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EIA: US crude oil production will increase to new records in 2023 and 2024

Green Car Congress

In its January 2023 Short-Term Energy Outlook , the US Energy Information Administration (EIA) forecasts that crude oil production in the United States will average 12.4 In 2022, US crude oil production averaged an estimated 11.9 Forecasts Market Background Oil

Oil 354
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Review of co-processing of biocrudes in oil refineries

Green Car Congress

Liquid intermediates from pyrolysis and hydrothermal liquefaction (HTL) can be co-processed in an oil refinery along with conventional crude oil. After pyrolysis, the vapors are condensed to give a dark brown fast pyrolysis bio-oil (FPBO). Biomass Fuels Market Background Oil

Oil 355
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Imperial Oil and E3 Lithium partner on lithium pilot project, redeveloping historic oil field

Green Car Congress

The pilot will support E3 Lithium’s Clearwater project, which will draw lithium from under the Leduc oil field, Imperial’s historic discovery that first launched major oil and gas development in Western Canada. Batteries Canada Manufacturing Market Background Materials Oil

Oil 336
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Equatorial Guinea, DRC to develop joint oil refinery and storage facilities

Green Car Congress

These include the financing and construction of an oil refinery in the DRC to be owned jointly by both countries to meet regional demand for refined petroleum products, along with the construction of storage facilities for refined products. Africa Market Background Oil

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US Treasury allows Chevron to resume oil production in Venezuela, delivery to US only

Green Car Congress

from receiving profits from the oil sales by Chevron. Chevron is one of the leading private oil companies in Venezuela; its legacy dates back to the Boscán Field discovery in the 1920s. Boscán has produced heavy oil (10° API) for more than 60 years; the field had produced a cumulative 888 million barrels of oil by July 1996, when Chevron took over operation of the field. Market Background Oil Policy

Venezuela 283
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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

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bp sells its Sunrise oil sands interest to Cenovus, picks up interest in Bay du Nord project

Green Car Congress

bp has agreed to sell its 50% interest in the Sunrise oil sands project in Alberta, Canada, to Calgary-based Cenovus Energy, the other owner of the Sunrise project. In Canada, bp will no longer have interests in oil sands production and will shift its focus to future potential offshore growth.

Oil-Sands 311
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EIA expects record global petroleum consumption in 2024, with lower crude oil prices

Green Car Congress

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. US oil production is the largest source of production growth in the forecast, but that growth remains uncertain because of relatively low capital investment from oil producers, EIA noted. Forecasts Market Background Oil

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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 336
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EIA: China processed record amounts of crude oil in 2021 but exported less gasoline and diesel

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China processed record amounts of crude oil in 2021 to meet rising domestic consumption of petroleum products, according to analysis by the US Energy Information Administration (EIA). Despite more refinery capacity, crude oil processing decreased by 0.4

Oil 311
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OMV says it will stop oil and gas production by 2050 in transformation to net-zero

Green Car Congress

Austria-based OMV, an international, integrated oil, gas and chemicals company, announced its intention to become a net-zero (Scope 1, 2 and 3) company by no later than 2050. The production of oil and gas for energy use will be completely stopped by 2050.

Oil 367
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Researchers develop large-scale, economical method to extract hydrogen from oil sands and oil fields

Green Car Congress

Canadian researchers have developed a large-scale economical method to extract hydrogen from oil sands (natural bitumen) and oil fields. The process can extract hydrogen from existing oil sands reservoirs, with huge existing supplies found in Canada and Venezuela. The process can also be applied to mainstream oil fields, causing them to produce hydrogen instead of oil. Oil fields, even abandoned oil fields, still contain significant amounts of oil.

Oil-Sands 295
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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.

Oil 250
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EIA: proved reserves of US natural gas established a new record; oil reserves increased by 16% at the end of 2021

Green Car Congress

In 2021, proved reserves of natural gas set a new record in the United States, and proved reserves of crude oil and lease condensate increased, but not quite to pre-pandemic levels, according to the US Energy Information Administration (EIA). Market Background Natural Gas Oil

Oil 229
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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 336
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Biden authorizes release of more than 180M barrels of oil from Strategic Petroleum Reserve; 1M bpd for 6 months

Green Car Congress

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). Market Background Oil

Oil 336
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Neste studying transitioning Porvoo refinery to a renewable & circular site; ending crude oil refining in mid-2030s

Green Car Congress

Building on its capability of proactive transformation, Neste has initiated a strategic study on transitioning its refinery in Porvoo, Finland to non-crude oil refining and into a globally leading renewable and circular solutions site. The refining capacity of crude oil is approximately 10.5

Oil 229
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Production of crude oil as a percentage of proved reserves: Recent worldwide and US trends

Green Car Congress

In this analysis, I examined the relation between crude-oil production and crude-oil reserves in the world overall and in the United States alone. The variable of interest was the amount of crude oil produced as a percentage of proved reserves of crude oil. The raw data for this study were proved reserves of crude oil (obtained from Oak Ridge National Laboratory ) and annual crude-oil production (calculated from the information in the same source).

Oil 271
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EIA expects increased US crude oil production, with continued high petroleum prices in 2022

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The US Energy Information Administration (EIA) forecasts that US crude oil production will average 11.9 Despite the increases in production, EIA expects the Brent crude oil price to remain above $100 per barrel this year, according to the agency’s May 2022 Short-Term Energy Outlook (STEO). A high level of uncertainty remains in our outlooks, but we have consistently forecast that elevated crude oil prices would help drive record-level annual US oil production levels in 2023.

Oil 273
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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. Forecasts Market Background Oil

Oil 229
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U Delaware team develops chemocatalytic process to convert waste polypropylene to lube oils

Green Car Congress

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

Delaware 346
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bp Statistical Review shows 4.5% drop in primary energy consumption in 2020; mainly driven by oil

Green Car Congress

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 325
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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 317
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EIA forecasts rising global oil production will limit price increases

Green Car Congress

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 219
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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 336
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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 212
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IEA issues 10-point plan to cut oil use

Green Car Congress

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

Oil 311
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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 219
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ExxonMobil announces significant oil discovery at Whiptail, offshore Guyana

Green Car Congress

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 219
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DOE to award up to $32M to reduce methane emissions from oil and gas sector

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The US Department of Energy (DOE) announced up to $32 million in funding ( DE-FOA-0002616 ) toward the research and development of new monitoring, measurement, and mitigation technologies to help detect, quantify, and reduce methane emissions across oil and natural gas producing regions of the United States. Climate Change Emissions Market Background Natural Gas Oil

Oil 183
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OPEC+ to cut oil output by 2 mb/d from November; Saudi Arabia and Russia account for half

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At the 45 th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33 rd OPEC and non-OPEC Ministerial Meeting (OPEC+) in Vienna, the organizations decided to cut crude oil production by 2 million barrels per day (mb/d), starting in November 2022.

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Oil Price Fluctuations and the Power of OPEC

Energy Institute at HAAS

A wild recent day for oil prices demonstrates OPEC’s enduring influence. Oil prices were … Continue Reading Oil Price Fluctuations and the Power of OPEC. Uncategorized featured gasoline oil

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IEA: key oil trends 2018

Green Car Congress

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

2019 190
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Study finds global oil demand likely to grow despite pandemic, climate policies

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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.

Climate 229
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Polymer-based membranes offer alternative to thermal processes for separating hydrocarbon and crude oil mixtures

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Their stability and selectivity can be tuned by thermal crosslinking to separate simple hydrocarbon mixtures and complex crude oil fractions. These membranes preferentially separate paraffin over aromatic components, making them suitable for integration in hybrid distillation systems for crude oil fractionation. The key to obtaining membranes that could resist harsh environments such as crude oil is the presence of the hydroxyl groups, she says.

Polymer 168
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Biden bans import of Russian oil, gas, coal with immediate effect; Putin to block exports of “certain products and raw materials”

Green Car Congress

President Joe Biden issued an executive order banning the importation from Russia of crude oil; petroleum; petroleum fuels, oils, and products of their distillation; liquefied natural gas; coal; and coal products. In 2021, Russian oil was just under 10% of US overall imports of oil. The UK will also phase out imports of Russian oil in response to the Russian invasion of Ukraine by the end of the year, the Business Secretary Kwasi Kwarteng confirmed.

Oil 239
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Goodyear offering second tire with soybean oil; Endurance WHA

Green Car Congress

The Goodyear Tire & Rubber Company announced a new formulation of its popular Endurance WHA waste haul tire made with a renewable soybean oil compound. The Endurance WHA is now made with soybean oil, which replaces a portion of the petroleum-based materials used in its production.

Oil 238
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Researchers find abundance of oil-eating bacteria in northeast Atlantic

Green Car Congress

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 194
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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

2019 212
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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 219
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EIA expects annual US crude oil production to surpass pre-pandemic levels in 2023

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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 176
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KAUST team develops process for tunable membranes for energy-efficient crude oil fractionation

Green Car Congress

The membranes, with their ultrathin tunable selective layers, offer an innovative membrane development solution for energy-efficient crude oil fractionation. While most commercially available membranes are built for water environments and room temperature, there's a unique challenge in developing stable membranes for harsher conditions characterized by elevated temperatures and a wide range of organic solvents and pH, such as the case for oil fractionation.

Oil 168
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EIA expects continued high prices for diesel and home heating oils

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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. According to EIA’s November Short-Term Energy Outlook (STEO), diesel prices will remain higher than $5 per gallon the remainder of the year, and bills for homes that use heating oil will increase by 45% this winter season compared with last winter.

Diesel 266