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 …
Read More »Largest Oil Producers In a Rush to Boost Their Production Capacity
Several of the world’s largest oil-producing nations have recently made public plans to boost their production capacity. The reason: peak oil demand is looming and countries are determined to make the most of their oil resources while they can. “Everything that can be produced should be produced while there is …
Read More »OPEC Expects Global Economic Growth to Sustain Oil Demand but Sees India’s Energy Needs Collapsing
OPEC left its global oil demand forecast for 2021 unchanged in its monthly outlook report, due to an economic rebound in the second half of the year but the bloc sees energy consumption in India, the world’s third-biggest consumer of oil, collapsing because of the surge in Covid-19 infections. The …
Read More »Global Oil Demand to Peak in 2026
The rapid adoption of electric vehicles (EV) around the world will probably cause global oil demand to peak two years earlier than previously expected, Norway’s biggest independent energy consultancy Rystad said on Wednesday. World demand is now seen peaking at 101.6 million barrels of oil per day (bpd) in 2026, …
Read More »Record Renewables Investment Closes the Gap with Oil & Gas Spending
Renewable energy projects are expected to see a record investment at US$243 billion this year, further closing the gap with expenditure on upstream oil and gas projects, where capex is expected flat at around US$311 billion, Rystad Energy said in a recent analysis. Spending on renewable projects in 2021 is …
Read More »Rystad Energy: Qatar on Track to be World’s Largest LNG Producer
Qatar’s move to sanction the $28.7bn North Field Expansion project puts the country on track to return as the world’s largest LNG producer by 2030, the Oslo, Norway-based Rystad Energy has said in a report. Qatar’s liquefaction capacity will rise to 110mn tonnes per year (tpy), or 18% of the …
Read More »The Best Performing Oil Major In 2020
Despite the devastating downturn of 2020, most global majors held up quite well during the market turmoil, a Rystad Energy comparative analysis reveals after measuring key upstream performance metrics. Total outshined all other peers, as the French company not only exceled in financial and operational performance, but also was the …
Read More »OPEC Crude Output Cuts should Help U.S. shale profits in 2021
A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may be just a modest stocking stuffer. U.S. crude oil production has fallen 2 …
Read More »Fears over Demand Eclipse COVID-19 Optimism after an Overnight Soaring of Prices
Oil prices dropped on Tuesday as concerns over demand in the near term in Europe and the United States returned to haunt the market after an overnight surge on progress towards a COVID-19 vaccine. U.S. West Texas Intermediate (WTI) crude futures fell 60 cents, or 1.5%, to $39.69 a barrel …
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