Continuamos extraindo petróleo como se a transição energética não existisse. O excesso de oferta chegará em breve e será brutal

We Continue Extracting Oil As If The Energy Transition Does Not Exist. The Oversupply Will Soon Arrive And It Will Be Brutal

Written by Noel Budeguer

Published on 20/06/2024 at 16:20

Continuamos extraindo petróleo como se a transição energética não existisse. O excesso de oferta chegará em breve e será brutal

Seja o primeiro a reagir!

The Excess Of Oil By 2030 Will Bring Economic And Environmental Challenges. Find Out How The Industry Needs To Adapt To The Global Energy Transition.

The International Energy Agency (IEA) has issued a concerning alert: an unprecedented oil overproduction is on the way and will require significant adjustments in the energy industry.

Despite global measures to advance towards carbon neutrality, oil producers continue to invest millions of dollars to increase their extraction capacity. According to the latest IEA report, this imbalance between supply and demand will result in a colossal oil surplus by 2030, with eight million barrels of oil per day remaining unsold.

Path To Excess: Changes In Transportation And Power Generation

The massive adoption of electric vehicles is transforming the global transportation landscape. Currently, one in five cars sold is electric or plug-in hybrid. In 2018, this proportion was ten times smaller, at just 2%. This increase in the global fleet of electric and hybrid vehicles reduces the demand for gasoline and diesel, thus decreasing the need for oil.

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Furthermore, electricity generation is also evolving. Middle Eastern countries, which traditionally used large amounts of oil to generate energy, such as Saudi Arabia, are migrating to renewable energy sources or natural gas.

An oversupply of oil would cause a sharp drop in prices, weakening the economic power of Middle Eastern countries. Image: Sigma Thermal

Impact Of The Chinese Economy

The IEA report also highlights the slowdown of the Chinese economy as a crucial factor in the anticipated decline in oil demand. Although the Chinese economy is not in crisis, its growth is expected to decrease from 6% to around 4%, which could have significant consequences for the sector, as China is the world’s largest oil importer.

Geopolitical Consequences Of Oil Excess

An oversupply of oil would cause a sharp drop in prices, weakening the economic power of Middle Eastern countries. The abundance of oil would force producers to scale back their activities, resulting in the closure of refineries, affecting thousands of jobs and the economies of entire regions dedicated to this industry.

The United States would also need to make adjustments, as it has emerged as the largest shale oil producer thanks to fracking.

Environmental Impacts And The Call For Change

Oil consumption is expected to increase slightly to 105.4 million barrels per day by 2030, according to the IEA. However, production will reach 113.8 million barrels per day. This overproduction not only has economic consequences but also exacerbates greenhouse gas emissions, which the world is trying to reduce. The oil industry has little time to adapt to the inevitable paradigm shift.

For more details, consult the full report from the International Energy Agency here.

Necessary Changes In The Oil Industry

The oil industry faces significant challenges in adjusting to this new reality. It is essential that producers implement cleaner technologies and invest in renewable energy sources to remain relevant and sustainable in the future. Time is running out, and the transition to a low-carbon economy is inevitable.

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#16568

25/06/2024 14:44

A transição energética não existe! Qual é a alternativa a todo o petróleo que usamos hoje?

Responder

We Continue Extracting Oil As If The Energy Transition Does Not Exist. The Oversupply Will Soon Arrive And It Will Be Brutal

The Excess Of Oil By 2030 Will Bring Economic And Environmental Challenges. Find Out How The Industry Needs To Adapt To The Global Energy Transition.

Path To Excess: Changes In Transportation And Power Generation

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Geopolitical Consequences Of Oil Excess

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We Continue Extracting Oil As If The Energy Transition Does Not Exist. The Oversupply Will Soon Arrive And It Will Be Brutal

The Excess Of Oil By 2030 Will Bring Economic And Environmental Challenges. Find Out How The Industry Needs To Adapt To The Global Energy Transition.

Path To Excess: Changes In Transportation And Power Generation

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Geopolitical Consequences Of Oil Excess

At just 14 years old, a boy creates a system without energy, using steel pipes buried in the ground, that irrigates seedlings with moisture from the air, to combat the water scarcity threatening reforestation in northern China.

Where there was only sand and wind at 40 degrees, China built a megacity of 500,000 inhabitants with farms, wineries, and universities in the middle of the desert using melted glacier water from hundreds of kilometers away.

At over 8,800 meters above sea level, the summit of Mount Everest is made up of rocks that originated at the bottom of an ocean about 500 million years ago and were pushed to the highest point on Earth by the collision of tectonic plates.

The German economist Wolf-Peter Schill has no doubts: “Electric cars are already far superior to cars with internal combustion engines.”

After launching the new GS3 with a 1.5 turbo engine producing 170 hp, GAC partners with Flamengo, enters the field with the largest fan base in Brazil, and accelerates an ambitious offensive to gain scale and confidence in the national market.

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