Aramco CEO Blasts Energy Transition “Fantasy” At CERAWeek 2024
CERAWeek 2024 featured an address by Aramco CEO Amin Nasser in which he called a transition away from fossil fuels “a fantasy.”:
oil demand
In 2016, Bloomberg Made A Wild Prediction Regarding EVs For 2023. We’re Here To Check…
The year is 2016. The Tesla Model 3 is still firmly in production hell and won’t be able to ramp up production for two more years. Volkswagen is announcing its MEB platform and high hopes are being placed on the ID lineup. BYD is just entering its new phase of … [continued]
EVs to Surpass ⅔ of Global Car Sales by 2030, Putting at Risk Nearly Half…
Exponential growth in electric vehicle (EV) sales is transforming the auto sector faster than currently predicted, with EVs set to dominate global car sales by the end of the decade, putting at risk nearly half of worldwide oil demand, according to new analysis by RMI. Later-adopting countries, such as India … [continued]
WEF Sees Huge Drop In Oil Demand As Electric Vehicle Sales Rise
The World Economic Forum predicts that the EV revolution will eliminate the demand for 2 million barrels of oil a day by 2025.
OPEC Struggles To Manage “Permanent Demand Destruction”
OPEC is beginning to see the writing on the wall. Demand for oil is declining and may never recover. That’s good news for the Earth.
Millions Of Barrels Of Oil Nobody Wants Are Floating In The Ocean
The price of oil is plummeting and millions of barrels of oil are being produced that nobody wants — and they’re going right to the ocean.
Gas Stations Face Bankruptcy As Demand Plummets
With the COVID-19 pandemic keeping many people and cars at home and the looming threat of mass bankruptcy forcing consumer demand even lower, we have to ask: are gas stations making any money?
The Truth Around Oil
There is a pretty simple truth about oil, and that is that there is lots out there, a fact that is not going to change going forward. In fact, quite the opposite. There is probably more upside to production, as well as downside on the demand side, meaning we will likely see low oil prices for the foreseeable future. The likelihood is that we will also see a race to the bottom in terms of the oil price as producers try to pump oil out of the ground and bring it to market as fast as possible. This in turn will lead to stranded assets as oil companies write down high-cost resources which have become too expensive to take out of the ground.
IEA: Oil Demand In Southeast Asia To Grow Until At Least 2040
Despite demand for oil perhaps flatlining in many parts of the world over the coming decades, it will continue growing in Southeast Asia until at least 2040, according to a new report from the International Energy Agency.
Gutted EPA Mileage Rules Will Please Global Petro-States
On Tuesday, March 7th, the Trump administration will reverse the Obama administration’s Final Determination requiring automakers meet an average 54.5 miles per gallon by 2025, according to Inside EPA.
An alliance of manufacturers had urged protection for fuel inefficiency in a letter to Trump EPA administrator Scott Pruitt in February, and the industry request is one of hundreds of industry-requested rollbacks in Obama rules that are now on the chopping block, according to the New York Times.
