Global oil demand could peak by 2020, says Shell

The rise of electric cars has led many analysts to make predictions about the future of the oil industry. ExxonMobil and OPEC have both made statements indicating confidence that the majority of vehicles on the world’s roads will continue to be powered by fossil fuels for the next few decades. …

Oil Prices Drop as Concerns over Global Fuel Glut Re-emerge

Oil prices fell more than a percent on Wednesday as a report showing a surge in U.S. crude stocks, rising production in Nigeria and squabbling among producers about a planned output cut re-ignited concerns about a global supply glut. Brent crude futures were down 61 cents, or 1.20 percent, at …

World Bank Ups Its 2017 Oil Price Forecast To $55

The World Bank has just upped its oil price forecast for 2017, saying it now expects average prices to be US$55 a barrel over the next year. That’s US$2 more than its earlier forecast, which is a reflection that at least some shred of optimism is returning to the oil …

China’s Oil Production Tanks, Foreign Oil Dependency Nightmare Intensifies

It might seem disingenuous to call any country’s foreign oil dependency a nightmare, but that’s exactly what it is. A myriad of problems stem from foreign oil dependency, ranging from a massive transfer of wealth, to securing vital supply lines and shipping lanes to other geopolitical considerations. As a major …

IEA releases Oil Market Report for August

Crude oil prices eased to around $45 per barrel in August as a global supply overhang weighed and demand growth weakened, the newly released IEA Oil Market Report (OMR) for August informs subscribers. Brent crude had threatened to break below $40 per barrel at the end of July. Global oil …