The growth of electric vehicles won’t make much impact on the global demand for oil November 22, 2016 Chevy is about to release its all-electric Bolt. Tesla will soon put its Model 3 on sale. More than a dozen additional EV models will be launched in the next few years. Battery costs are falling fast, making EVs close to becoming cost-competitive with the internal combustion engine. Yet, oil demand will continue to rise, [...]
Oil prices fall to three-month lows on rising US inventories March 13, 2017 The price of oil fell to a three-month low today as more data showed US inventories are rising. Since last Monday, the price of oil has fallen more than eight per cent, after its biggest week-on-week drop in four months. Brent crude, the global benchmark, fell to a session low of $50.85 a barrel today, while West Texas Intermediate [...]
IEA: Oil oversupply will finally start drying up in the second half of 2016 April 14, 2016 The embattled oil market will start to rebalance in the second half of this year, as Opec's grand master plan to price out US shale gas producers starts to bear fruit. The International Energy Agency expects that the surplus will fall to 0.2m barrels per day (bpd) in the second half of this year, down from 1.5m [...]
Crude oil prices take a further hit as Saudi Arabia reports a rise in production in Opec report March 14, 2017 The price of crude oil has dropped sharply after a report by the oil producers’ cartel showed rising volumes being extracted in Saudi Arabia. Production of crude oil by Saudi Arabia rose by 263,000 barrels per day in February compared to the month before, according to the directly communicated figures reported in the monthly report [...]
International Energy Agency warns of “relentless” oil oversupply next year if Opec output cut fails to cap production November 10, 2016 The International Energy Agency (IEA) has warned global oil markets risk another year of "relentless" oversupply if Opec does not hash out a firm production cut later this month in Vienna. In its monthly oil market report, the agency pointed to other producers boosting output and global demand remaining flat as increasing threats to a [...]
Why the solution to India’s energy challenge lies in coal power plants January 13, 2017 India's huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for the foreseeable future. More than 240m people in India have no electricity, and even for those who have, the quality is far below standards acceptable in developed countries. India’s residential electricity consumption lags behind [...]
Opec has revealed compliance with its production cuts reached a record high, and oil prices are plunging February 13, 2017 Analysts are concerned the Organisation of the Petroleum Exporting Countries (Opec)'s production cuts won't be enough to raise crude prices. Opec today revealed it reached a record high of more than 90 per cent compliance with its planned cuts, but oil prices plunged on the news. Global benchmark Brent crude is trading down 2.13 per cent at around $55.49 a barrel while [...]
May must scrap “counterproductive” plans to limit immigration says radical free market think tank November 17, 2016 Theresa May has been urged to scrap “counterproductive” moves to limit migration in the aftermath of the Brexit referendum, despite public support for reform. Radical think tank the Institute for Economic Affairs is pushing the Prime Minister to retain freedom of movement in a bid to boost the British economy. May has made it clear [...]
This French energy giant thinks oil could be at $10 a barrel by 2025 December 21, 2016 Oil prices could fall to as low as $10 per barrel within a decade as a 'tsunami' of threats could undo demand. That prediction comes from Engie SA’s innovation chief, Thierry Lepercq, who says that oil demand will be hit on multiple fronts. He lays out five 'tsunamis': solar power, battery storage, electric vehicles, “smart” [...]
Brent crude and WTI: IEA says oil prices might have bottomed out March 11, 2016 Oil prices could begin to trend upwards, as high cost US shale gas producers halt production and Iran makes an unexpectedly slow return to the market, the International Energy Agency (IEA) said today. The IEA now expects non-Opec output will fall by 750,000 bpd this year, more than its previous estimate of 600,000 bpd. US production alone would decline by 530,000 bpd in [...]