Renewables Surged in 2020, but No 'Decisive shift' Towards Climate Goals Yet, BP Says
Wind and solar power capacity expanded rapidly in 2020 while global energy demand cratered because of the pandemic, yet this did not yet reflect a "decisive shift" towards meeting U.N.-backed climate goals, BP said in its annual energy review.Last year witnessed the biggest fall in carbon emissions in more than 75 years, putting the world closer to the path needed to hit a target of keeping global warming below 2 degrees Celsius this century, BP's 2020 Statistical Review said."Importantly, there was no sign of the decisive shift envisaged" by the less than 2 degrees Celsius scenario…
BP Boosts Saudi, U.S. Oil Reserves Estimates
BP raised its estimates of Saudi and U.S.
India, China to Lead Rapid Growth in Energy
The major chunk of global energy supply growth is expected to come from renewables and natural gas over the next two decades, but steep investment in oil exploration and production will be needed to meet crude demand in 2040.The global energy demand is set to rise by around a third by 2040, driven by improvement in living standards, particularly in India, China and across Asia.- These are the key highlights of BP Energy Outlook 2019.It shows how rising prosperity drives an increase in global energy demand and how that demand will be met over the coming decades through a diverse range of supplies including oil…
As Renewables Soar, BP sees China Hitting Brakes
Global demand for renewable power will soar at an unprecedented pace over the coming decades, BP said in a benchmark report on Thursday, while China's energy growth is seen sharply decelerating as its economic expansion slows.Still, China is set to remain the largest energy consumer by a long stretch into 2040 although India should overtake it in terms of demand growth beginning in the next decade, the British oil and gas giant said in its 2019 Energy Outlook.China's energy demand rose by 5.9 percent over the past 20 years…
Oil Traders Ready for Musical Chairs as China Tariffs Loom
Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude.China, which has bought an average 330,000 barrels per day (bpd) of U.S. crude oil this year, is threatening to place a 25 percent tariff on various U.S. commodity exports, including crude oil, although it is so far unclear when such a measure would come in place.The decision came in response to U.S. President Donald Trump saying he was pushing ahead with hefty tariffs on $50 billion of Chinese imports.And it triggered an aggressive response by Trump…
Peak Oil Demand and its Implications for Prices: Kemp
Even if oil consumption reaches a peak and then starts to fall, the world will still need large quantities of oil for many decades to come. The prediction is contained in a thoughtful paper co-authored by Spencer Dale, chief economist of BP, and Bassam Fattouh, director of the Oxford Institute for Energy Studies. "Global oil demand is likely to continue growing for a period, driven by rising prosperity in fast-growing developing economies," they wrote in a paper published on Monday. The implication is that consumption is likely to reach a maximum at some point and then start to fall…
Global Oil Demand to Grow into 2040s
Global oil demand will keep growing into the 2040s due to higher consumption of plastic goods even as the electric vehicle fleet expands rapidly and technology revolutionises transport, BP said in its annual Energy Outlook on Wednesday. The forecast of sustained demand growth for the fossil fuel comes as other oil companies such as Royal Dutch Shell brace for demand to plateau by the early 2030s while countries gradually shift to less-polluting energy. In its industry benchmark report, BP forecasts a significant slowing of carbon emissions, which remain well in excess of goals set by governments to fight global warming.
Trump Energy Policy Unlikely to Have Big Impact on CO2 Fight
Changes to U.S. energy policies under new President Donald Trump are unlikely to have a big impact on global action to curb a rise in greenhouse gas emissions, oil major BP's chief economist said on Wednesday. On Tuesday, Trump signed orders to smooth the path for the Keystone XL and Dakota Access oil pipelines in a move to expand energy infrastructure and roll back key Obama administration environmental decisions. As part of his election campaign, Trump promised to bolster the U.S. oil, gas and coal industries, partly by undoing federal regulations curbing carbon dioxide emissions. "The actual implications of change in U.S.
Trading Houses Predict Cautious Rise in Oil Prices
Oil prices have probably bottomed out and will rise from now on though the recovery will be slow due to a huge stocks overhang, some of the biggest oil trading executives said on Tuesday. "The downturn in oil markets is behind us ... The trend is now up ... But rebalancing will take time. We will probably continue to build stocks for some time," Torbjorn Tornqvist, the head of Gunvor, told the FT Commodities Summit. "We have seen the bottom," said Jeremy Weir, chief executive of Trafigura, predicting that supply and demand would be in balance by the third or fourth quarter of this year.
Climate Qualms Mean Oil Will Never be Used Up - BP
Concerns about the climate change impact of burning the world's remaining oil resources mean the reserves will never be fully exploited, BP Chief Economist Spencer Dale said on Tuesday. That assumption means the relative price of oil will not necessarily increase over time, Dale said at an economists' conference in London on Tuesday. Burning existing reserves of oil, gas and coal would emit more than 2.8 trillion tonnes of climate-harming carbon emissions, much more than the 1 trillion threshold scientists have set to limit global warming to 2 degrees.
Top Trading Houses Weigh in on Energy
Top executives from the world's largest trading houses discuss trends in commodities trading at the FT Commodities Global Summit in Lausanne, Switzerland, this week. Said Trafigura had recently increased its exposure to Russia but in line with U.S. and EU sanctions. "We have been in Russia historically. We have increased activity of late because based on commercial business we have seen a niche and obviously (operate) within the sanctions. We understand the sanctions and comply with them. As long as we are aware there are no sanctions on oil trading in Russia".
BP Names New Group Chief Economist
BP today announced the appointment of Spencer Dale as its new Group Chief Economist with effect from the end of October. Mr Dale joins BP from the Bank of England where he is currently Executive Director for Financial Stability Strategy and Risk. He is also a member of the Bank’s Financial Policy Committee. In his previous capacity as the Bank’s Chief Economist, Mr Dale served for six years on the Monetary Policy Committee. Since joining the Bank in 1989, Mr Dale’s roles included working as private secretary to former Governor…
New Chief Economist at BP
Former Bank of England chief economist Spencer Dale is leaving the central bank, just two months after being moved to a new role, to become chief economist at oil major BP, the BoE said on Monday. Dale spent six years as the central bank's chief economist, where he was responsible for economic forecasts and took a relatively hawkish line on monetary policy. As part of a major reorganisation of the central bank by Governor Mark Carney, Dale swapped jobs in June with Andy Haldane, who was responsible for financial stability issues.
