The International Energy Agency (IEA) has announced that it will publish its 2025 oil demand forecast report in April, about three months earlier than its former schedule after OPEC expedited its equivalent report by six months. Last week, OPEC released its 2025 oil demand forecast wherein it maintained its earlier prediction of robust demand growth in 2024 and 2025 led by China and the Middle East. OPEC has forecast that oil demand will grow by 1.85 mb/d in 2025 to hit 106.21 million bpd. For the current year... Читать дальше...
Toyota's chairman and former CEO, Akio Toyoda, is at it again: providing the public with a dose of reality that electric vehicles will never dominate the global car market. Toyoda, grandson of the founder of the world's largest car manufacturer, expressed at a business event this month, as reported by The Telegraph, that EVs will never capture 30% of global market share. He explained that petrol-burning vehicles and hybrids, along with hydrogen fuel cell vehicles, will dominate. Toyoda made the point... Читать дальше...
University of Leicester scientists have made an insight into superlubricity, where surfaces experience extremely low levels of friction. This could benefit future technologies by reducing energy lost to friction by moving parts. As many of us are stepping carefully to avoid a slip and fall in the frosty weather, scientists led by the University of Leicester have been investigating how to make surfaces even slicker. They reported solving a conundrum in the principles of superlubricity – a state in... Читать дальше...
The United States recorded a 1.9% drop in C02 emissions in 2023, thanks in large part to substituting natural gas for more emissions-intensive coal. According to nonpartisan research provider Rhodium Group, emissions from power generation fell 8% while those for residential and commercial buildings dropped 4%; however, the transport sector saw emissions increase 1.6% due to a rebound in air travel and increased driving. The drop is even more impressive considering that it came in a year when the economy was expanding... Читать дальше...
The Asian Energy Impact trust is seeking to restore its London listing after publishing delayed annual and interim results, following months of controversy around the trust. In April, the trust’s shares were suspended after an issue was identified with its 2022 annual results, leading to ‘material uncertainty’ over the fair value of some of its assets and liabilities. The trust owned a 200 MW construction-ready asset owned by SolarArise, a Delhi-based renewable energy platform owned by ThomasLloyd... Читать дальше...
HSBC Global Research has predicted that Brent crude prices will remain range-bound at $75 per barrel to $85 per barrel in the mid-term as with spare production capacity by OPEC+ enough to offset any geopolitical risks. According to HSBC, OPEC+ will see its spare production capacity increase to 4.5 million b/d at the end of 2024, up from 4.3 million b/d at the end of 2023, which should be enough to dampen price spikes. "Trade disruptions in the Red Sea add only a marginal premium to oil prices and... Читать дальше...
This year will see a major push by Russia to ensure that the Northern Sea Route (NSR), which is vital for shipping minerals, oil, and liquefied natural gas (LNG) from its huge Arctic operations, remains fully functional all year round, according to a senior Moscow-based oil analyst exclusively spoken to by OilPrice.com last week. Given the hostile climate in the region, ships have been unable to sail at all during March, April, and May, and have struggled to do so at other times as well. This new... Читать дальше...
Asia and Africa, which replaced Europe as the primary destinations of Russian crude oil, rushed last year to import cheaper crudes from Russia, boosting Asian and African overall crude oil imports to record highs, according to tanker-tracking data from Kpler cited by Reuters. After the EU and G7 embargoes and sanctions came into effect, Russia managed last year to divert most of its crude exports away from Europe and onto Asia and Africa. While Russian crude exports to Europe crashed in 2023,... Читать дальше...
