Another week, another upbeat projection for US oil production. The latest one has been put forward by Oslo, Norway-headquartered research and analysis firm Rystad Energy, which projects US production to hit 13.4 million barrels per day (bpd) by December 2019. That's well above 12.3 million bpd total that's emerged from the US Energy Information Administration's latest publication.
Moving on from the US, abundant and cheap fossil fuels in Russia are likely to slow the country's shift to renewable, according to Moody's, with the rating agency opining that Moscow will struggle to meet its 2024 targets for renewable capacity.
"The future looks brighter for the Russian renewable energy sector from the mid-2020s, however, as old generation fossil fuel-fired capacity retires and controls on emissions tighten," says Julia Pribytkova, Senior Analyst at the agency.
Russia's Energy Strategy aims to tighten controls on CO2 emissions starting from mid-2020s, in part by increasing the share of clean energy, such as nuclear and renewables, improving energy efficiency and introducing caps on greenhouse gas emissions.
Away from supply-side chatter, looks like oil benchmarks registered an uptick as the end of the week approached, after having taken a hammering for much of May. Brent still ended the week down 1.86% compared to last Friday (May 31), but WTI futures made a better recovery ending up 0.92%. That’s all for the moment for folks! Keep reading, keep it ‘crude’!
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© Gaurav Sharma 2019. Photo: Oil extraction site in Russia © Lukoil.