Norway’s energy research and business intelligence company Rystad Energy has joined Denmark’s Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping to advance the maritime industry’s role in the global energy transition. On December 15, 2023, the duo signed a knowledge partnership agreement to formalize their collaboration, embarking on a long-term …
Read More »Rystad Energy: New Natural Gas Production is Needed to Meet Demand
Global gas demand is projected to rise in the next decade, thus influencing a 12.5% surge in production between 2023 and 2030. However, Rystad Energy forecasts that even in scenarios of 1.9 – 2.5°C warming, with rapid growth in renewable energy sources, the current set of existing gas fields will …
Read More »Why 2023 is Likely to See much Higher Oil Prices
Earlier this week, oil prices plunged to 2022 lows as energy markets panicked about demand amid COVID chaos in China that has resulted in an unexpected and extraordinary manifestation of street protests and even calls for Chinese President Xi Jinping to step down. The market’s response to this, according to …
Read More »LNG Bottlenecks are Emerging in Crisis-Stricken Europe
European countries have boasted that their gas storage facilities have been filled at higher than usual levels before the start of winter. Yet more LNG cargos are arriving in Europe at such rates that they are jamming ports. And freight rates are through the roof, adding to already record LNG …
Read More »Russia’s Oil Production has Plunged even as its Revenue Climbs
Russian oil production has been falling since its invasion of Ukraine. Russia’s crude producers are struggling to place all their oil on the market—especially the European one—and domestic refinery throughput is also slumping amid lower demand. Despite this, rising oil and gas prices have resulted in record-high oil and gas …
Read More »Oil Demand to Sink by 1.4 Million Bpd
Global oil demand will drop by 1.4 million barrels per day, according to the latest forecast by Rystad Energy on Friday cited by the National. The 1.4 million bpd loss would sink oil demand to 99.6 million bpd on average, below 2019 levels of 100.2 million bpd. And a rebound …
Read More »Global LNG Demand Growth Shifts from Asia to Europe on Russia Sanctions
Asia’s liquefied natural gas (LNG) demand growth may cool this year as buyers baulk at record-high spot prices pushed even higher by Europe’s shift to the super-chilled fuel amid the Ukraine crisis, analysts and industry sources said. High spot prices since late last year have already slowed trade and are …
Read More »Russia’s Oil Output could Peak in 2023
Russia, the world’s third-largest oil producer, has long been an unknown when it comes to the OPEC+ production agreement which caps the petroleum output of participants to support higher prices. It was Moscow’s spat with Saudi Arabia over production quotas in early 2020 which, combined with the emergence of the …
Read More »Russia to Reach Record-High Oil Production by Summer 2022
Russia may reach a record-high level of crude and condensate production in summer 2022, with output expected to reach its peak in 2023, Norway’s Rystad Energy consulting company said in a statement on Friday. “The OPEC+ coalition’s recent agreement to steadily raise oil production is paving the way for Russia …
Read More »World’s Recoverable Oil Down 9%
The amount of remaining recoverable oil resources in the world is 9% lower than last year, according to a new Rystad Energy assessment, which also showed that oil production and consumption can align with future climate goals. The assessment illustrated each country’s remaining recoverable resource standing as of the beginning …
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