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Big Oil has frequently been chided for merely trying to burnish its green credentials, and so far, it has done little to convince us that it is truly moving forward to greenness. Let this sink in: In 2018, Big Oil spent less than 1% of its combined budget on green energy projects. by Alex Kimani for Oilprice.com.
Despite oil demand in the transport sector forecast to half by 2050, the present pace of the transition still falls severely short of the goals of the Paris Agreement. Conversely, the consumption of oil within aviation will be virtually flat to 2050, with hydrocarbons set to have a 60% share in the sector in the same year.
At the current pace of research and development, replacing gasoline and diesel with renewable fuel alternatives could take some 131 years, according to a new University of California, Davis, study using a new sustainability forecasting approach based on market expectations. The forecast was published online 8 Nov.
The US Energy Information Administration (EIA) expects that low inventories of distillate fuels, which are primarily consumed as diesel fuel and heating oil, will lead to high prices through early 2023. US distillate fuel inventories average 17% below the five-year average in the forecast for 2023. EIA forecasts Russia will produce 9.3
Global oil demand is expected to decline in 2020 as the impact of the new coronavirus (COVID-19) spreads around the world, constricting travel and broader economic activity, according to the International Energy Agency’s (IEA’s) latest oil market forecast. The IEA now sees global oil demand at 99.9
billion) over the next 10 years in the production of renewable diesel and sustainable aviation fuel (SAF) through the hydrotreatment of vegetable oils and animal fat. In Abu Dhabi, Acelen signed a memorandum of understanding for the production of renewable diesel and SAF with the government of the Brazilian state of Bahia.
over the forecast period. Navigant expects conventional ethanol derived from corn starch, coarse grains, and sugarcane to remain the largest segment of biofuels throughout the forecast period. CAGR over the forecast period. Both Asia Pacific and the Middle East & Africa are forecast to show the fastest growth with CAGRs of 9.2%
Israel-based Galten Biodiesel has signed a NIS 225-million (US$60-million) contract to supply 60,000 of Jatropha oil to Finland-based Neste Oil, the producer of NExBTL renewable fuels, beginning in 2014. Forecasts see this year's European biodiesel market worth $40 billion. Galten’s shares rose 1.1%
The Front-Loading Net Zero report states that electricity production costs could be reduced by up to 50% by 2050 if countries and states adopt 100% renewable systems faster than currently planned. Utilities should keep repeating steps 1 - 3 until their systems run on 80 – 90% renewables.
Notwithstanding that oil demand has increased for over 150 years, it will eventually stop increasing. If oil demand were to reach an actual peak, then the top might be easier to predict. As it stands, the forecast models of demand are likely predicting peak demand far later than it will be. by Dwayne Purvis for Oilprice.com.
EIA expects crude oil prices to decrease through 2023 and 2024, even as petroleum consumption increases, largely because growth in crude oil production in the United States and abroad will continue to increase over the next two years. Areas of uncertainty include Russian oil supply and OPEC production. per gallon in 2024.
Profound shifts in the regional distribution of oil demand and supply growth will redefine the refining industry and transform global oil trade over the next five years, according to the annual Medium-Term Oil Market Report (MTOMR) released by the International Energy Agency (IEA). The oil market is at a crossroads.
China is about to become the largest oil-importing country and India becomes the largest importer of coal by the early 2020s. 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.
GW, under a high-growth forecast scenario. Under a more conservative business-as-usual forecast scenario, the cleantech market intelligence firm estimates that geothermal power capacity would increase 34% to 14.3 GW to 25.1 GW by 2020. —Peter Asmus.
US production capacity for renewable diesel could increase significantly through 2024, based on announced projects and those that are under construction, according to the US Energy Information Administration (EIA). As of the end of 2020, we estimate US production capacity for renewable diesel totaled nearly 0.6
In developing its projections, the EIA implemented a new approach to forecasting VMT, based on an analysis of VMT by age cohorts and the aging of the driving population over the course of the projection. Domestic crude oil production increases sharply in the AEO2014 Reference case, with annual growth averaging 0.8 Tcf in 2012 to 2.1
billion gallons US), according to the 2010 production forecast released by the Global Renewable Fuels Alliance (GRFA). This year ethanol production will displace the need for 370 million equivalent barrels of oil globally. Global ethanol production will grow 16.2% this year to reach 85.9 billion liters (22.7 billion liters (19.5
Petrochemicals are rapidly becoming the largest driver of global oil demand. Petrochemicals are set to account for more than a third of the growth in world oil demand to 2030, and nearly half the growth to 2050, adding nearly 7 million barrels of oil a day by then. Source: IEA. —Dr Fatih Birol, IEA Executive Director.
Higher crude prices and continued optimization improvements have driven the first upward revision to the S&P Global Commodity Insights 10-year oil sands production outlook in more than half a decade. The new forecast, produced by the S&P Global Commodity Insights Oil Sands Dialogue , expects Canadian oil sands production to reach 3.7
billion liters) set under the Renewable Fuels Standard (RFS) for this year, according to the latest Downstream Regulatory Quarterly Outlook from research and consulting firm GlobalData. billion gallons of renewable fuel. Kerr, GlobalData’s Managing Analyst for Downstream Oil & Gas. billion gallons (4.8 —Jeffrey C.
According to this new forecast, the current steeply rising curve of energy demand in China will begin to moderate between 2030 and 2035 and flatten thereafter. Most of the increase in crude oil demand is driven by a burgeoning transport sector with a growing share of oil demand.
The US Energy Information Administration’s (EIA’s) Annual Energy Outlook 2022 (AEO2022) Reference case forecasts that US energy consumption will grow through 2050, primarily driven by population and economic growth. Source: U.S. Energy Information Administration, Annual Energy Outlook 2022 (AEO2022).
A new study by the Peterson Institute for International Economics concluded that the Kerry-Lieberman “American Power Act”—the energy and climate change legislation recently introduced in the Senate ( earlier post )—would reduced US oil imports by 33-40% below current levels and by 9-19% below projected business-as-usual levels by 2030.
” 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 oil prices in the $90/bbl region. In DB’s Fall 2009 note, they had forecast 12% growth. Click to enlarge.
According to the agency’s August 2022 Short-Term Energy Outlook (STEO), growth in renewable energy will meet most of the increased electricity demand this year. Other key takeaways from the August 2022 STEO forecast include: EIA expects US crude oil production to average 12.7 million barrels per day for the month.
In a new report , Navigant Research forecasts that US military spending on alternative drive vehicles (ADVs—including hybrid electric vehicles (HEVs), plug-in electric vehicles (PEVs), and ethanol-powered vehicles—for the non-tactical fleet will increase from more than $435 million in 2013 to $926 million by 2020, a CAGR of 11.4%.
Change in primary oil demand by sector and region in the central New Policies Scenario, 2010-2035. Under the WEO 2011 central scenario, oil demand rises from 87 million barrels per day (mb/d) in 2010 to 99 mb/d in 2035, with all the net growth coming from the transport sector in emerging economies. Click to enlarge. billion in 2035.
Renewable energy and nuclear power are the world’s fastest-growing energy sources, each increasing 2.5% The Brent crude oil spot price averaged $112 per barrel in 2012, and EIA’s July 2013 Short-Term Energy Outlook projects averages of $105 per barrel in 2013 and $100 per barrel in 2014. Liquid fuels.
The US Environmental Protection Agency (EPA) is proposing a reduction in the cellulosic biofuel and total renewable fuel standards (RFS) for 2014. Specifically, EPA is proposing a total renewable fuel target of 15.21 Total renewable fuels. billion gallons; the final 2013 overall volumes and standards require 16.55 Earlier post.)
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. oil may not be able to fill.
This edition of the annual Outlook marks the first extension of the long-term energy forecast to 2040. Demand for oil and other liquid fuels will rise by nearly 30%, and most of that increase will be linked to transportation. Renewable fuels will see strong growth. L/100 km) by 2040. Transportation fuel demand. Click to enlarge.
bank serving both private and public growth companies, forecasts the. energy sector will spur a flurry of M&A and investment activity in 2011 as renewable energy. renewable energies; however, it will not include economic incentives for achieving a reduction in carbon emissions. technologies mature. extraction.
Solid-oxide-fuel-cell manufacturer Bloom Energy is entering the commercial hydrogen market by introducing hydrogen-powered fuel cells and electrolyzers that produce renewable hydrogen. Bloom is capitalizing on this technology by taking terrestrial renewable power and producing hydrogen using solid oxide electrolyzers.
In contrast to arguments that peak conventional oil production is imminent due to physical resource scarcity, a team from Stanford University and UC Santa Cruz has examined the alternative possibility of reduced oil use due to improved efficiency and oil substitution. 2010, to above 140 $/bbl in constant 2010 dollars).
Driven by increasing population, urbanization and rising living standards, the world will require some 35% more energy in 2040, according to ExxonMobil’s annual forecast report: Outlook for Energy: A View to 2040. China will see the largest increase—more than 4 million oil-equivalent barrels per day. Click to enlarge.
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. In the IEO2011 Reference case the price of light sweet crude oil (in real 2009 dollars) remains high, reaching $125 per barrel in 2035.
The seven awards approved will fund applied R&D projects that will develop utility-scale renewable energy generation technologies. 1 million to use high-fidelity solar forecasting to predict load impacts on California’s electricity grid and reduce solar integration costs. Southern California Edison, and San Diego Gas & Electric Co.
GW, under a high-growth forecast scenario, according to a report by Pike Research. Under a more conservative business-as-usual forecast scenario, Pike estimates that geothermal power capacity could increase 34% to 14.3 Pike forecasts that total US geothermal capacity will reach 4.2 gigawatts (GW) to 25.1 GW by 2020. GW by 2020.
US production capacity for renewable diesel could more than double from current levels by the end of 2025, based on several announcements for projects that are either under construction or could start development soon, according to the US Energy Information Administration (EIA). billion gallons per year (gal/y), at the end of 2022.
In its Annual Energy Outlook 2022 (AEO2022) Reference case, which reflects current laws and regulations, the US Energy Information Administration (EIA) projects that renewable diesel supply (domestic production and net imports) will exceed biodiesel supply in the near term. Source: U.S.
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 Over the next 10 years, continued development of tight oil (e.g., Over the next 10 years, continued development of tight oil (e.g.,
A coalition of major oil & gas, power, automotive, fuel cell, and hydrogen companies have developed and released the full new report, a “ Road Map to a US Hydrogen Economy. ” Demand potential across sectors, base and ambitious cases. Road Map to a US Hydrogen Economy ”. million jobs by 2050.
The forecast’s base case points to primary energy use growing by nearly 40% over the next twenty years, with 93% of the growth coming from non-OECD (Organization of Economic Co-operation and Development) countries. OECD oil demand peaked in 2005 and in 2030 is projected to be roughly back at its level in 1990.
Nornickel revised its forecast for a nickel market surplus in 2023 from 110 kt to more than 200 kt, with the bulk of this coming from low-grade nickel. The forecast for nickel supply in 2023 is almost unchanged at 3.45 The forecast for nickel supply in 2023 is almost unchanged at 3.45 Mt to 3.22 Mt (7% year-on-year growth).
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