navigant Research.

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Eni report: global oil reserves and oil production up in 2018 due to US

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The tight oil production phenomenon continued to increase the share of sweet light crudes, which rose above 20% worldwide. WTI, the US light crude, covers 60% of global growth. Asia Pacific’s oil dependence continues to grow, ranking first in terms of deficit. recorded in 2013-2017.

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TransCanada terminates Energy East Pipeline and Eastern Mainline projects

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Transcanada began the application process in 2013, when oil prices were substantially higher. TransCanada stopped capitalizing AFUDC on the project effective August 23, 2017, as disclosed on September 7, 2017. The company has also faced unrelenting environmental opposition to the projects.

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EIA: light duty vehicle energy consumption to drop 25% by 2040; increased oil production, vehicle efficiency reduce US oil and liquid imports

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Energy consumption by light-duty vehicles in the United States, AEO2013 and AEO2014, 1995-2040 (quadrillion Btu). T he Brent crude oil spot price declines from $112 per barrel (bbl) (in 2012 dollars) in 2012 to $92/bbl in 2017. LDV energy consumption declines in AEO2014 Reference case from 16.0 Source: EIA.

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IEA forecasts global oil demand to reach 101.6 mb/d in 2023; non-OECD countries lead expansion

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mb below the 2017-2021 average. Despite economic headwinds, steady demand for light sweet crude in a tight physical market is boosting marker grade prices as they are in the same crude quality family. Higher oil prices and a weaker economic outlook continue to temper IEA’s oil demand growth expectations.

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