EIA forecasts crude oil prices will decline through 2023

Green Car Congress

Global oil consumption outpaced oil production for the six consecutive quarters ending with the fourth quarter of 2021 (4Q21), which has led to persistent withdrawals from global oil inventories and significant increases in crude oil prices. Crude oil production remained restrained as a result of curtailments by OPEC+ members, investment restraint from US oil producers, and other supply disruptions. Forecasts Market Background Oil

EIA: Crude oil demand returns faster than supply, increasing prices and reducing inventories

Green Car Congress

The price of US benchmark West Texas Intermediate (WTI) crude oil is near its highest level since 2014, increasing rapidly from low prices in mid-2020 as demand returns faster than supply, according to the US Energy Information Administration (EIA). US crude oil inventories were 440.3

Oil 338
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Study finds carbon emissions benefits of reduction in oil demand depend on size of drop and global oil market structure

Green Car Congress

New research led by Mohammad Masnadi, assistant professor of chemical and petroleum engineering at the University of Pittsburgh Swanson School of Engineering, offers a closer look at the relationship between decreasing demand for oil and a resilient, varied oil market—and the carbon footprint associated with both. There’s an assumption that as demand decreases, oil producers who are on the margins will be pushed out of business, but we’ve found that’s not always the case.

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EIA: US crude oil exports reached record levels in 2020 and remain high in 2021

Green Car Congress

Despite volatility in global oil markets, US crude oil exports reached a record high in 2020, according to the US Energy Information Administration (EIA). As of 9 July 2021, US crude oil exports have averaged 3.00 US crude oil exports for that same week were 3.51

2020 339

ETH Zurich catalyst can convert polypropylene directly into motor oil with high selectivity

Green Car Congress

With tuning, the catalyst can achieve a selectivity of 80% toward motor oil (C 21 –C 45 ). Following this strategy, the selectivity of 80% toward motor oil (C 21 –C 45 ) can be achieved. Catalysts Lubricating Oils Plastics Recycling

Oil 319

U Delaware team develops chemocatalytic process to convert waste polypropylene to lube oils

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Quantification of critical properties, including pour point, kinematic viscosity, and viscosity index, indicates that the products are promising alternatives to currently used base or synthetic oils. Catalysts Lubricating Oils Plastics Recycling

EIA expects annual US crude oil production to surpass pre-pandemic levels in 2023

Green Car Congress

The US Energy Information Administration (EIA) forecasts that US oil production will average 12.4 million barrels per day during 2023, surpassing the record high for domestic crude oil production set in 2019. In its January Short-Term Energy Outlook (STEO), EIA forecasts US crude oil production will increase for nine consecutive quarters, from the fourth quarter of 2021 through 2023. EIA also expects OPEC to increase its crude oil production to 28.9

Oil 179

3 Oil Majors That Bet Big On Renewables

Green Car Congress

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.

2020 339

DOE awards $8.4M for accessing geothermal potential from abandoned oil and gas wells

Green Car Congress

million to establish new geothermal energy and heat production from abandoned oil and gas wells. This work also supports the creation of new clean energy jobs, helping transition some of the oil and gas workforce to the production of renewable energy. The selected projects include: Geothermix, LLC (Austin, TX) Geothermix will harvest waste heat from existing oil and gas wells in Texas to generate commercial quantities of geothermal electricity.

Oil 179

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

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This fall was driven mainly by oil, which accounted for almost three quarters of the net decline. World oil production fell for the first time since 2009 by 6.6 Oil consumption also dropped for the first time since 2009 by a massive 9.1

2020 326

EIA forecasts rising global oil production will limit price increases

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EIA forecasts production will increase more rapidly than consumption, ending the large global stock draws seen in the first two quarters of 2021 and limiting upward crude oil price movement. EIA expects US crude oil production will average 11.8 Forecasts Market Background Oil

Oil 222

White House: OPEC+ oil production increases “simply not enough”

Green Car Congress

On Wednesday, US National Security Advisor Jake Sullivan issued a statement calling on OPEC+ to increase oil production: While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022.

Oil 222

US EIA: US crude oil production fell by 8% in 2020, the largest annual decrease on record

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US crude oil production averaged 11.3 The production decline resulted from reduced drilling activity related to low oil prices in 2020. In January 2020, US crude oil production reached a peak of 12.8 Crude oil production in Texas averaged 4.87

Oil 339

ExxonMobil announces significant oil discovery at Whiptail, offshore Guyana

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The Whiptail-1 well encountered 246 feet (75 meters) of net pay in high-quality oil-bearing sandstone reservoirs. Drilling is also ongoing at the Whiptail-2 well, which has encountered 167 feet (51 meters) of net pay in high-quality oil-bearing sandstone reservoirs.

Guyana 222

Novvi LLC begins production of 100% renewable base oils & process oils

Green Car Congress

Novvi LLC announced the successful start-up of its Deer Park, TX plant, where it is manufacturing and marketing 100% renewable base oils ( NovaSpec Base Oils ) for the lubricants industry, and 100% renewable process oils for polymer, adhesives, and personal care industries. Cosan, American Refining Group, Chevron, and H&R created to develop, produce, market, and distribute high-performance oils and lubricants from renewable sources.

2020 213

Study finds global oil demand likely to grow despite pandemic, climate policies

Green Car Congress

The COVID-19 pandemic has significantly affected both consumer and commercial transportation, but global oil demand will probably continue to grow through 2030, according to a new study. In three of the four scenarios, global oil demand continued to grow through 2030.

EPA proposes new rulemaking for sharp cuts in methane emissions from oil and gas industry

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The US Environmental Protection Agency (EPA) is proposing comprehensive new regulations to reduce methane emissions from the oil and natural gas industry—including, for the first time, reductions from existing sources nationwide. Emissions Market Background Natural Gas Oil Regulations

Oil 222

ExxonMobil reports oil discovery at Pinktail, offshore Guyana

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In addition to successful appraisal of the Turbot discovery, the Turbot-2 well encountered 43 feet (13 meters) of net pay in a newly identified, high quality hydrocarbon bearing sandstone reservoir separate from the 75 feet (23 meters) of high quality, oil bearing sandstone reservoir pay encountered in the original Turbot-1 discovery well. The Liza Destiny FPSO vessel is currently producing approximately 120,000 barrels of oil per day. Market Background Oil

Guyana 170

Researchers find abundance of oil-eating bacteria in northeast Atlantic

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A team of scientists from Heriot-Watt University has found the waters in the Faroe-Shetland Channel (FSC) are teeming with oil-eating bacteria. The FSC is a deepwater sub-Arctic region where the oil and gas industry has been active for the last 40?years. In the event of an oil spill, our results suggest that the response of these organisms is severely hindered by the low temperatures and nutrient levels that are typical for the FSC. Market Background Oil Ports and Marine

Oil 196

IEA: key oil trends 2018

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Total OECD annual production of crude oil, natural gas liquids (NGL), and refinery feedstocks increased by 10.3% Canadian production also increased on an annual basis (+8.1%), due to robust production of crude oil, while Mexico’s production continued to fall (-6.3%). The OECD Americas was responsible for 85% of total OECD production of crude oil, NGL and refinery feedstocks in 2018, with 56% of this being produced in the United States. Market Background Oil

2018 192

TUAT team develops more efficient method to recover heavy oil using novel chemical flooding

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By making use of a previously undesired side effect in oil recovery, researchers at Tokyo University of Agriculture and Technology (TUAT) have developed a method that yields up to 20% more heavy oil than traditional methods. Market Background Oil

2020 222

ExxonMobil begins oil production in offshore Guyana; estimated ~6B barrels oil equivalent recoverable in Stabroek Block

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ExxonMobil has started oil production from the Liza field offshore Guyana ahead of schedule and less than five years after the first discovery of hydrocarbons, which is well ahead of the industry average for deepwater developments. Market Background Oil

Guyana 212

ExxonMobil discovery at Uaru-2 offshore Guyana; block recoverable resource estimate upped to 9B barrels oil-equivalent

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ExxonMobil announced an oil discovery at the Uaru-2 well in the Stabroek Block offshore Guyana ( earlier post ). meters) of high-quality oil-bearing reservoirs including newly identified intervals below the original Uaru-1 discovery. Market Background Oil

Guyana 222

Refineries in the Americas produce a greater share of gasoline per barrel of crude oil than refineries in other world regions

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The International Energy Agency’s Monthly Oil Statistics shows that there are differences in refinery output throughout the world. Source: International Energy Agency, Monthly Oil Statistics, February 2020, Paris, France., Fuels Market Background Oil

2020 338

IHS Markit: oil sands greenhouse gas intensity declined 20% over past decade

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New research by the IHS Markit Canadian Oil Sands Dialogue shows that the combined greenhouse gas (GHG) intensity of Canadian oil sands projects has declined 20% from 2009 levels. The new analysis, using most recent data available, shows trends remaining in line with previous IHS Markit projections that oil sands GHG intensity will decline by at least 16 to 23% by 2030 (to a level 30% below 2009). This is important and it goes beyond just the oil sands.

Audi first car manufacturer to introduce second-generation prelube oils; start with Q6 e-tron electric SUV in 2022

Green Car Congress

With the conventional lubrication Prelube I (left), one gram of oil is applied over every square meter of sheet steel. grams of oil are required for every square meter. The new oil class creates a protective film on the surface of a metal sheet that is thicker and does not run off.

Oil 222

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

Green Car Congress

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. Market Background Oil

2020 261

California Governor orders end to fracking by 2024, instructs CARB to analyze pathways to phase out oil-production by 2045

Green Car Congress

Additionally, Governor Newsom requested that the California Air Resources Board (CARB) analyze pathways to phase out oil extraction across the state by no later than 2045. California’s production of oil has been steadily dropping since 1985. Market Background Oil Policy Regulations

Oil 209

How crude-oil prices influence gasoline prices

Green Car Congress

Gasoline is one of the products refined from crude oil. Thus, the price of crude oil should have a strong influence on the price of gasoline. The Energy Information Administration (EIA) estimates that in the United States from 2008 to 2017, crude oil represented only 61% of the retail price of gasoline. So how strong, indeed, is the relationship in the United States between crude-oil and gasoline prices? Fuels Market Background Oilby Michael Sivak.

2018 194

IHS Markit: Canadian oil sands production exceeds pre-pandemic levels, but lower than prior projections

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Canadian oil sands production has fully recovered from last year’s “COVID-19 Shock”—the largest contraction of upstream production in Canadian history—and has exceeded pre-pandemic levels. However, lingering COVID impacts, pipeline constraints and uncertainties related to an accelerating energy transition have reduced the longer-term growth projection for oil sands. The latest forecast by the IHS Markit Oil Sands Dialogue expects Canadian oil sands production to reach 3.6

68% of primary energy imports to US in 2018 was crude oil; 48% of US energy exports were petroleum products

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The majority (69%) of primary energy imported into the United States in 2018 was crude oil, with petroleum products and natural gas also having significant shares, according to the US Energy Information Administration (EIA). Market Background Oil

2020 240

ExxonMobil, Georgia Tech and Imperial College London publish joint research on potential breakthrough in membrane technology for oil refining

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Scientists from ExxonMobil, the Georgia Institute of Technology and Imperial College of London have published in the journal Science joint research on potential breakthroughs in a new membrane technology that could reduce emissions and energy intensity associated with refining crude oil.

2020 284

Shell producing base oil from natural gas for motor oils

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Shell PurePlus Technology is now being used to create motor oils for motorists in the United States. Pennzoil Platinum and Pennzoil Ultra Platinum Full Synthetic motor oils are the only ones blended exclusively with these GTL base oils. Shell PurePlus Technology base oil is manufactured at the Pearl GTL facility in Ras Laffan in Qatar, a partnership between Qatar Petroleum and Shell. Richard Dixon, Shell North America Motor Oil Technology Manager.

2014 242

Oleophobic hydrophobic magnetic sponge selectively soaks up oil, sparing water and wildlife

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A Northwestern Engineering-led team has developed a highly porous smart sponge that selectively soaks up oil in water. With an ability to absorb more than 30 times its weight in oil, the sponge could be used to clean up oil spills inexpensively and efficiently without harming marine life.

2020 222

IHS Markit: 10 MMb/d of oil production cuts coming

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IHS Markit Crude Oil Markets service expects up to 10 MMb/d of world oil production will be cut or shut-in from April to June 2020 as oil storage fills up and output from financially strapped companies begins to fall. If oil cannot be sold or stored, it cannot be produced. If there is no international agreement to curtail oil production then brutal unadulterated market forces will bring the oil market into balance. Market Background Oil

2020 170

Eni report: global oil reserves and oil production up in 2018 due to US

Green Car Congress

Eni has released the 18 th edition of the World Oil, Gas and Renewables Review , the annual statistics report on oil, natural gas and renewables sources. The first volume of the report, the World Oil Review, is devoted to oil reserves, supply, demand, trade and prices with a special focus on crude oil quality and on refining industry. In 2018, global oil reserves rose slightly (+0.4%), mainly due to growth in the US. Source: Eni World Oil Review 2019.

2019 161

Southern CA Coastline Devastated by Orange County Oil Spill

EV Obssesion

By Damon Nagami When I heard about the disastrous oil spill that dumped more than 126,000 gallons of crude oil into the ocean off Huntington Beach over the weekend, I had to get down to Orange County to check it out for myself. Water Pollution Fossil Fuel Disaster Oil Spill

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The $32-Trillion Push To Disrupt The Entire Oil Industry

Green Car Congress

Global oil and gas companies are increasingly facing an uphill battle as global warming policies are taking their toll. Most analysts and market watchers are focusing on peak oil demand scenarios, but the reality could be much darker. International oil companies (IOCs) are likely to face a Black Swan scenario, which could end up being a boon for state-owned oil companies (NOCs). Lower oil supply will push up prices if demand continues to grow.

2019 200

Marathon Petroleum, ADM to form soybean oil JV to support renewable diesel production

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MPC) and ADM announced an agreement to form a joint venture for the production of soybean oil to supply rapidly growing demand for renewable diesel fuel. When complete in 2023, the Spiritwood facility will source and process local soybeans and supply the resulting soybean oil exclusively to MPC. We already provide MPC with soybean oil for renewable diesel production, but this agreement will significantly expand our collaborative relationship. Marathon Petroleum Corp.

Diesel 269

Upcycling polyethylene plastic waste into lubricant oils

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Researchers in the US have developed a catalytic upcycling process using platinum nanoparticles supported on perovskites to convert single-use polyethylene (PE) (such as grocery bags) into value-added high-quality liquid products (such as motor oils and waxes). These liquids could be used as motor oil, lubricants or waxes, or further processed to make ingredients for detergents and cosmetics. Catalysts Lubricating Oils Plastics Recycling

2019 150

Study suggests microbe produces methane from crude oil all by itself

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Crude oil and gas naturally escape from the seabed in many places known as seeps. This microbe, an archaeon named Methanoliparia , transforms the hydrocarbons by a process called alkane disproportionation: it splits the oil into methane (CH 4) and carbon dioxide (CO 2 ). Epifluorescence microscopy picture of Methanoliparia-cells attached to a droplet of oil. (© Max Planck Institute for Marine Microbiology). Microscopy shows that Methanoliparia cells attach to oil droplets.

2019 234

Oil Prices Ravaged By Financial Turmoil

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Oil prices fell back suddenly over the last few trading sessions, dragged down by some forces beyond the oil market. A rebound for the greenback led to a steep decline in oil prices on Friday. At the same time, sudden turmoil in the broader financial system also bled over into the oil market. The stock market and interest rates can really affect oil a lot,” Mark Waggoner, president of Excel Futures, told The Wall Street Journal. “It’s Market Background Oil

2018 183

IHS Markit: small long-term change for Canadian oil sands despite COVID-19 Shock & largest annual production decline in 2020

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Canadian oil sands production is expected to decline by nearly 175,000 barrels per day (b/d) in 2020 as a result of COVID-19—the largest annual decline on record. Forecasts Market Background Oil sands

2020 209