Global petroleum industry news

Here are some recent global petroleum industry news:

Oil Prices

• Oil prices have been volatile in recent weeks, with Brent crude prices reaching a high of $70.93 per barrel on February 24, 2023, and a low of $63.14 per barrel on March 8, 2023. (Source: Bloomberg)
• The International Energy Agency (IEA) has warned that oil prices could rise to $80 per barrel by the end of 2023 due to supply constraints and strong demand. (Source: Reuters)

Global Supply and Demand

• The IEA has reported that global oil demand is expected to rise by 1.2 million barrels per day (mb/d) in 2023, driven by growth in emerging markets. (Source: IEA)
• The Organization of the Petroleum Exporting Countries (OPEC) has reported that its oil production fell by 130,000 barrels per day (b/d) in February 2023, due to maintenance and technical issues. (Source: OPEC)

Refining and Petrochemicals

• ExxonMobil has announced plans to build a new refinery in Singapore, with a capacity of 500,000 barrels per day (b/d). (Source: ExxonMobil)
• The petrochemicals industry is expected to see significant growth in the coming years, driven by demand for plastics and other chemicals. (Source: ICIS)

Renewable Energy

• The International Renewable Energy Agency (IRENA) has reported that renewable energy accounted for 26% of global electricity generation in 2020, up from 21% in 2010. (Source: IRENA)
• The IEA has warned that the world needs to accelerate the transition to renewable energy to meet climate goals, and that oil and gas companies need to adapt to this new reality. (Source: IEA)

Company News

• Saudi Aramco has reported a net income of $88.2 billion in 2022, up from $47.2 billion in 2021. (Source: Saudi Aramco)
• Royal Dutch Shell has announced plans to cut its carbon emissions by 20% by 2035, as part of its efforts to reduce its environmental impact. (Source: Shell)

Regulatory and Policy

• The European Union has proposed a new law to reduce carbon emissions from transportation, including a ban on new fossil fuel-powered cars by 2035. (Source: EU)
• The US government has announced plans to increase its oil and gas production, despite concerns about the environmental impact. (Source: US Department of Energy)

Other News

• The global oil industry is facing a shortage of skilled workers, with many companies struggling to find and retain talent. (Source: Oil & Gas Journal)
• The COVID-19 pandemic has had a significant impact on the global oil industry, with many companies reporting significant losses and reduced production. (Source: Bloomberg)