Demand for oil will grow sharply in the next few years as the global economy recovers from the pandemic, OPEC said on Tuesday, adding that the world needs to keep investing in oil production to avert a crunch even as the energy transition is under way. The view from the Organization of the Petroleum Exporting Countries contrasts with others such as an International Energy Agency report, which in May said investors should not fund new oil projects if the world wants to reach net-zero [Read more]
Pandemic brings forward predictions for peak oil demand
The COVID-19 pandemic this year has dented oil consumption and brought forward forecasts by energy majors, producers, and analysts for when the world's demand for oil may peak. Demand was about 100 million barrels per day (bpd) in 2019 and has yet to recover to that level because of the pandemic. The rise of electric vehicles and a shift to renewable energy has also led to revisions in forecasts. There is no consensus on when oil demand could peak, but the predictions could affect oil [Read more]
Lack of investment, more demand to drive oil price volatility – industry execs
A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said. Global energy investment saw its biggest fall on record in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources. The International Energy Agency (IEA) too has called on [Read more]
Enbridge inks low carbon deals with Shell, Vanguard Renewables
Enbridge Inc said on Tuesday it had signed low carbon infrastructure partnerships with Royal Dutch Shell and Vanguard Renewables, as the Canadian pipeline operator pushes ahead with its emission reduction goals. The company will purchase two billion cubic feet (bcf) of renewable natural gas (RNG) annually from Vanguard Renewables, while it will collaborate with Shell on potential green and blue hydrogen production. Enbridge, which had set emission reduction targets in November, hopes to be [Read more]
Goldman expects oil prices to hit $90 by year-end as supply tightens
Goldman Sachs raised its forecast for year-end Brent crude oil prices to $90 per barrel from $80, as a faster fuel demand recovery from Delta variant and Hurricane Ida's hit to production led to tight global supplies. U.S. West Texas Intermediate (WTI) crude was up $1.66, or 2.25% at $75.59 a barrel. Brent Crude prices were trading at $79.72 a barrel, up $1.68, or 2.15%. Brent futures hit a near three-year high last week as global output disruptions have forced energy companies to pull [Read more]
Column: Worldwide energy shortage shows up in surging coal, gas and oil prices: Kemp
Record gas and electricity prices in Europe, record coal prices in China, multiyear-high gas prices in the United States and oil prices well above their real long-term average are all manifestations of the same global energy shortage. In the aftermath of the coronavirus recession, energy production has failed to keep up with rapid growth in consumption as energy producers struggle to raise output while demand has bounced back quickly. The business cycle downturn and slump in energy prices [Read more]
Global oil demand seen reaching pre-pandemic levels by early 2022
Global fuel demand is expected to reach pre-pandemic levels by early next year as the economy shrugs off pandemic woes, but spare refining capacity is likely to weigh on outlook, oil producers and traders said on Monday. While a persistent rise in COVID-19 infections in several markets has hurt recovery in demand for some refined products such as jet fuel, consumption trends of petrol and diesel indicate higher growth, the industry leaders said. They were speaking at the Platts APPEC 2021 [Read more]
Baker Hughes sees global required LNG capacity at 800 mln tonnes by 2030
Oil and gas services giant Baker Hughes Co sees the need for global liquefied natural gas (LNG) capacity to rise to 800 million tonnes by 2030, more than double current capacity, its chairman said on Monday. Baker Hughes sees strong prospects for gas in the transition to cleaner energy, with LNG combined with carbon capture and storage helping to reduce the industry's carbon footprint. "We've taken up our estimate of the required installed base of LNG by 2030 up to 800 million tonnes," [Read more]
Oil producer Canadian Natural Resources to require worker vaccinations
Canada's biggest oil producer, Canadian Natural Resources will require employees and contractors at Canadian sites to be vaccinated by Dec. 1, as Alberta grapples with a deadly new wave of the COVID-19 pandemic. Canadian Natural (CNRL), the first oil sands company to announce such a policy, made the decision after the recent rise in infections in Alberta, spokesperson Julie Woo said. Alberta has the highest rate of active cases among Canada's 10 provinces, with 456 per 100,000 people, [Read more]
U.S. drillers add oil and gas rigs for 14th month in a row
U.S. energy firms this week added oil and natural gas rigs for a 14th month in a row as more offshore units in the Gulf of Mexico returned to service after shutting when Hurricane Ida slammed into the coast in late August. This week, 3 offshore rigs returned in the Gulf of Mexico, energy services firm Baker Hughes Co said in its closely followed report on Friday. During the week ended Sept. 3, all 14 offshore oil rigs operating in the Gulf of Mexico, all of which were located off [Read more]
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