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$10-Trillion Investment Needed To Avoid Massive Oil Price Spike Says OPEC

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OPEC says that $10 trillion worth of investment will need to flow into oil and gas through 2040 in order to meet the world’s energy needs. The OPEC published its World Oil Outlook 2015 (WOO) in late December, which struck a much more pessimistic note on the state of oil markets than in the past.

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Global CO2 emissions up 3% in 2011; per capita CO2 emissions in China reach EU levels

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At 3%, the 2011 increase in global CO 2 emissions is above the past decade’s average annual increase of 2.7%. savings stimulated by high oil prices led to a decrease of 3% in CO 2 emissions in the European Union and of 2% in both the United States and Japan. combined, where emissions increased by 9% and 6% respectively in 2011.

2011 236
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BP Statistical Review finds global oil share down for 12th year in a row, coal share up to highest level since 1969; renewables at 2%

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in 2011, close to the historical average. Oil remains the world’s leading fuel, but its 33.1% in 2011, broadly in line with the historical average but well below the 5.1% The report also highlighted supply disruptions as one of the major energy events of the year. Gas production globally grew by 3.1%; the US recorded 7.7%

Coal 261
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EIA projects world energy use to increase 53% by 2035; oil sands/bitumen and biofuels account for 70% of the increase in unconventional liquid fuels

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Unconventional liquids become increasingly important in the total supply of liquid fuels, according to IEO2011. World oil prices remain high in the IEO2011 Reference case, but oil consumption continues to grow; both conventional and unconventional liquid supplies are used to meet rising demand. Click to enlarge.

Oil-Sands 220
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EIA: world energy consumption to grow 56% 2010-2040, CO2 up 46%; use of liquid fuels in transportation up 38%

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However, fossil fuels continue to supply nearly 80% of world energy use through 2040. Natural gas is the fastest-growing fossil fuel, as global supplies of tight gas, shale gas, and coalbed methane increase. The use of liquids declines in the other end-use sectors and for electric power generation.

2010 317
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Nikkei: popularity of fuel-efficient vehicles lowering demand for gasoline in Japan

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The Nikkei reports that the nationwide average price in Japan for regular gasoline was ¥139.8 Prices at the pump are falling in Japan not only due to lower crude oil prices, but also because the widespread popularity of fuel-efficient vehicles has lowered demand for gasoline.A per liter ($6.65

Japan 258
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EIA Energy Outlook 2013 reference case sees drop in fossil fuel consumption as use of petroleum-based liquid fuels falls; projects 20% higher sales of hybrids and PHEVs than AEO2012

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Among its many findings, the Reference case suggests that US primary energy consumption will grow by 7% from 2011 to 2040 to 108 quadrillion Btu. However, energy use per capita declines by 15% from 2011 through 2040 as a result of improving energy efficiency (e.g., quadrillion Btu in 2011 to 14.0 Overall findings.

Fuel 225