OilPrice

OPEC: Oil Industry Needs $11 Trillion in Upstream Investment by 2045

The oil industry will need cumulative investments of $11.1 trillion in exploration and production by 2045 to keep pace with growing energy demand and ensure stable supply, OPEC Secretary General Haitham Al Ghais has told Emirati news agency WAM in an interview. “Allocating more investments in the oil industry will contribute to promoting the sustainability of the global energy sector, securing sufficient and reliable supplies for the world as a whole, and ensuring secure supplies for future generations,” OPEC’s chief…

OPEC: Oil Industry Needs $11 Trillion in Upstream Investment by 2045

The oil industry will need cumulative investments of $11.1 trillion in exploration and production by 2045 to keep pace with growing energy demand and ensure stable supply, OPEC Secretary General Haitham Al Ghais has told Emirati news agency WAM in an interview. “Allocating more investments in the oil industry will contribute to promoting the sustainability of the global energy sector, securing sufficient and reliable supplies for the world as a whole, and ensuring secure supplies for future generations,” OPEC’s chief…

Goehring and Rozencwajg: EVs May Never Achieve Widespread Adoption

“Electric vehicles (EVs) are pilling up on lots across the country as the green revolution hits a speed bump, data show.”~ USA Today, November 14, 2023 “Hertz Global Holdings announced Thursday it planned to cut one-third of its global EV fleet over the year. Following the announcement, Hertz CEO Stephen Scherr suggested the road to electrification could be bumpier than anticipated.”~ Bloomberg, January 11, 2024 Starting mid-point last decade, the investment community became convinced EV adoption would quickly surge.  EV…

Subsidy Investigation Sent China’s EV Exports to the EU Plunging by 20%

Chinese EV exports to the European Union slumped by 19.6% in January and February 2024 compared to the same period last year as the EU continues its investigation into whether China’s subsidies are giving its auto manufacturers an unfair advantage over other EV makers. In the first two months of 2024, China exported around 75,600 EVs to the EU, according to official Chinese customs data reported by Bloomberg on Tuesday.    In October, the EU launched anti-subsidy investigations into EU imports of battery electric vehicles…

Subsidy Investigation Sent China’s EV Exports to the EU Plunging by 20%

Chinese EV exports to the European Union slumped by 19.6% in January and February 2024 compared to the same period last year as the EU continues its investigation into whether China’s subsidies are giving its auto manufacturers an unfair advantage over other EV makers. In the first two months of 2024, China exported around 75,600 EVs to the EU, according to official Chinese customs data reported by Bloomberg on Tuesday.    In October, the EU launched anti-subsidy investigations into EU imports of battery electric vehicles…

Investors Brace for Impact as Crude Markets React to Rising War Risks

A twin crisis is unfolding for the administration as the Ukrainian military bombs key crude refineries deep within Russian territory with suicide drones. The administration has pleaded with the Ukranians to halt strikes on Russian energy infrastructure as this will only contribute to tightening global supplies and push energy prices higher, as well as inflation in the US, hurting Biden's re-election odds.  Now for the other crisis that's unfolding in the Middle East: US Vice President Kamala Harris told ABC's "This Week" that a major attack…

The U.S. and EU Are at Odds Over Fossil Fuel Funding

The United States and the European Union are at odds over how far a ban on fossil fuel loans and guarantees would extend and haven’t reached an agreement at the latest round of talks within the OECD organization of the most developed nations, sources with knowledge of the discussions have told the Financial Times. OECD members, which include the U.S., the EU, Canada, the UK, Japan, and South Korea, among others, have recently held a round of talks in Paris, without reaching any compromise about the extent to ban export credit agencies…

Bullish Sentiment Brings $90 Oil Within Reach

In what feels like an increasingly bullish oil market, $90 Brent is now a real possibility. While demand uncertainty persists, geopolitical risk, a weakening U.S. dollar, and OPEC+ supply cuts have moved prices higher.- Long positions held by hedge funds and other money managers have seen the strongest influx of bullish interest since September 2023, indicating the market believes geopolitical pressures will keep on pushing oil prices higher.- Net long positions held in Nymex WTI rose by 50 million barrels in the week ending March 19, whilst ICE…

Private Equity Firms Strengthen Grip on Struggling Renewables Firms

Private equity firms and money managers are increasing their direct oversight of renewable energy startups that have been left struggling thanks to soaring demand for fossil fuels, slower-than-expected technological development and supply-chain shortages of materials and equipment. Pooja Goyal, CIO at the infrastructure subsidiary of multinational private equity, alternative asset management firm Carlyle Group, has revealed that his company has been negotiating key components on behalf of its portfolio companies. "No matter how much procurement…

U.S. Gas Producer Optimistic Despite Very Low Natural Gas Prices

Despite multi-year low natural gas prices in the United States, domestic producers continue to be optimistic about the long-term prospects of gas as a fuel, both in America and abroad.   The current oversupply in the U.S. natural gas market is set to ease in the coming months as many operators are curtailing production in response to the February price slump, which saw prices tumble to a three-decade low. This month, the spot natural gas prices at the Waha hub in West Texas, in the Permian, have been negative, sinking to as low as…

Iraq And Iran Will Expedite Development Of Sanctions-Busting Shared Oil Fields

A key reason why oil prices have remained relatively subdued despite the ongoing Russia-Ukraine and Israel-Hamas wars is that Iran has been producing much more oil than widely known, with the tacit agreement of the U.S. This acquiescence stems from the White House’s desire to avoid the sort of surging energy prices that caused inflation and interest rates to spike in it and its key allies in the aftermath of the Russian invasion of Ukraine in 2022, risking economic recessions in several of them. It also comes from the political awareness…

U.S. Poised to Dominate Global Biofuel Market by 2035

The biofuels industry in the US is booming, and a fresh surge in production is just around the corner thanks to increased demand for renewable diesel and sustainable aviation fuels (SAFs) in the coming years. Rystad Energy research predicts biofuel production in the US will increase by about 53% by the middle of next decade, jumping from 850,000 barrels of oil equivalent per day (boepd) in 2023 to about 1.3 million boepd in 2035. Domestic output is expected to surpass 1 million boepd as early as 2026. As governments and industry strive to decarbonize…

Decentralized Renewable Energy Helps Ukraine Weather Russian Attacks

Vadym Kolisnyk stands on a rooftop on the eastern edge of Zhashkiv. It’s the end of February, and the dark and fog that shroud central Ukraine for much of the winter have broken. The sun has returned to Cherkasy Oblast. This is good news for Kolisnyk, for whom the sun is money. Solar panels stretch along aluminum frames that go all the way to the eastern face of the barn roof on which he stands. Beyond, fields of grain wait for sowing. The lowing of some 3,000 cows, mostly Holsteins, rises to the rooftop – along with the smell, inescapable…

Russia Demands Oil Producers Slash Output for OPEC+

Russia's government has ordered oil companies to lower their output in the second quarter so that the country can meet its OPEC+ production target of 9 million barrels per day (bpd) by the end of June. Previously, Russian Deputy Prime Minister Alexander Novak announced that Russia would cut oil output and exports by an extra 471,000 barrels per day (bpd) in the second quarter, in tandem with production cuts by other OPEC+ members. The country will then gradually ease the export cuts and focus on only reducing output. Although…

Russia Demands Oil Producers Slash Output for OPEC+

Russia's government has ordered oil companies to lower their output in the second quarter so that the country can meet its OPEC+ production target of 9 million barrels per day (bpd) by the end of June. Previously, Russian Deputy Prime Minister Alexander Novak announced that Russia would cut oil output and exports by an extra 471,000 barrels per day (bpd) in the second quarter, in tandem with production cuts by other OPEC+ members. The country will then gradually ease the export cuts and focus on only reducing output. Although…

Russia Demands Oil Producers Slash Output for OPEC+

Russia's government has ordered oil companies to lower their output in the second quarter so that the country can meet its OPEC+ production target of 9 million barrels per day (bpd) by the end of June. Previously, Russian Deputy Prime Minister Alexander Novak announced that Russia would cut oil output and exports by an extra 471,000 barrels per day (bpd) in the second quarter, in tandem with production cuts by other OPEC+ members. The country will then gradually ease the export cuts and focus on only reducing output. Although…

Will China’s Economic Slowdown Stall the Aluminum Price Rally?

Via Metal Miner Aluminum prices remain entrenched within a sideways trend. Following a 2.78% month-over-month decline in February, prices retraced throughout the first three weeks of March to where they currently stand: 2.17% above their February close. Overall, the Aluminum Monthly Metals Index (MMI) moved sideways, with a 2.36% decline from February to March. Will Aluminum Prices Echo the Copper Price Rally? As Q1 nears its close, aluminum prices continue to show little momentum, further reflecting an uncertain market. However, prices saw a modest…

Sinopec’s 2024 Profits Declined 13% After Oil Prices Fell

China’s largest oil refining company China Petroleum & Chemical Corp. aka Sinopec, recorded a 13% decline in its 2024 profits due to lower oil and gas prices. Sinopec reported FY 2024 net income of 58.3 billion yuan ($8 billion) compared with 66.2 billion yuan posted in 2022 with global oil prices17% lower in 2023 compared to the previous year. The lower oil prices reduced the value of Sinopec’s drilling output and also cut its crude costs. Sinopec’s latest results missed the analyst consensus despite…

Sinopec’s 2024 Profits Declined 13% After Oil Prices Fell

China’s largest oil refining company China Petroleum & Chemical Corp. aka Sinopec, recorded a 13% decline in its 2024 profits due to lower oil and gas prices. Sinopec reported FY 2024 net income of 58.3 billion yuan ($8 billion) compared with 66.2 billion yuan posted in 2022 with global oil prices17% lower in 2023 compared to the previous year. The lower oil prices reduced the value of Sinopec’s drilling output and also cut its crude costs. Sinopec’s latest results missed the analyst consensus despite…

Black Sea Disruptions, Oil Prices Threaten Kazakhstan's Growth

Kazakhstan is expected to remain on a stable growth trajectory for the next two years, driven by continued carbon use and increased consumer spending, according to World Bank projections. At the same time, the bank suggests a new reform approach is needed to improve prosperity. The bank outlined Kazakhstan’s prospects in a recently published report, titled Preparing for Tomorrow: Reform for Long-Term Prosperity. As Kazakhstan continues to adapt to the shock created by Russia’s unprovoked invasion of Ukraine, growth is expected to moderate…

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