By: OilPrice.com - On December 5, 2022, Russia's ability to sell crude oil got harder when it was blocked...
By: OilPrice.com - On December 5, 2022, Russia's ability to sell crude oil got harder when it was blocked from transporting its black gold by ship to the EU. Moreover, that same day, an EU cap on the price of Russian oil exports of $60 per barrel took effect.
Data suggests the latest measures are having an impact. Russian oil exports have fallen to a two-year low, and the price of Russian crude has slipped to levels not seen since the start of its full-scale attack on Ukraine on February 24, 2022.
But while nearly all of the EU is cutting its deliveries of Russian oil, Bulgaria, also a member of NATO, appears to be bucking the trend. As 2022 ended, Bulgaria had become the third-largest purchaser of Russian oil in the world.
Bulgaria is not defying sanctions. Sofia has secured itself from Brussels an exemption, allowing it to take shipments of Russian oil delivered by sea. The measure had widespread support across the political spectrum in Bulgaria, with Kiril Petkov, the former prime minister of one of Bulgaria's most pro-Western governments ever, lobbying for it.
By: CarScoop - British Petroleum’s EV charging unit, BP Pulse, has put in a large order of charging...
By: CarScoop - British Petroleum’s EV charging unit, BP Pulse, has put in a large order of charging stations from Tritium Charging. The order is the manufacturer’s largest ever and will see chargers installed in the United States, Europe, and Australia under the BP Pulse brand.
The precise size of the order has not been revealed, but Tritium says that it comes as part of a multi-year contract that was announced in April 2022. It will supply BP Pulse with a mix of 50 kW RTM and 150 kW PKM chargers.
Tritium calls the 50 kW RTM charger one of the most advanced DC chargers available today. Its modular design is intended to make it suitable for dealerships, retail locations, hotels, and other public spaces. The 150 kW PKM model, meanwhile, is designed for fleets and heavy commercial use.
By: InsideEV - Elon Musk has announced he thinks that the world will reach peak oil demand within the...
By: InsideEV - Elon Musk has announced he thinks that the world will reach peak oil demand within the next five years, which seems to be in-line with what the International Energy Agency (IEA) predicted in a report it published in late 2022. The IEA said the demand for oil would level off around the middle of this decade and then start to go down towards the year 2050 (and presumably beyond).
According to IEA Executive Director Fatih Birol,
Energy markets and policies have changed as a result of Russia’s invasion of Ukraine, not just for the time being, but for decades to come. Even with today’s policy settings, the energy world is shifting dramatically before our eyes. Government responses around the world promise to make this a historic and definitive turning point towards a cleaner, more affordable and more secure energy system.
The IEA also presents several possible scenarios that will affect when peak oil demand is reached.
"Oil Demand Could Plunge By 30% Over Next 5 Years" Cathie Wood
By: MarketWatch...
By: MarketWatch - Crude-oil prices are up thus far in 2023, but fund manager Cathie Wood sees a substantial drop in global oil uptake that could result in a powerful swing lower for the fossil fuel.
“We believe that the demand for oil,” estimated to be at about 100 million barrels a day, “is going to drop over the next five years” by 30%, Wood said on Thursday during a quarterly seminar for clients of ARK Invest’s suite of funds.
That’s “because of not only electric vehicles and the increased in electric-vehicle miles,” but also autonomous taxi services, Wood predicted, referencing her popular holding, Tesla Inc.
By: EnergyNewsLive - Harbour Energy, one of the largest ...
By: EnergyNewsLive - Harbour Energy, one of the largest North Sea oil and gas companies has said it will cut jobs following an increase in the windfall tax for oil and gas production profits, the Energy Profits Levy (EPL).
A few months ago, the government announced the EPL will rise from 25% to 35%, as part of its measures to tackle the cost of living crisis.
Although the energy giant has not yet confirmed how many employees will be made redundant, it has been reported that most of those will be Aberdeen-based.
A Harbour Energy spokesperson told ELN: “Following changes to the EPL, we have had to reassess our future activity levels in the UK.
