Rystad Energy expects peak global oil demand in 2028

“Rystad Energy” expected; The largest independent energy consulting company in Norway, that the “Covid 19” pandemic and the rapid transformation of renewable energy sources, will have a lasting impact on global oil demand. Global demand will likely reach a peak in 2028 at 102 million barrels per day, down from a peak of 106 million Barrels per day in 2030 in pre-pandemic projections.
This comes at a time when the oil sector is facing many challenges, with the competition of shale oil that contributed to the transformation of the United States from an importer to a net exporter of crude, and occupied the position of the largest oil producer in the world, in conjunction with the re-imposition of comprehensive closures by countries across Europe in an attempt to curb Covid-19 outbreak rates have accelerated in the last month.
Oil prices fell in morning trading yesterday by 4 percent, with the gloom in global conditions resulting from a second wave of the Corona virus. However, unconfirmed news indicated the possibilities of extending the oil reduction agreement for the first quarter of next year, which contributed to the recovery of prices and rose in half. The second of the session.
Brent crude is trading at $ 38.60 a barrel at 16:00 GMT, up 0.5 per cent, while US crude is trading at $ 36.39 a barrel, up 0.6 per cent.
OPEC + had cut an unprecedented 9.7 million barrels per day, equivalent to 10 percent of global production; Starting from last May, in light of the Corona pandemic, which is striking demand. Since last August, the group has pumped more quantities after it reduced the amount of the reduction to 7.7 million barrels per day, of which OPEC’s share is 4.868 million barrels per day.
A further increase of two million barrels per day is scheduled to begin next January, although Saudi Arabia and Russia favor continuing the cuts at their current levels in light of a second wave of the Corona pandemic, according to OPEC sources.
And Interfax news agency, citing sources, reported that senior managers of Russian oil companies discussed with Energy Minister Alexander Novak a possible extension of the current oil production cuts to include the first quarter of 2021.
Interfax, citing a source, said that oil companies favor an extension of the existing cuts during the first quarter of 2021, rather than an increase in the size of the cuts.
Oil trimmed its losses after Japanese export orders grew for the first time in two years, and Chinese industrial activity rose to its highest level in nearly 10 years during last October.

Increasing Russian oil production
Reuters calculations based on a report by “Interfax” showed that Russian oil and gas condensate production rose to 9.98 million barrels per day last October from 9.93 million barrels per day last September.
The agency reported, citing data from the Ministry of Energy, on Monday, that oil and condensate production reached 42.16 million tons in October, compared to 40.62 million tons in the previous September.
“Interfax” added that the production of the gas giant “Gazprom” rose for the first time this year in October to 42.7 billion cubic meters from 41.9 billion cubic meters a year ago.
According to a Reuters survey, OPEC production also rose for the fourth consecutive month last October, amid the re-operation of more Libyan facilities and the increase in Iraqi exports, which affected the full commitment of other donors to the agreement to reduce supply.
The OPEC + agreement to reduce production excludes condensate, a type of light oil, of which Russia pumps, on average, between 700 and 800 thousand barrels per day. Moscow’s current production quota is about 9 million barrels of oil per day.