China’s economy now constitutes 11% of global GDP and 10% of world trade. In addition it accounts for 11% of world oil demand.

Norway’s Statoil is withdrawing from drilling for oil off the US state of Alaska. Statoil said weak global crude oil prices are reducing the company’ appetite for high-cost exploration in Arctic frontier areas.

Thirty-seven North American oil and gas producers have filed for bankruptcy in 2015. Economic indicators suggest more producer bankruptcy filings will occur before the year is out.

Across Africa, falling crude oil prices have made more than two-thirds of investment projects on the continent non-viable. With six of the 10 largest global oil discoveries in 2013 located in Africa, it underlines the potential of the energy riches that had lured myriad companies. Now, African production, already 19% below its 2008 peak of 10.2 million barrels a day, is set to decline for a third straight year. Some nations, including Nigeria, are proposing increasing royalties at a moment the oil industry can least bear it. Persuading governments to cut their share of the revenues won’t be easy with the end of the oil boom destabilizing economies as revenue slumps and currencies are devalued.

The United Arab Emirates announced it may cut government spending as a result of the slump in oil prices. Crude oil accounted for almost a third of the nation’s gross domestic product last year.

Shell Oil confirmed a significant discovery of crude oil in the deep US waters of the Gulf of Mexico. The company says it has a potential that could exceed 100 million barrels of oil equivalent recoverable.

China cut natural gas prices by 28% in an attempt to get the nation reduce coal consumption.

In Pakistan, the Asian Development Bank (ADB) said it was providing more than $1 billion in loans to help address chronic electric power issues in the South Asian country. Pakistan’s aging infrastructure means the country lacks a reliable electric power sector. The ADB described the status of the power sector in Pakistan as “crippling.

Wind now provides 4.4% of total US electricity generation. As of last year, there were 65 GW of land-based wind power on the US grid and another 13.6 GW is under construction. Longer turbine blades and taller towers are making wind technology more efficient and cost-competitive.

In 2013, the global biofuels share of total transportation fuels was 3%. Under different scenarios, current policies are projected to lead to biofuels rising to 4% in 2025 and 5% by 2040.

The US Energy Information Administration reports the transportation of people and goods accounts for about 25% of all energy consumption in the world. Passenger transportation, in particular light-duty vehicles, accounts for most transportation energy consumption. Light-duty vehicles alone consume more than all freight modes of transportation, such as heavy trucks, marine and rail.

 

with h/t Tom Whipple

 

 

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