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Rystad Energy has revealed that its latest forecast projects a six percent year on year increase in oil demand in 2021.
Rystad Energy has revealed that its latest forecast projects a six percent year on year increase in oil demand in 2021.
The company sees demand rising to an average of 95.4 million barrels per day (MMbpd) this year, from 89.6MMbpd in 2020. April 2021 demand is expected to hit 93 MMbpd, with 94 MMbpd projected in May and 95.8 MMbpd forecasted for June.
Total oil demand in the third quarter is expected to average 96.8 MMbpd before rising to 98.3 MMbpd in the fourth quarter. Looking further ahead to 2022, Rystad said its estimates show that total oil demand next year will continue to rise, reaching about 99.4 MMbpd.
The U.S. Department of Energy has announced two new funding opportunities, totaling more than $162 million, to improve efficiency and reduce carbon emissions among cars, trucks, and off-road vehicles .
The U.S. Department of Energy (DOE) has announced two new funding opportunities, totaling more than $162 million, “to improve efficiency and reduce carbon emissions among cars, trucks, and off-road vehicles”.
The programs comprise the SuperTruck 3 funding opportunity and the Low Greenhouse Gas Vehicle Technologies (LGGVT) funding opportunity. As part of the SuperTruck 3 prize, the DOE Office of Energy Efficiency and Renewable Energy’s (EERE) Vehicle Technologies Office (VTO) and Hydrogen and Fuel Cell Technologies Office are partnering to offer up to $100 million in funding over four years. This funding will go towards pioneering electrified medium- and heavy-duty trucks and freight system concepts that achieve higher efficiency and lower emissions, the DOE outlined. EERE ini
Check out this preview of what to watch this week in the oil market.
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.)
Metrics tied to U.S. drilling and hydraulic fracturing activity are approaching important benchmarks. Find out what those benchmarks are, along with what capital spending-related questions they spur from two of Rigzone’s regular prognosticators, in this installment of what to watch this week in the oil market.
Jon Donnel, Managing Director, B. Riley Advisory Services: U.S. rig and active frac spread counts are closing in on required levels to keep overall crude production flat with Fourth Quarter 2020 exit rates, which was the consensus target heading into the year. Current oil prices in the mid-$60-per-barrel range remain above levels baked into operators’ annual spending plans, setting up the question heading into earnings season as to whether those ori
Trafigura Group Pte Ltd has revealed that it is launching a carbon trading desk.
The company has appointed Hannah Hauman as its new global head of carbon trading. Hauman - who has been with Trafigura Group for five years, most recently as head of crude oil for Europe - will lead a dedicated team based in Geneva, Houston, and Singapore, the group revealed, adding that there are plans to recruit “a number” of additional roles.
Following Hauman’s new appointment, Conor McFadden has been appointed head of crude oil for Europe with immediate effect. McFadden joined Trafigura almost five years ago and has global experience of trading oil for the group. His most recent role was in the company’s Houston office trading the West Texas Intermediate (WTI) crude oil contract.
Here are some of Rigzone s top upstream stories during the last week, just in case you missed them.
Here are some of Rigzone’s top upstream stories during the last week, just in case you missed them…
BP Strikes Oil Offshore Louisiana
BP reported an oil discovery at the Puma West prospect in the deepwater U.S. Gulf of Mexico on Tuesday. The discovery, which is located west of the BP-operated Mad Dog field, was drilled to a total depth of 23,530 feet.
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Lift Vessel Capsizes in Gulf of Mexico
A commercial lift vessel capsized in the U.S. Gulf of Mexico this week, the U.S. Coast Guard (USCG) revealed. At the time of writing, the USCG was still searching for 12 missing crew.