A division of Occidental Petroleum, Oxy Low Carbon Ventures (OLCV), delivered the world’s first shipment of carbon-neutral oil to India, the energy industry’s first major petroleum shipment for which greenhouse gas (GHG) emissions associated with the entire crude lifecycle have been offset.
The United States blacklisted oil trading firms, individuals and ships that have helped Venezuelan oil company PDVSA, sell crude mainly to Asia, despite Washington’s sanctions on the South American nation.
The world will run out of sufficient oil supplies to meet its needs through 2050, despite lower future demand due to the Covid-19 pandemic and the accelerating energy transition, says Rystad Energy.
The COVID-19 pandemic and the acceleration of the energy transition are expected to have a lasting impact on global oil demand, expected to peak at 102 million barrels per day (bpd) in 2028, says Norwegian consultant Rystad Energy. Before Covid-19, it expected for peak oil demand of just over 106 million bpd in 2030.
A Rystad Energy analysis of oil production costs has revealed that the average breakeven price for all unsanctioned projects has dropped to around $50 per barrel, down around 10% over the last two years, and 35% since 2014.
The International Energy Agency (IEA) recently issued its Oil Market Report (OMR) focused on the global oil market including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity.
The outbreak of the COVID-19 pandemic resulted in the sharpest downturn in energy and oil demand in living memory, according to OPEC World Oil Outlook 2020, released in Vienna, Thursday. Despite the large drop in 2020, global primary energy demand is forecast to continue growing in the medium- and long-term, increasing by a significant 25% in the period to 2045.
According to U.S. Customs data, the first of two tankers carrying cargoes of Iranian gasoline seized by the United States, discharged in New York on 29th September 2020, ending a three-month journey.
US Goverment recently imposed sanctions on 11 companies for reportedly enabling the shipment and sale of Iranian petrochemicals.
The US Justice Department recenly announced the seizure of three websites used by Iranian front company, as it was allegedly shipping fuel on four tankers to Venezuela.
