While the energy transition is undoubtedly underway, the EIA believes oil and gas will continue to dominate the U.S. energy mix in 2050 as population and economic growth boost energy demand.
Electric vehicles are expected to become more popular in the coming decades but gasoline cars will still make up 79 percent of sales in 2050.
U.S. crude production is expected to reach a record high in 2023 due to soaring oil prices and natural gas production will also increase as demand for exports grows.

Seaborne crude oil exports from Russia have been higher so far this month compared to February.
Petro-Logistics sees the first signs that “a bit more oil” is heading to China, as well as to India.
Some vessels are struggling to find a buyer.

Energy prices have skyrocketed since the beginning of Russia’s assault on Ukraine, and analysts expect them to continue rising.
The United States has banned all imports of Russian energy, and other allies could be right on their heels.
Replacing Russian oil will prove to be a difficult task, and it may not even be possible without the help of OPEC.

Oil is now holding near its highest level since 2008.
Consumers and industries alike are beginning to feel the sting.
Some analysts are predicting that sustained high oil prices could result in demand destruction.

Big Oil’s exodus from Russia is due in part to the workers on the ground refusing to welcome Russian supplies.
In the U.K., dock workers have taken a stand by refusing to unload Russian oil and gas.
Unions and workers in Australia, Canada and the U.S. have also joined the efforts to halt the delivery of Russian oil and gas cargoes.

Venezuela -the largest oil reserves in the world was driven by a breakdown in the rule of law and the disintegration of government institutions.

Global spending on clean energy climbed 27 percent in 2021, hitting a record high of $755 billion according to a Bloomberg New Energy report.
Oil and gas companies are playing an increasingly important role in this sector, with upstream oil and gas producers completing 81 clean energy deals in 2021.
A larger variety of clean energy sectors are receiving attention from oil and gas majors, with a renewed focus on hydrogen, electric vehicle charging, and biofuel projects.

The fallout from the pandemic and civil unrest across Colombia has left its oil industry in a state of crisis.
Colombia’s dire hydrocarbons shortage is weighing heavily on the Andean nation’s petroleum-dependent economy.
Nevertheless, despite those hazards and the risks they pose to Colombia, there are signs that the outlook for the country’s petroleum industry is improving.

On November 19, Shandong Association of Engineers Oil and Gas Lifting Engineering Equipment Professional Committee was established.

As the New Year begins, the rising sun begins. On the occasion of bidding farewell to the old year and ushering in the new, ON behalf of the board of directors, I would like to extend my New Year wishes to all weMA employees and their families, as well as to all weMA customers, partners and friends from all walks of life.

The Supreme Court Case That Could Transform Energy Markets as below:

India is going all-in on renewable energy, with big plans to scale up its solar sector.

As a part of the move, India is looking to cut ties with China as it prioritizes its domestic solar industry.