Oil: when there are more, there are still

[moinsdewatt]

OPEC revises its forecast for global crude oil consumption in 2020

AFP published on Jan 15, 2020

OPEC revised upwards its forecast for global crude oil demand this year on Wednesday, thanks to more optimistic economic growth prospects, while believing that countries outside the cartel will also produce more.

The organization of the oil exporting countries now thinks that demand growth will reach 1,22 million barrels per day (Mb / d) this year compared to 2019, i.e. an upward revision of 0,14 Mb / d. Global crude demand should therefore drop from 99,77 Mb / d in 2019 to 100,98 Mb / d in 2020, according to the monthly report of the organization based in Vienna.

This change "essentially reflects an improved economic outlook for 2020," she explains. Global economic growth should therefore accelerate to 3,1% this year (+0,1 point compared to the previous forecast), after 3,0% last year.

"The low interest rate environment should support economic growth," says OPEC. “Additional support could perhaps come from some countries with ample fiscal leeway, which can borrow at low rates - and sometimes at negative rates - to finance infrastructure projects, which should support demand for the economy. oil".

On the supply side, OPEC also revised its estimate of growth in non-OPEC production this year up 0,18 Mb / d to take into account higher activity than expected in certain countries ( Norway, Mexico, Guyana). Growth should therefore reach 2,35 Mb / d, for a production of 66,68 Mb / d.

OPEC countries and their allies, including Russia, have pledged to cut production to support prices. The partners committed themselves on December 6 in Vienna to further limit their extractions.

This collaboration "remains essential to maintain the stability of the oil market," said OPEC on Wednesday.

In December 2019, total OPEC crude oil production dropped by 161 barrels per day from November, reaching 000 Mb / d, according to secondary (indirect) sources cited in the report. The main contributor to the decline was Saudi Arabia, the cartel's largest producer and leader, whose production declined by 29,444 barrels per day in December.

https://www.connaissancedesenergies.org ... sse-200115

[moinsdewatt]

Continuation of this post of Oct 13, 2019 http://www.oleocene.org/phpBB3/viewtopi ... 5#p2289775



Source https://oilprice.com/Energy/Crude-Oil/E ... eries.html

[plasmanu]

30% of oil and gas reserves would be under the ex-future Arctic ice. Then the melting of the cap the sharks eagerly look at it.
And if the master of the universe wants to buy Greenland it is not to go skiing, he prefers golf first ...
On that account, I would advise him to go off-piste skiing in the Pyrenees without ARVA

[plasmanu]

"These substances are responsible for half of the warming of the Arctic"
https://www.futura-sciences.com/planete ... que-79274/

IMG_20200123_044825.jpg (145.82 KB) Viewed times 3038

[Exnihiloest]

Do not rely on propaganda images.

"In 2017, there were around 26.000 polar bears according to official figures. So the population has increased and it is therefore not true to say that it has declined overall."
https://www.sciencesetavenir.fr/animaux ... que_132624

"Bears thrive where sea ice loss is greatest"
https://www.valeursactuelles.com/clubva ... ien-109384

[plasmanu]

And it should be a seal, not a sea lion.
The emperor penguin is rather to the south.
And blind bears are not very big.
But there is still a bit of ice

[moinsdewatt]

Offshore oil in Senegal for 2023:

Senegal Could Soon See Its First Offshore Oil

By Tsvetana Paraskova - Dec 03, 2019

Woodside Petroleum, operator of the Sangomar block offshore Senegal, has submitted the development plan for what would be the West African country's first offshore oilfield, paving the way for a final investment decision on the project.

Woodside Petroleum submitted the plan and the request for exploitation authorization of Sangomar, formerly SNE, to the Government of Senegal on Monday, the Australian firm said in a statement on Tuesday.

Phase one of the development plan targets oil resources estimated at 230 million barrels, with first oil guidance set for early 2023, Woodside Petroleum said. The concept chosen for Phase 1 is a standalone floating production storage and offloading (FPSO) facility with 23 subsea wells and supporting subsea infrastructure, expected to have total capacity of around 100,000 bpd.

Woodside continues to target a final investment decision (FID) for 2019, but the decision could be complicated by a dispute between Woodside, operator and holder of 35 percent in Sangomar, and minority shareholder Far Limited, which has a 15-percent interest in the development.

Far Limited also announced on Tuesday the filing of the plan and request for exploitation authorization, saying that the field will be developed in a series of phases with plans for 645 million barrels of oil equivalent, of which 485 million barrels are of oil, to be Developed.
........

https://oilprice.com/Latest-Energy-News ... e-Oil.html

[ABC2019]

: Mrgreen:
And it should be a seal, not a sea lion.
The emperor penguin is rather to the south.
And blind bears are not very big.
But there is still a bit of ice

it's just an iceberg that left the Arctic to arrive in Antarctica (taking a sea lion in California by the way), it's normal that there aren't many left at the end ...

[plasmanu]

And I who thought they were melting before the equator.
This explaining that. Everything is possible as Janic would say

[izentrop]

Well, not for long. Government agency warns global oil industry on the verge of bankruptcy

Signed by the Director of Scientific Research at GTK, Dr Saku Vuori, the report is written by Dr Simon Michaux, Senior Scientist at GTK, from the Ore Geology and Mineral Economics Unit. It is carrying out a comprehensive global assessment of scientific research on the state of the world petroleum industry with the aim of determining how the risks of a deficit in world supply could have an impact on the research and exploitation of petroleum resources.
The report, which has been peer reviewed, calls on the European Commission to consider oil as the most important “critical raw material” in the world. Despite a stinging criticism of the conventional peak oil theory, the report shockingly concludes that the economic viability of the entire global oil market could be wiped out in the next few years.