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...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...The IEA forecasts crude consumption to increase by 1.3mn barrels per day this year while Opec this week maintained its growth estimates of 2.25mn b/d for 2024....
...At present, Saudi Arabia produces about 9mn b/d, compared with a maximum of about 12mn b/d....
..., say, 10 years ago, at a fraction of Cote d’Or prices....
...About 7mn barrels a day of crude oil and refined products flow through the Bab-el-Mandeb strait but the route has become vital for Russia to export to Asia with 4mn b/d heading south, according to Kpler...
...The CO₂ emitted in the production is also half the global average for a barrel of oil of 18kg/b, he added....
...Last month it completed the purchase of a 10 per cent stake in China’s Rongsheng Petrochemical Co Ltd for $3.4bn in a deal that will see Aramco supply 480,000 b/d of crude to China’s largest refining and...
...This would be 50 per cent more than the total investment in fossil fuel supply in 2022, and result in “a major challenge requiring close international co-operation”, the agency said....
...Its maximum output capacity is close to 12mn b/d. “It is very low in the context that we are not in a global recession,” Staunovo said....
...and secure supply for the decades ahead....
...US oil production, which soared by almost 2mn barrels a day at the height of the shale revolution between 2018 and 2019, is set to grow by just 200,000 b/d over the next 12 months — with practically all...
...Saudi Arabia will implement a “voluntary cut” of 500,000 b/d, or just under 5 per cent of its output, in “co-ordination with some other Opec and non-Opec countries”, it said on Sunday....
...Israel is still largely reliant on imported crude for its 300,000 b/d refining sector, with domestic demand of about 250,000 b/d....
...In the year to date, official data from government agencies and analyst OilX show global oil demand has grown by 2.5mn barrels a day year on year, exceeding our forecast by 0.3mn b/d....
...In our first note, I talk with Ed Morse, Citigroup’s global head of commodity research and the doyen of oil market analysts....
...The oil sands are set to produce 3.7mn barrels of oil a day by the end of the decade, according to a new outlook from S&P Global Commodity Insights....
...Russia, a member of Opec+, also said it would extend its existing production cut of 500,000 b/d until the end of the year....
...Since Biden entered office, New Mexico’s shale wells alone have added more than 700,000 b/d....
...He believes Russian output is down 350,000 b/d since February....
...The group’s decision in April to cut 1.66mn b/d failed to halt the slide in oil prices, just as an earlier cut announced last October had failed....
...at least $2bn in revenue through advertising, syndication and international licensing....
...“We basically are going from zero energy demand growth in 2022 [in China] to about 3mn b/d equivalent energy demand across the fuels next year,” said Dan Klein at S&P Global Commodity Insights....
...Combined Iranian and Venezuelan volumes are about 1.5mn-1.6mn barrels a day, which is 3 per cent of total seaborne trade in oil. Iran is 1-1.2mn b/d of this and Venezuela 400,000 to 500,000 b/d....
...The International Energy Agency forecasts that global oil demand may fall from more than 100mn b/d today to 24mn b/d in 2050 if the world successfully cuts emissions to net zero by then....
...And Michael Ovitz, Stone’s agent at the time and co-founder of the Creative Artists Agency, who was known for being power mad, Weiser recalls, and a fan of Sun Tzu, enriched Gekko....
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