The global industrial lubricants market is expected to reach a market size of USD 75.23 Billion growing at a CAGR of 3.2% during the forecast period, according
Saudi Arabia’s Oil-Market Pessimism Vindicated
Bloomberg 1/19/2021 Grant Smith
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Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that rather than restore halted production as planned it would slash supplies by a further 1 million barrels a day.
The resurgent pandemic necessitated “preemptive” action to protect the oil recovery, said the kingdom’s Energy Minister Prince Abdulaziz bin Salman. That ran counter to the view of Saudi’s OPEC+ ally, Russia, but since then plenty of evidence has emerged that Riyadh made the right call.
On Tuesday, the International Energy Agency slashed forecasts for world oil demand in the first quarter as countries hunker down to contain new coronavirus outbreaks. China, which has powered crude’s recovery until now, is locking down cities again and discouraging travel over the Lunar New Year holidays.
By Chineme Okafor
The Organisation of Petroleum Exporting Countries (OPEC) has predicted that up to 8.6 million barrels (mb) of daily global oil demand could be wiped out in 25 years by improved fuel-efficient practices.
OPEC’s Secretary General, Dr. Mohammad Barkindo stated this in a speech he delivered at the 31st Meeting of the Energy Charter Conference which held recently in Azerbaijan via videoconference.
“If we look at OPEC’s recently published World Oil Outlook 2020, oil demand in the transportation is an illustrative example. Between 2019 and 2045, improved fuel efficiency is expected to be responsible for a decline in demand of 8.6 mb/d.
ETF Trends CEO Tom Lydon discussed the
VanEck Vectors Oil Service ETF (OIH) on this week’s “ETF of the Week” podcast with Chuck Jaffe on the MoneyLife Show.
This ETF is designed to track the largest 25 U.S.-listed oil service companies. As such, investors should not expect a deep portfolio, but it is important to note that the fund heavily favors its top ten holdings. It is also important to mention that about one-quarter of the fund is invested in foreign equities, as several firms on the list are cross-listed on foreign exchanges or hold their headquarters beyond our borders.
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LONDON (Reuters) - World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits.
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic//File Photo
The prediction from the Organization of the Petroleum Exporting Countries, made in its 2020 World Oil Outlook, comes amid a growing number of other forecasts that the pandemic may prove the tipping point for peak oil demand.