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EIA: International demand will drive US production of petroleum and other liquids through 2050

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Strong continuing international demand for petroleum and other liquids will sustain US production above 2022 levels through 2050, according to most of the cases in the US Energy Information Administration’s (EIA’s) Annual Energy Outlook 2023 (AEO2023). Eventually this trend becomes unprofitable, at which point new drilling stops.

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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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In an effort to address the rapidly increasing cost of gasoline, President Biden authorized the release of 1 million barrels of oil per day for the next six months—more than 180 million barrels—from the Strategic Petroleum Reserve (SPR). million barrels of sweet and 200,000 barrels of sour crude oil. President George W.

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IEA issues 10-point plan to cut oil use

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In the face of the emerging global energy crisis triggered by Russia’s invasion of Ukraine and the countervailing barrage of economic sanctions, the International Energy Agency (IEA) is proposing a 10-Point Plan to Cut Oil Use. IEA claims that its plan would lower oil demand by 2.7

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ClassNK issues AiP for ammonia fuel supply system for oil tanker and container ship developed by Samsung Heavy

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ClassNK has issued an Approval in Principle (AiP) for an ammonia fuel supply system for oil tanker and container ship developed by Samsung Heavy Industries (SHI). ClassNK carried out a review of a conceptual design of the system developed by SHI based on the part C of its “Guidelines for Ships Using Alternative Fuels”.

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British Airways, Phillips 66 sign sustainable aviation fuel supply agreement

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British Airways and Phillips 66 Limited have entered into a multi-year supply agreement for sustainable aviation fuel produced at the Phillips 66 Humber Refinery, making the airline the first in the world to use SAF produced in the UK. The SAF will be supplied to British Airways to power a number of its flights from early 2022.

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IEA: global oil demand to decline in 2020 as coronavirus weighs on markets

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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

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Equinor contracts for first green-ammonia-fueled supply vessel; 2MW SOFC

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Norway-based energy company Equinor has contracted with Eidesvik Offshore for the Viking Energy supply vessel, which is being retrofitted to make it capable of covering long distances fueled by carbon-free ammonia. The vessel will transport supplies to installations on the Norwegian continental shelf (NCS). The Viking Energy.

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