LONDON: Global
oil prices could drop to around $40 a barrel by 2030 if governments push to reduce fuel consumption in step with U.N.-backed plans to limit global warming, a leading energy consultancy said on Thursday. In a report outlining a scenario where the world acts decisively to tackle greenhouse gas emissions by electrifying transport and industry, Edinburgh-based Wood Mackenzie said oil consumption would begin a steep drop as early as in 2023. The decline in demand would accelerate to a rate of 2 million barrels of oil per day (bpd) to reach 35 million bpd by 2050, accounting for a 60 per cent drop in carbon emissions from oil use from today s levels.
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LONDON (Reuters) - Global oil prices could drop to around $40 a barrel by 2030 if governments push to reduce fuel consumption in step with U.N.-backed plans to limit global warming, a leading energy consultancy said on Thursday.
FILE PHOTO: A natural gas flare on an oil well pad burns as the sun sets outside Watford City, North Dakota January 21, 2016. REUTERS/Andrew Cullen/File Photo
In a report outlining a scenario where the world acts decisively to tackle greenhouse gas emissions by electrifying transport and industry, Edinburgh-based Wood Mackenzie said oil consumption would begin a steep drop as early as in 2023.
Oil Escapes Holding Pattern With 5% Surge As Traders Embrace Strong Demand Data
by Ship & Bunker News Team
Wednesday April 14, 2021 The persistent predictions of demand recovery coupled with strong oil consumption numbers from the
U.S. finally cut through the pessimism gripping traders of late, and as a result crude prices on Wednesday soared by almost
5 percent.
5.9 million barrels last week, exceeding forecasts for a
2.9 million-barrel drop, Brent rose
$2.91, or
$66.58 per barrel; West Texas Intermediate ended
$2.97, or
$63.15. The EIA also reported that gasoline supplied in latest week (indicating the U.S. consumption of the fuel) rose to 8.9 million barrels per day (bpd), the highest since August.
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LONDON Global oil prices could drop to around $40 a barrel by 2030 if governments push to reduce fuel consumption in step with U.N.-backed plans to limit global warming, a leading energy consultancy said on Thursday.
In a report outlining a scenario where the world acts decisively to tackle greenhouse gas emissions by electrifying transport and industry, Edinburgh-based Wood Mackenzie said oil consumption would begin a steep drop as early as in 2023.
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