OPEC and some non-OPEC oil ministers met in Vienna last week and agreed to curb their output by 1.2 mb/d in order to address growing surpluses in the market. The agreement aims to achieve relative stability and to bring the market towards balance. So far, the Brent crude oil price seems to have found a floor, remaining close to $60/bbl much where it was when the ministers met. Recently, prices have been volatile; in early October Brent crude oil prices reached $86/bbl on concerns that the market could tighten as Iranian sanctions were implemented. Then, thirty-seven days later, they fell back to $58/bbl as producers more than met the challenge of replacing Iranian and other barrels. Such volatility is not in the interests of producers or consumers.
Even with modern production techniques, a large share of the oil in a reservoir is not produced during primary and secondary recovery (read a description of EOR on our new CCUS page or in the explainer below). Some of this oil can, however, be accessed through the use of more complex and energy intensive extraction techniques such as the injection of heat, chemicals, CO2 or other gases. These techniques have been successfully and commercially deployed in multiple countries over many decades.
OSLO and COPENHAGEN – Dr Fatih Birol, the Executive Director of the International Energy Agency, visited Norway and Denmark to present the latest findings from the World Energy Outlook, highlight the IEA’s emphasis on carbon capture, utilization and storage, and discuss the state of the global energy system.
The International Energy Agency on Wednesday held a meeting of the IEA Energy Business Council, which brings together representatives of the world’s largest energy companies, to discuss the state of the global energy system.
A week away from the release of the European Commission’s 2050 “Long-Term Strategy” for emissions reduction, three Brussels based organisations, Eurofuel, ECFD and UPEI – jointly with their respective German members – presented and debated the results of the Prognos Study “Status and Perspectives for Liquid Energy Sources in the Energy Transition”. The Prognos Study was commissioned by the four organisations representing the mineral oil sector in Germany. Whilst the study focussed on an analysis of the German market, the findings can be extrapolated on an EU wide level. The event was held on 21 November 2018 in Brussels and gathered experts and professionals from the transport and heating fuels sector.
A new study carried out by Prognos AG is looking into the status and perspectives of liquid energy sources and their possible contribution to the energy transition. Join us for a presentation of this study and a debate with renowned experts from institutions, industry, civil society organisations and the academic world about Europe’s future energy supply and the perspectives for liquid energy sources.