GLOBAL PETROLEUM CONSUMPTION
EIA estimates that global consumption grew by 1.2 million bbl/d in 2013, exceeding 91 million bbl/d by the second half of the year. EIA expects global consumption to grow at a similar pace of nearly 1.3 million bbl/d in 2014 and 1.4 million bbl/d in 2015, exceeding 93 million bbl/d by the second half of 2015.
Non-OECD countries account for almost all consumption growth over the forecast period. China is the leading contributor to projected global consumption growth, with consumption increasing by 400,000 bbl/d in 2014 and 430,000 bbl/d in 2015. However, China's economic and oil consumption growth have moderated compared with levels before 2012, when GDP growth exceeded 9% and annual oil consumption growth averaged 790,000 bbl/d from 2009 through 2011.
On the other hand, EIA expects OECD consumption to remain relatively flat over the next two years. Projected consumption declines in the OECD are led by Japan and Europe. EIA expects Japan's oil consumption to decrease annually by about 120,000 bbl/d in both 2014 and 2015, as the country continues to increase natural gas consumption in the electricity sector and returns some nuclear power plants to service. EIA projects that OECD Europe's consumption continues to decline by 100,000 bbl/d in 2014 and another 50,000 bbl/d in 2015, albeit at a slower pace compared with previous years. U.S. oil consumption growth, which was 380,000 bbl/d in 2013, is expected to slow to 30,000 bbl/d in 2014 and 60,000 bbl/d in 2015.
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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.