Global demand for oil will reach its peak this decade, the International Energy Agency predicted for the first time, amid growing popularity of electric cars and the cooling of China’s economy.
OPEC expects a slightly tighter global oil market than previously forecast as the group nudged up its demand estimate and trimmed its supply outlook.
The International Energy Agency cut its forecast for global oil demand this year after China reimposed lockdowns to contain the spread of a resurgent coronavirus.
Global oil demand should outpace supply in the second half of this year – but excess inventories are expected to persist well in to 2018 according to the International Energy Agency.
Global growth of alternatively fuelled cars and light vehicles will see demand for oil decline between now and 2050, new research has revealed.
The recent furore over the hacking of e-mails at the University of East Anglia's Climatic Research Unit and the "revelation" that the Intergovernmental Panel on Climate Change got its forecasts on the rate of Himalayan glacier melt wrong are both rather "unfortunate" events
OIL and gas industry offshore spending is expected to grow strongly, despite the global recession.
OIL explorer Petrel Resources said yesterday it had raised more than £1.8million through the placing of shares with three long-standing institutional shareholders.