Green Car Congress

JULY 21, 2022

The International Energy Agency (IEA) estimates that global refining capacity decreased by 730,000 barrels per day (b/d) in 2021—the first decline in global refining capacity in 30 years. Global demand for refined products dropped substantially in 2020 as a result of the COVID-19 pandemic.

Global 448

Global China Kuwait Oman 448

Green Car Congress

AUGUST 25, 2015

While the IEA projects surplus production will begin to recede in 2H 2016, they are suffering now (and in any case, it is a projection). The Saudis sold their change to their fellow OPEC members as being in OPEC’s general interest. Moreover, Saudi policy, combined with the impact of U.S. million barrels/day in 2014 to 7.55 MMbbls/day.

Saudi Arabia 150

Saudi Arabia Russia Oil 2015 150

Green Car Congress

OCTOBER 6, 2015

The Saudi decision to let the market set prices and to pursue market share, has led to steep declines in crude and petroleum product prices. Novatek and its partners Total and Chinese National Petroleum Company still lack $15 billion of the $27 billion needed to finance the Yamal LNG plant. Wary of U.S.

Russia 150

Russia Saudi Arabia Iran Iraq 150