BP DOESN’T SEE
While registering an increase in global production of shale gas, BP said that significant unconventional hydrocarbon productions remain unlikely in Europe at least till 2035.
'Renewables, shale gas, tight oil and other new fuel sources in aggregate grow at 6% p.a. and contribute 45% of the increment in energy production to 2035' reads the BP Energy Outlook 2035.
The British company estimated that Asia Pacific and North America are the regions with the highest levels of remaining technically recoverable shale gas. Europe and Eurasia is the second last region, before the Middle East.
According to the forecasts, US shale gas production should grow by 4.5% a year, 'although growth rates moderate gradually.' By 2035, US and China are expected to produce 85% of global shale gas.
"We don't see any shale production of any great significance in Europe and the UK by 2035," BP's chief economist, Spencer Dale, commented during the presentation of the Energy Outlook 2035.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.