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Crude oil prices to average near $50 per barrel through 2022, says US EIA

In its January Short-Term Energy Outlook (STEO), US EIA expects the price of Brent crude oil to increase from its December 2020 average of $50 per barrel to an average of $56/b in the first quarter of 2021. The Brent price is then expected to average between $51/b and $54/b on a quarterly basis through 2022. This comes as EIA expects global demand for petroleum liquids to be greater than global supply in 2021, especially during the first quarter, leading to inventory draws. Specifically, EIA expects that growth in crude oil production from members of the OPEC and partner countries (OPEC+) will be limited because of a multilateral agreement to limit production. Saudi Arabia announced that it would voluntarily cut production by an additional 1.0 million b/d during February and March. Even with this cut, EIA expects OPEC to produce more oil than it did last year, forecasting that crude oil production from OPEC will average 27.2 million b/d in 2021, up from an estimated 25.6 million b/d in 2020. Meanwhile, EIA forecasts that US crude oil production in the Lower 48 states—excluding the Gulf of Mexico—will decline in the first quarter of 2021 before increasing through the end of ...

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DNV Energy Transition Outlook 2020

The behavioural and economic ramifications of COVID19 will permanently reduce global energy demand, according to DNV GL's newly published Energy Transition Outlook. Among others, the report talks about clean energy technologies, the role of financial institutions in financing the green transition and the long-term impact of COVID-19. 

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Watch: Project aims to develop a full-size tidal energy harnessing system solution

In fact, according to a recent statement, Leask Marine Ltd. has been presented as a key strategic associate for the Magallanes Renovables’ “OCEAN_2G” project. Namely, the OCEAN_2G (Second Generation technologies in ocean energy) innovation project aims to test; validate and pre-certify an innovative full-size tidal energy harnessing system solution ready to enter into European and global markets, further boosting the growth performance of industrial partners of the consortium and being a worldwide referent in the manufacturing of floating platforms for producing electrical energy from tidal currents.

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The road to 2050 energy transition

In the most recent Energy Transition Outlook, DNV GL presents its timeline of the next 30 years of the energy transition, which shows many astonishing milestones. Namely, the one of the key takeaways of the timeline is the peak of energy supply and demand, but there are other significant milestones as well. According to the timeline oil will peak at 2022, while 4 years later transport energy demand will peak.

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