Maritime sector energy mix will comprise 50% low- and zero carbon fuels in 2050.Transport of passengers and goods currently accounts for about a quarter of global energy-related CO 2 emissions and will grow to 30% by 2050.Transport has a severe emission challenge, its share of overall emissions grows from 25% today to 30% by 2050 as large part of the transport system will remain fossil fuel dependent.Media Newsroom Statements Events Blogs: Energy in transition Sector insights Maritime Power and renewables Oil and gasĭNV Group About us Corporate governance Research & development Joint Industry Projects DNV Ventures Sustainability Annual reportīusiness areas Maritime Energy Systems Business Assurance Supply Chain & Product Assurance Digital Solutions Veracity data platformĬareers Overview Job opportunities Career development Why DNV? Meet our people Diversity & inclusion Ship management, operations and ship design.Reliability, availability and maintainability (RAM).Electric grid performance and reliability.Offshore classification – fleet in service.Digital monitoring of medium-voltage cable networks.On the supply front, Iraq has sent an official request to Turkey to restart oil exports through a pipeline running from the semi-autonomous Kurdistan Region in northern Iraq to the Turkish port of Ceyhan, which could add 450,000 bpd to global crude flows.DNV forecasts oil demand in transport sector to half by 2050 Corporate Sectors Services Insights About us Sign in Sign in to Veracity Open menu Open search OPEC, however, said that increase in Chinese demand could be offset by economic risks elsewhere, including the U.S. OPEC projected Chinese oil demand would rise by 800,000 barrels per day (bpd), up from its 760,000-bpd forecast last month. The oil market largely ignored the Organization of the Petroleum Exporting Countries (OPEC) global oil demand forecast for 2023, which projected demand in China, the world's biggest oil importer, would increase. "Oil prices are lower after another round of Chinese data, this time money metrics, confirmed their economic reopening from COVID continues to disappoint," said Edward Moya, senior market analyst at data and analytics firm OANDA. New Chinese bank loans tumbled far more sharply than expected in April, adding to worries that the economy's post-pandemic recovery is losing steam. news, President Joe Biden's administration unveiled a sweeping plan to slash greenhouse gas emissions from the power industry, one of the biggest steps so far in its effort to decarbonize the economy to fight climate change. producer prices rose moderately last month, the smallest annual producer inflation increase in more than two years. Dow and S&P 500 stock indexes (.DJI), (.SPX) fell after California-based bank PacWest Bancorp's (PACW.O) latest woes sparked another rout in the regional banking sector.Īn extended period of high interest rates could put more stress on banks, but would be necessary if inflation stays stubbornly high, said Minneapolis Federal Reserve President Neel Kashkari. significant obstacles" for oil markets, analysts at energy consulting firm Ritterbusch and Associates said in a note. debt ceiling, recent banking issues that could prompt a credit crunch across much of the oil industry and continued strong possibility of a recession remain. Treasury Secretary Janet Yellen urged Congress to raise the $31.4 trillion federal debt limit and avert an unprecedented default that would trigger a global economic downturn. Higher interest rates can weigh on oil demand by boosting borrowing costs, pressuring economic growth. The dollar data strengthened the case for the Federal Reserve to halt interest rate hikes but did not prompt expectations of year-end rate cuts.Ī stronger greenback makes oil more expensive in other countries. Those were the lowest closes for both benchmarks since May 4. jobless claims and weak Chinese economic data weighed.īrent crude futures fell $1.43, or 1.9%, to settle at $74.98 a barrel, while West Texas Intermediate crude (WTI) fell $1.69, or 2.3%, to settle at $70.87. debt ceiling stoked recession jitters in the world's biggest oil consumer, while rising U.S. May 11 (Reuters) - Oil prices fell about 2% to a one-week low on Thursday as a political standoff over the U.S.
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