Monday, February 6, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Market Europe

The great Norwegian paradox: oil expansion and electric revolution | The

June 10, 2020
in Europe
The great Norwegian paradox: oil expansion and electric revolution | The
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Shell posts $18billion loss in second quarter – News for the Oil and Gas

Path to net zero: European oil majors outpace US companies on climate goals

Having lived in Oslo for a full year now, I am well and truly used to walking around the city among electric vehicles. They’re extremely common; peering outside my window right now I can see a BMW i3, a shiny new Nissan Leaf, and a Tesla Model 3. They’re all charged up using the extremely-low-emissions Norwegian electrical grid, almost entirely hydro power with some wind and gas generation.

Norway is also a global leader in the extraction and sale of fossil fuels. Mostly oil, with some gas, the country’s leaders plan to continue exploring for, extracting and selling these fossil fuels well into the future. And the emissions that stem from these activities once these fuels are burned massively outweigh emissions from within the borders of Norway:

Source- CICERO
Source: CICERO

The problem is double-barreled – the oil and gas extraction industry also increases emissions within the country, because these extraction processes are themselves emissions intensive, even before any fossil fuels are combusted in the bellies of combustion engine vehicles:

kilde chart
Source: CICERO

These are two conflicting stories. Movement here in Oslo, and in Norway in general, is among the cleanest in the world. But the country still relies heavily on selling fossil fuels, with a big emissions impact both domestically and overseas.

EVs are set for a global rise – but it needs to be quicker

Recently, Norwegian hydro giant Statkraft hosted the Nordic launch of Bloomberg New Energy Finance (BNEF)’s ‘Electric Vehicle Outlook (EVO) 2020’, summarising both the impacts of COVID-19 on transport and the near-future prospects for transition in transport.

The core message of BNEF’s EVO is that peak combustion came and went, and we barely noticed.

“Sales of internal combustion passenger vehicles peaked in 2017 and are in permanent decline”, the report states. COVID-19 is predicted to impact all vehicle sales, but “EV sales will drop less, and come back faster”, said BNEF’s Colin McKerracher, the lead author on the report.

EVs will reach price parity in the mid 2020s (a long-held prediction that may be surpassed well prior). China and Europe are pulling ahead of the US, both with massive contributions to decarbonisation of transport. Already, 16% of the world’s bus fleet has been converted to electricity – that is almost entirely due to China.

killer apps for electrification
Source: BloombergNEF

 

killer apps for electrification
Source: BloombergNEF

BNEF – true to form – is bullishly optimistic about change. “It goes slow and then it goes fast”, said McKerracher, of Norway’s successful government incentivisation of electric vehicles, resulting in a rise to nearly 60% of new sales fully electric by the end of 2019.

Pulling all the projection together, there is a simple and fascinating conclusion. “Oil demand from passenger vehicles has already peaked in our forecast was another surprising conclusion, perhaps a controversial one”, said McKerracher.

They project that overall oil demand for all road transport (including things like large trucks) is set to peak in 2031. And pointing out that all of these trends are insufficient…



Read More: The great Norwegian paradox: oil expansion and electric revolution | The

Tags: electricexpansiongreatNorwegianoilparadoxrevolution

Related Posts

Oil rises further from 3-week lows, but headwinds loom amid pandemic
Europe

Oil rises further from 3-week lows, but headwinds loom amid pandemic

by Oil Market
July 31, 2020
0

TOKYO (Reuters) - Oil prices recovered further ground on Friday, after touching three-week lows in the previous session, responding...

Read more
Shell posts $18billion loss in second quarter – News for the Oil and Gas
Europe

Shell posts $18billion loss in second quarter – News for the Oil and Gas

by Oil Market
July 30, 2020
0

Shell has posted losses of $18.1billion (£14bn) for the second quarter of 2020 as oil, LNG and gas prices...

Read more
Path to net zero: European oil majors outpace US companies on climate goals
Europe

Path to net zero: European oil majors outpace US companies on climate goals

by Oil Market
July 29, 2020
0

The strong and growing pressure on oil and gas companies to dramatically reconfigure their core businesses to accept a...

Read more
Oil price holds near four-month high amid bearish signals – News for the
Europe

Oil price holds near four-month high amid bearish signals – News for the

by Oil Market
July 28, 2020
0

Oil held near a four-month high after speculation the Federal Reserve will keep U.S. interest rates near zero for...

Read more
Traore uses BABY OIL to slip opponents and avoid another dislocated
Europe

Traore uses BABY OIL to slip opponents and avoid another dislocated

by Oil Market
July 26, 2020
0

ADAMA TRAORE is feared throughout Europe for his blistering pace. However, Chelsea defenders beware - the speedy Spaniard literally...

Read more
Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge,
Europe

Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge,

by Oil Market
July 25, 2020
0

The large loss capped second-quarter reports from U.S. oilfield services providers that laid bare the damage wreaked by the...

Read more
Next Post
TABLE-UAE’s Fujairah oil stocks for week ended June 8, fuel oil sets record

Aker BP revives Hod oil project after Norway tax incentive

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Oil jumps nearly 90% in May to $35, registering best month on record

Oil jumps nearly 90% in May to $35, registering best month on record

3 years ago
Crude oil marketplace bubble can’t last

Crude oil marketplace bubble can’t last

3 years ago
The effect of the United States’ Shale Oil on Nigeria?

The effect of the United States’ Shale Oil on Nigeria?

3 years ago
Cannabis oil must be made easily available on NHS to help children with

Cannabis oil must be made easily available on NHS to help children with

3 years ago
Oil drops 4% after resumed production at Libyan field threatens market

Oil drops 4% after resumed production at Libyan field threatens market

3 years ago
With oil’s future uncertain, orphaned wells on public lands could become a

With oil’s future uncertain, orphaned wells on public lands could become a

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com