We increased our forecast prices for crude oil and petroleum products for the remainder of 2024 in our March Short-Term Energy Outlook (STEO) following the announcement that OPEC+ will extend the existing voluntary production cuts through the second quarter of 2024. We now forecast significantly less global oil production than world oil consumption through the first … [continued]
In 2023, the world produced an estimated 101.8 million barrels per day (b/d) of petroleum and other liquids: mostly crude oil but also lease condensate, natural gas liquids, biofuels, and other liquids from hydrocarbon sources. We expect the global petroleum and other liquids supply to increase by about 0.4 million … [continued]
CERAWeek 2024 featured an address by Aramco CEO Amin Nasser in which he called a transition away from fossil fuels “a fantasy.”:
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]
It appears COP28 will finish with a whimper as the oil countries have aligned to prevent any significant action on fossil fuels.
Electric vehicle sales continue to grow faster than most people expected, even faster than professional analysts in the field expected, and — surprise, surprise — they’ve grown much faster than oil companies have forecasted. That’s one of the big takeaways from BloombergNEF’s latest Zero-Emission Vehicles Factbook. In the forecasts used … [continued]
When the IEA said recently that the world needs to slash the use of fossil fuels, the folks at OPEC went ballistic.
We forecast higher crude oil prices in the second half of 2023 and into 2024 in our latest Short-Term Energy Outlook (STEO) because of moderate but persistent inventory drawdowns. Inventory drawdowns take place when demand for a commodity is greater than the supply of that commodity. We expect production cuts from … [continued]
Middle Eastern oil producers are worried that more people will buy EVs in light of the high oil prices. Iraq’s oil minister, Ihsan Abdul Jabbar, shared these thoughts with the New York Times, noting that members of the Organization of the Petroleum Exporting Countries (OPEC) are concerned about this possibility. … [continued]
Originally posted on EVANNEX. By Charles Morris The transition to electric vehicles and renewable energy is already creating winners and losers. We write about the winners often in this space — they include just about anyone who invested in Tesla since the 2010 IPO, especially those who followed a buy-and-hold strategy, as … [continued]
