McKinsey: Fossil Fuels will dominate the global energy usage beyond 2050
According to a McKinsey study, oil, coal and gas will dominate the global energy mix long after 2050. This is because the demand for electricity continues to grow faster than the transition to renewables. The continued use of fossil fuels is a major obstacle to reaching global climate targets. The report states that the main reason…
Oil bosses are expecting the market surplus to diminish over time
Executives from oil majors, trading houses and oil companies said that the global oil market will tighten up in the medium-to-long term after recovering from its short-term weakness. Oil prices have been impacted by the rising output of OPEC+ – which is a grouping of countries that are members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies – as well as other producers.
Kuwait announces its third offshore discovery as it seeks a boost in output
Kuwait Oil Company announced on Monday that it had made its third offshore find with a production capacity of over 29 million cubic feet of natural gas per day. This is a major boost for the desert nation, which has been struggling to increase output. KOC released a statement that estimated the Jazza field to contain around 1 trillion cubic foot of gas, and more than 120 million barrels condensates.
Saudi Aramco CEO: Saudi Aramco's maximum oil production capacity can be sustained for an entire year at 12 million barrels per day.
Saudi Aramco's Chief Executive Amin Nasser said that the company can maintain crude oil production of 12 million barrels a day (bpd), for an entire year, without incurring any additional costs. Saudi Arabia has a large share of the world’s spare oil supply – idle oil that can be quickly brought to market. Nasser, speaking at the Energy Intelligence Forum held in London…
Oil Prices Drop Amidst Gaza Ceasefire Plan As Risk Premium Fades
Oil prices declined to multi-month lows on Friday as the market's risk premium faded after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza.Brent crude futures were down $1.73, or 2.7%, at $63.49 a barrel at 1316 GMT. Earlier, they fell to $63.27, the lowest since early June.U.S. West Texas Intermediate crude was down $1.71, or 2.8%, to $59.80.
China builds oil reserves in response to a stockpiling campaign
China has been building oil reserves at an accelerated pace as part of its campaign to increase crude stocks. This urgency increased after Russia's invasion of Ukraine disrupted global energy flows. It also accelerated in this year according to traders, industry experts and public data. According to sources such as domestic news…
EIA: US crude and fuel stocks rise due to lower demand
The Energy Information Administration reported on Wednesday that U.S. crude, gasoline, and distillate inventory levels increased last week, as demand and refining activity slowed. The EIA reported that crude inventories increased by 1.8million barrels, to 416.5million barrels for the week ending September 26. This was compared to analysts' expectations in an online poll of a one-million barrel increase.
US Crude Oil Production Hits Record, says EIA
The Energy Information Administration reported on Tuesday that U.S. crude production reached a new monthly record of 13,64 million barrels of oil per day in the month July. This is up 109,000 barrels per days from June's previous record.The EIA reported that the oil output of Texas, the top producer, rose to 5,8 million barrels per day (bpd) in July. This was the highest level since October 2024.
BP expects oil demand to grow until 2030, due to a slowdown in energy efficiency gains
BP announced on Thursday that it expects the global oil demand will grow until 2030. This is five years later than their forecast a year earlier. They attributed this to slowed energy efficiency efforts and global carbon emission reductions. Two scenarios are modeled in the latest Energy Outlook from Shell, an annual report on energy trends to 2050.
BP delays oil demand peak forecast to 2030 from 2020
BP announced on Thursday that it expected global oil demand growth to continue until 2030. This is five years longer than the forecast made a year earlier. It also highlighted slowed energy efficiency efforts. Two scenarios are modeled in the latest Energy Outlook of oil major, an annual study on energy trends to 2050. The "Current Trajectory " scenario is based upon existing policies and commitments.
Enverus, an analytics firm, says that US shale costs will rise to $95/bbl in the mid-2030s.
Energy analytics firm Enverus stated on Tuesday that the marginal cost of producing U.S. shales oil could rise as much as 15 dollars a barrelle to $95 per barrel within 10 years as stagnant production forces companies to drill at locations with less proven resources. Enverus reported that the average cost of producing a barrel in the United States is $70.
MPOC says that palm oil is expected to trade between 4,200 and 4500 ringgits in the coming weeks.
The Malaysian Palm Oil Council stated on Monday that palm oil prices are expected to fluctuate between 4,200 and 4,500 Ringgit ($998 and $1,069) per metric tonne in the coming weeks due to a tight supply of vegetable oil and weak demand from key markets. The palm oil futures traded on the Malaysian Stock Exchange ended the morning at 4,464 Ringgit, close to the upper end of the range.
Oil Prices Rise by Nearly 2% After Drone Strike on Russian Terminal
Oil prices rose by nearly 2% on Friday after a Ukrainian drone attack on a Russian port suspended loadings, outweighing pressure from oversupply concerns and weaker U.S. demand risks.The drone attack on Russia's northwestern port of Primorsk - one of the country's largest oil and fuel export terminals - led to a suspension of oil loading operations overnight…
IEA: Global oil and gas production is declining rapidly, IEA reports
International Energy Agency (IEA) said Tuesday that the decline in oil and gas production from mature fields around the world is increasing due to a greater reliance on deep-ocean and shale resources. This means companies will need to invest even more to maintain output. Donald Trump's administration has criticized the IEA for its recent shift in focus to clean energy policy.
TASS reports that Russia's top oil executive said Asian oil demand is still growing.
Alexander Dyukov of Russian oil giant Gazprom said that the demand for crude oil in Asia continues to increase, while China, among other countries, has been replenishing its crude stocks, according to TASS. OPEC+ agreed this month to increase oil production in October, as Saudi Arabia tries to regain its market share. However,…
S&P Global: China's oil stocks help offset global surplus
S&P Global, which spoke at the APPEC Conference on Monday, said that China, as the world's largest oil importer, had been stockpiling the crude at a record pace for several years, helping to balance a global surplus despite the output increases by OPEC+. China has built up crude oil stocks at a rate 530,000 barrels per daily (bpd) this year.
State researcher: China's oil demand will peak in 2027 and is up 100,000 bpd from this year.
A state oil researcher stated on Monday that China's total demand for oil, including all its products, will peak in 2027. This year, the sector of petrochemicals is expected to increase by about 100,000 barrels a day, due to increased volume. The researcher says that the soaring use of electric vehicles (EVs) in China, which is the largest oil importer in the world, has eroded fuel demand.
Exxon expects a surge in natural gas demand by 2050
Exxon Mobil's annual outlook said that global demand for natural gases will increase by more than 20 percent from its level last year in 2050, as the gas replaces coal in powering industries and meeting higher electricity needs in developing countries. These projections form the basis of the long-term investment and strategy for the largest U.S. oil company.
Maguire: US gas-heavy pipeline to fuel tensions with LNG exporters
U.S. energy firms are building the largest gas-fired generation capacity in the world, cementing the position of the United States as the world's biggest natural gas consumer and the gas-fired producer. The growing dependence on natural gas in the domestic power sector will also exacerbate tensions between the rapidly expanding LNG export sector and the domestic power industry…
Oil Prices Steady as Ukraine Peace Process Stalls
Oil prices steadied on Friday amid uncertainty surrounding a potential peace deal between Russia and Ukraine, with prices remaining on track for their first weekly gain in three weeks.Brent crude futures were down 3 cents at $67.64 a barrel as of 1:00 p.m. EDT (1700 GMT). West Texas Intermediate (WTI) crude futures gained 5 cents to $63.57.Both contracts gained more than 1% in the previous session.