article thumbnail

Biden authorizes release of more than 180M barrels of oil from Strategic Petroleum Reserve; 1M bpd for 6 months

Green Car Congress

The US and other member states of the International Energy Agency (IA) agreed earlier in March to release 60 million barrels of oil reserves to compensate for supply disruptions following Russia’s invasion of Ukraine, with the US supplying 30 million. President George H. Bush authorized a drawdown of 33.75 2005 Hurricane Katrina Sale.

Oil 418
article thumbnail

IEA: non-OPEC oil supply tops 43 mb/d for first time in decades; global demand to reach 92.4 mb/d in 2014

Green Car Congress

The International Energy Agency’s (IEA’s) Oil Market Report (OMR) for December raised the estimate of global oil demand for 2013 by 130,000 barrels per day (130 kb/d) to 91.2 Global demand is now seen advancing by 1.2 Global demand is now seen advancing by 1.2 Global oil supplies increased by 310 kb/d in November to 92.3

article thumbnail

GECF: more than a quarter of 2050 natural gas supply untapped

Green Car Congress

According to the latest available figures from the GECF Global Gas Outlook 2050, natural gas production in the Central Asian Republic is set to increase by 78% to reach the level of more than 141 billion cubic metres (bcm) by 2050, at a remarkable annual growth rate of 1.9%.

article thumbnail

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%

Green Car Congress

Global energy consumption grew by 2.5% globally, and 8.4% Fossil fuels still dominated energy consumption with 87% market share, while renewables rose fastest but are still only 2% of the global total. of global energy use, losing share for 12 consecutive years. Gas production globally grew by 3.1%; the US recorded 7.7%

Coal 261
article thumbnail

The Technical Failure That Could Clear The Oil Glut In A Matter Of Weeks

Green Car Congress

The skepticism shown by a majority of financial analysts and oil commentators about the real threat to global oil (and gas) production volumes was countered by the news that the production at Saudi Aramco’s main offshore oil field, Manifa, has been hit by technical problems. Amin Nasser’s aim is to go beyond global oil markets.

Oil 186
article thumbnail

IEA March Oil Market Report revises 2015 demand forecast upward

Green Car Congress

out in the second quarter of 2014, global oil demand growth has since steadily risen, with year?on?year mb/d, bringing global demand to an average 93.5 mb/d, bringing global demand to an average 93.5 Global supply rose by 1.3 mb/d, as losses in Libya and Iraq offset higher supply from Saudi Arabia, Iran and Angola.

2015 150
article thumbnail

New EIA report boosts estimates of global recoverable shale oil resources 10-fold to 345 billion barrels

Green Car Congress

EIA commissioned Advanced Resources International, Inc. Today’s report indicates a significant potential for international shale oil and shale gas, though the extent to which technically recoverable shale resources will prove to be economically recoverable is not yet clear. —EIA Administrator Adam Sieminski.

Oil 281