![]() ![]() Only last year, some 22,000 wells were drilled. If this forecast is realized, total wells drilled during the year be the lowest in nearly 90 years. World Oil magazine forecasts that fewer than 11,000 new wells will be drilled in the US during 2020. The glut in diesel and other middle distillates has become so evident in recent weeks that traders have started to charter tankers to store fuels for sale at a later date. Faced with an unprecedented crash in jet fuel demand, refiners have geared toward making more of the other distillate fuels, whose stocks have risen to levels not seen in decades. While much of the market’s attention has been focused on how fast gasoline demand will recover, lower economic activity in all regions of the world has led to an oversupply in distillates, including diesel, gasoil, and jet fuel. Some analysts say that until the world gets a vaccine, there are widespread reopenings, and a meaningful increase in travel, there will not be a pick-up in demand and a significant price increase. Oil traders expect a sharp increase in Iraqi exports next month, while exports resumed from several Libyan oil terminals. The oil markets are contending with growing supplies. Oil: Prices fell this week amid growing concerns that another wave of the coronavirus pandemic will spark tighter lockdowns and further stifle oil demand. New York futures edged lower Friday and fell 2.1 percent on the week closing at $40.25 in New York and $41.92 in London. In the ‘rapid’ and ‘net-zero’ scenarios, demand for coal falls by one-third by 2030 and by around 90 percent by 2050.”- Simon Evans, Carbon Brief Now, it sees demand falling ever faster, dropping to a fifth below 2019 levels by 2050. “Just three years ago, BP’s outlook included a peak in global coal demand for the first time.
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