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EIA estimates decrease in global surplus crude oil production capacity in 2022

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As of May 2022, surplus crude oil production capacity in non-OPEC countries decreased by 80% compared with 2021, according to the US Energy Information Administration’s (EIA) new report Global Surplus Crude Oil Production Capacity. In 2021, 1.4

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IEA forecasts global oil demand to reach 101.6 mb/d in 2023; non-OECD countries lead expansion

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Assuming Libya rebounds from a steep drop, the bloc’s production could increase 2.6 Global refining capacity is set to expand by 1 mb/d in 2022 and 1.6 Following nearly two years of declines, observed global oil inventories increased by 77 mb in April. mb/d this year, eroding its spare capacity cushion. mb/d and 1.9

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bp Statistical Review shows 4.5% drop in primary energy consumption in 2020; mainly driven by oil

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The Review captures the significant impact the global pandemic had on energy markets and how it may shape future global energy trends. Country wise, Russia (-1 million b/d), Libya (-920,000 b/d) and Saudi Arabia (-790,000 b/d). Global oil demand fell 9.3%, with the largest falls seen in the US (-2.3 million b/d).

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

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million barrels over a 45-day period to calm the global oil market in the immediate aftermath of the beginning of the Iraq war. There have been four prior emergency drawdowns in the history of the SPR: 1991 Operation Desert Storm Sale. President George H. Bush authorized a drawdown of 33.75 2005 Hurricane Katrina Sale.

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Nissan to test African demand for its e-Power hybrid vehicle – ET Auto

Baua Electric

This year Nissan will export the South African built Navara pickup trucks to new markets of Algeria, Libya, Sudan, Tunisia and Egypt, Nissan Africa product Marketing Director Stefan Haasbroek said. According to Nissan, elsewhere in the world the global motorization average is 182 vehicles per 1,000 people versus 42 per 1,000 in Africa.

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

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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 oil supplies increased by 310 kb/d in November to 92.3 Global refinery crude runs plunged to 73.6

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The 5 Countries That Could Push Oil Prices Up

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The ‘Fragile Five’ petrostates—Iran, Iraq, Libya, Nigeria and Venezuela—continue to see supply disruption potential, with northern Iraq crude exports at risk due to an escalation of tensions between the (Kurdistan Regional Government), Baghdad and Turkey, while the United States has decertified the 2015 Iran nuclear deal,” U.S.