By 2018 the global demand in oil of the Organization of Petroleum Exporting Countries (OPEC) will decrease by 1 million barrels a day, because of growth of deliveries from Canada and US, reads the OPEC report.
“In the coming five years the additional volume of oil deliveries from Canada and US will reach 4.9 million barrels a day. This is twice higher, than the showing forecasted last year – the growth of deliveries by 1.7 million barrels a day by 2018,” reads the report.
Owing to application of the hydraulic seam fracture and other technological innovations, which have caused revolution in the industry, it is possible to extract oil from the hard to reach formations. This year shale oil production in US and Canada will increase by almost one third – up to 3.3 million barrels a day.
OPEC keeps insisting that success of the shale revolution in the US will, possibly, not play such an important role in the long term, because the world demand in oil will grow as well. OPEC claims that success of the energy companies’ in use of shale oil could hardly be repeated outside of North America and high rate of depletion will lead to production decline since 2018.—0----
Economics
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The European Commission views Azerbaijan's increasing gas supplies to Europe as a highly beneficial alternative source for ensuring the EU's energy security, said European Union Energy Commissioner Kadri Simson in an exclusive interview with Turan during her visit to COP29 in Baku.
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The State Oil Company of Azerbaijan (SOCAR), which joined the global Oil and Gas Methane Partnership 2.0 (OGMP 2.0) earlier this year, hosted a forum on November 15 within the "Green Zone" of COP29. The event, titled "OGMP 2.0 Leadership Forum," brought together key stakeholders to discuss progress and prospects for methane emissions reduction in the oil and gas industry.
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Simon Stiell, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), highlighted the urgency of climate financing discussions ahead of his visit to the G20 summit in Rio de Janeiro from November 17-20. Stiell, speaking before departing from Baku where the 29th session of the UNFCCC is currently underway, underscored the pivotal nature of the negotiations taking place.
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The State Oil Company of Azerbaijan (SOCAR) is strengthening its presence in Bulgaria's gas distribution sector, aiming to capture 7.5% of the market by the end of 2024. Currently, SOCAR supplies half of Bulgaria's natural gas needs and plans to further increase its market share through strategic partnerships and expanded distribution.
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