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Despite volatility in global oilmarkets, US crude oil exports reached a record high in 2020, according to the US Energy Information Administration (EIA). As of 9 July 2021, US crude oil exports have averaged 3.00 The most recent four-week rolling average of US crude oil exports reached 3.51
US crude oil production averaged 11.3 million barrels per day (b/d) in 2020, down 935,000 b/d (8%) from the record annual average high of 12.2 The 2020 decrease in production was the largest annual decline in the EIA’s records. The production decline resulted from reduced drilling activity related to low oilprices in 2020.
bp released the 70 th annual edition of the bp Statistical Review of World Energy ; the data collected in this year’s edition includes energy data for 2020. The Review captures the significant impact the global pandemic had on energy markets and how it may shape future global energy trends. million b/d in 2020 driven by both OPEC (-4.3
As oilprices remain unsteady and OPEC continues to make headlines every hour, the world is focused on oil’s immediate future. With this kind of impending discrepancy between supply and demand, the industry needs to start looking for new sources of oil, and quickly. by Haley Zaremba for Oilprice.com.
The collapse in world oilprices 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
The data speaks to a major problem for the petroleum industry and oilprices as it recovers from unprecedented demand declines for most of 2020. A persistent rebound in global oilmarkets requires profitability in transportation products. and 1.1%, respectively. But that won’t happen until demand recovers.
The trajectory of North American gas supply is set to change radically as a result of the fall in oilprices that has occurred due to COVID-19 and the breakdown in production cooperation between OPEC and Russia, according to IHS Markit. The Permian Basin, long viewed as the gem of US unconventional oil production, currently produces 4.6
According to a new report from Pike Research, algae biofuels production will grow rapidly over the next decade, reaching 61 million gallons per year and a market value of $1.3 billion by 2020. Latin America and Asia Pacific, which are home to fewer projects in operation today, are set to gain significant market share in the long run.
Separately, a new report by Pike Research forecasts that green chemistry represents a market opportunity that will grow from $2.8 billion by 2020. billion pound, $3-billion worldwide market. Genomatica expects Bio-BDO to be competitive at oilprices of $45 per barrel or at natural gas prices of $3.50
The research firm Wood Mackenzie last Wednesday already suggested that it will—and that global sales of electric vehicles could drop 43 percent in 2020. Could the economic downturn triggered by the COVID-19 pandemic affect electric vehicle sales? The firm’s research ratcheted EV sales expectations way down from 2.2
Two diametrically opposed views dominate the current debate about where the oilprice is heading. But, WoodMackenzie says, many of these still-to-be-launched projects are uneconomical at oilprices in the $50s per barrel, meaning that they should not be expected to get the all-clear anytime soon. Since (non-U.S.
After declining in 2020, the combined production of US fossil fuels (including natural gas, crude oil, and coal) increased by 2% in 2021 to 77.14 US crude oil production dropped slightly, by an estimated 1%, in 2021, but EIA expects it to increase by 6% in 2022 and 5% in 2023. quadrillion British thermal units.
gasoline demand would have put upward pressure on world oilprices. They added indirect rebound effects via income and world oilprices to the calculations because, in principle these could have non-trivial impacts on fuel savings. First, had fuel economy not improved, the higher level of U.S. Greene, Charles B.
The report examines the state of those seven technologies and assesses each in terms of three issues: Can it achieve cost-competitiveness with conventional energy by 2020 and be economically viable without subsidies? If these barriers can be overcome, advanced biofuels could significantly disrupt the status quo in fuel markets.
It may be difficult to look beyond the current pricing environment for oil, but the depletion of low-cost reserves and the increasing inability to find major new discoveries ensures a future of expensive oil. The IEA predicts that the oil industry will need to spend $850 billion annually by the 2030s to increase production.
They found that under the reference infection scenario, US gasoline demand grows slowly after a quick rebound in May, and is unlikely to recover to a non-pandemic level prior to October 2020. Therefore, beyond the immediate economic responses, the longer-term impact on the US economy may persist well beyond 2020.
Roskill expects demand for molybdenum to drop by more than 8% in 2020. The molybdenum market enjoyed three years of growing demand between 2016 and 2018, but macroeconomic concerns and a slower steel market resulted in a 2.3% Consequently, molybdenum prices came under downward pressure. bbl in April 2020.
The OPEC published its World Oil Outlook 2015 (WOO) in late December, which struck a much more pessimistic note on the state of oilmarkets than in the past. On the one hand, OPEC does not see oilprices returning to triple-digit territory within the next 25 years, a strikingly bearish conclusion.
Oilmarkets have returned to relatively stable ground with Brent prices within a narrow $40-$45 per barrel range and could conclusively pass the $50 per barrel mark in the second half of 2021, according to Roger Diwan and the IHS Markit Energy Advisory Service. bbl in 2020 and $49.25/bbl bbl in 2020 and $49.25/bbl
The second quarter of 2020 will see the largest volume of liquids production cuts, including shut-in production, in the history of the oil industry, according to IHS Markit. The Great Shut-In, a rapid and brutal adjustment of global oil supply to a lower level of demand is underway. Some will be impacted more than others.
Governments and vehicle manufacturers will need to introduce long-term incentives and price cuts to create a sustainable European market for ultra-low emission vans (ULEV), according to a newly published report by Element Energy, commissioned by the UK Department for Transport.
The four-week average US gasoline demand for the week ending 6 March 2020 was 9.1 Further, according to the latest IHS Markit forecasts, the global auto industry will exerience an unprecedented and almost instant stalling of demand in 2020, with global auto sales forecast to plummet more than 12% from 2019 to 78.8 million units.
IHS Markit is forecasting that global commercial vehicle production (GVW 4-8) volumes in 2020 compared to 2019 will be down 22% (more than 650,000 units) to 2.6 decline in global real GDP in 2020. million units, in the wake of the COVID-19 pandemic. China slowly gaining momentum after shutdown.
According to China’s National Bureau of Statistics, China processed a record 14 million barrels per day (b/d) of crude oil in 2021, a 4.6% increase from 2020. Crude oil processing in China was particularly high in the first half of 2021, in response to high demand both domestically and elsewhere in Asia.
Global demand for oil may well peak before 2020, falling back to levels significantly below 2010 demand by 2035, according to a multi-client research study conducted by Ricardo Strategic Consulting launched in June 2011 in association with Kevin J. The world is nearing a paradigm shift in oil demand. Lindemer LLC.
The Annual Energy Outlook 2015 (AEO2015) released today by the US Energy Information Administration (EIA) projects that US energy imports and exports will come into balance—a first since the 1950s—because of continued oil and natural gas production growth and slow growth in energy demand. Tcf in the High Oil and Gas Resource case.
World oil production capacity to 2020 (crude oil and NGLs, excluding biofuels). Oil production capacity is surging in the United States and several other countries at such a fast pace that global oil output capacity could grow by nearly 20% from the current 93 million barrels per day to 110.6 Source: Maugeri 2012.
“It might be that we see quite a dramatic reduction in replacing the capacity and of course that will have an impact, eventually, on price.”. Oil companies are making painful cuts to spending, which will translate into much lower production than expected in the years ahead. The price acts as a self-correcting mechanism.
Any major disruption to cobalt today would likely curb EV proliferation in the early 2020s, in turn supporting long dated crude oilprices,” Bank of America Merrill Lynch warned. A brewing economic downturn, which may or may not hit in the next year or next few years, could linger into the 2020s.
Given current policies and regulations limiting fossil fuel use, worldwide energy-related CO 2 emissions rise from about 31 billion metric tons in 2010 to 36 billion metric tons in 2020 and then to 45 billion metric tons in 2040, a 46% increase over the 30-year span. Liquid fuels.
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.
The latest crash in oilprices once again raises this prospect. On the one hand, lower oilprices – despite the recent rebound, prices are still down sharply from a few months ago – can cause some E&Ps to want to hold off on drilling new wells. It’s really 2020 and 2021.”. production levels.
US shale production—the chief source of rapid growth that made the United States the world’s largest oil producer—is slowing down fast, says a new report by IHS Markit. The combination of closed capital markets and weak prices are pulling cash out of the system. Modest growth is expected to resume in 2022.
On 27 October 2016, the International Maritime Organization (IMO) announced that beginning on 1 January 2020, the maximum sulfur content allowed in marine bunker fuel will be reduced from 3.50% mass by mass (m/m) to 0.50% m/m (35,000 ppm to 5,000 ppm)—five years earlier than many expected. Earlier post.) —Kurt Barrow.
” Their analysis is in the context of the “ surprising [oil] demand strength of 2010 “; 2010 saw absolute incremental demand at around 2.2mb/d of growth—the second highest in 30 years, despite oilprices in the $90/bbl region. CAGR from 2012 through 2020 to about $250/kWh. Click to enlarge.
The Middle East becomes the world’s second-largest gas consumer by 2020 and third-largest oil consumer by 2030, redefining its role in global energy markets. Oil use grows, but in a narrowing set of markets. Mobility and oil. The decline in oil use in OECD countries accelerates. Source: IEA.
This year, shale output forecasts combine with OPEC’s production cuts, geopolitical factors, and unexpected outages to further complicate supply/demand and oilprice forecasts by Wall Street’s major investment banks. Morgan Stanley, however, begs to differ, and has recently said that “ by 2020, we estimate that [around] 1.5
The US Energy Information Administration (EIA) projects that, absent significant changes in policy or technology, world energy consumption will grow by nearly 50% between 2020 and 2050. The four side cases show the effects of changing key model assumptions about economic growth and world oilprice.
million barrels per day (b/d) for all of 2020, down by 8.6 US liquid fuels consumption in 2020 averaged 18.1 As outlined in its current Short-Term Energy Outlook , the US Energy Information Administration (EIA) estimates that global consumption of petroleum and liquid fuels averaged 92.3 million b/d from 2019. million b/d in 2021.
World oilprices 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. In the IEO2011 Reference case the price of light sweet crude oil (in real 2009 dollars) remains high, reaching $125 per barrel in 2035.
A new study by the French institute Enerdata, commissioned by the European Federation for Transport & Environment (T&E), suggests that the European CO 2 standards for new vehicles due to come into effect in 2012 will lead not only to a European savings on oil (mainly via lower oil import volumes) but also to slightly lower global oilprices.
A flood of bearish news has pushed down oilprices to their lowest levels in months, with WTI nearing $45 per barrel and Brent flirting with sub-$50 territory. With a bear market back, there is pessimism throughout the oilmarkets. Low oilprices will sooner or later force a cutback in production.
Many oil companies had trimmed their budgets heading into 2015 to deal with lower oilprices. But the collapse of prices in July—owing to the Iran nuclear deal, an ongoing production surplus, and economic and financial concerns in Greece and China—have darkened the mood. by Nick Cunningham of Oilprice.com.
The world’s two largest economies—the United States and China—are poised to be the world’s top export and import markets for liquefied natural gas (LNG), respectively, in 2022, according to a new report by IHS Markit. Average utilization for US plants climbed from 43% in third quarter 2020 to 98% in third quarter 2021.
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