Mid-Week Review – November 6, 2019
The First OPEC Member to Cut Oil Targets Over Climate Concerns
OPEC’s fourth-largest producer currently, Kuwait, may revise down its long-term oil capacity production targets due to concerns that environmental risks will limit oil demand growth, in what would be a first acknowledgement from an OPEC member that climate change could stifle oil demand. Click here to read more from Oilprice.com.
OPEC lowers forecast for oil demand growth, says its own market share is dwindling
In its closely-watched annual World Oil Outlook (WOO), the Middle East-dominated producer group said Tuesday that the last 12 months had been “challenging” for energy markets once again. OPEC has lowered its outlook numbers for global oil demand growth, to 104.8 million barrels per day (b/d) by 2024, and 110.6 million b/d by 2040. Click here to read more from CNBC.
The U.S. Oil & Gas Industry Is Cutting Methane Emissions
We hear that methane emissions from oil & gas is a main reason why we must jettison these essential sources of energy and pivot to renewable energy to save the planet. Yet, this is simply untrue. The oil & gas industry has actually significantly reduced its methane emissions across all sectors of the highly challenging extraction, delivery, and usage process. Click here to read more from Forbes.
Saudi Oil Pricing Shows IMO 2020 Demand Lift for Light Crude
Arab Extra Light’s premium over Arab Heavy ballooned to $4.65 a barrel for December sales to Asia, according to data compiled by Bloomberg. That’s the highest since March 2018 and $2 more than the previous month. The September spread was as narrow as $1.05. Click here to read more from Bloomberg.
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