World consumption of petroleum products reached a record high of 88.9 million b/d in 2012, as declining consumption in North America and Europe was more than outpaced by growth in Asia and other regions, according to a recent study by the US Energy Information Administration.

From 2005 to 2020, China’s crude oil imports will rise from 2.5 million b/d to 9.2 million, according to Woods Mackenzie researchers. U.S. imports will fall from a peak of 10.1 million to 6.8 million b/d within the same period. That roughly represents a 360% increase in China’s crude oil imports and a 32% decline for the U.S. during that period.

US June crude oil imports fell 15.1% from a year earlier amid rising domestic oil output, Energy Information Agency data show, The drop in imports came as US oil output climbed 15.2% from a year earlier, to 7.20 million b/d.

Norway’s state-owned Statoil said it discovered crude oil in the Flemish Pass Basin off the coast of Newfoundland. The discovery was made in the Bay du Nord prospect and is the second such discovery so far this year.

More US crude oil is moving around on trucks, barges and trains than at any point since the government began keeping records in 1981, as the energy industry devises ways to get around a pipeline-capacity shortage to take petroleum from new wells to refineries

Starting next year, ships fueled only with heavy oil will no longer be allowed to sail Europe’s North and Baltic seas as a result of regulations put in place by the International Maritime Organization. The change came at the request of the countries bordering the North and Baltic Seas, including Germany.

Poland has begun a test extraction of shale gas in amounts not seen in Europe before. Lane Energy Poland, controlled by ConocoPhillips, is now extracting some 8,000 cubic metres of shale gas per day at a test well in the northern city of Lebork in Poland. Although the productivity of the site is lower than at gas fields in the US or Canada, it is the first positive result for shale gas extraction in Europe.

The US wasted 61% of all its energy input in 2012, according to a new report on energy efficiency by the Lawrence Livermore National Laboratory . That’s enough energy to power the United Kingdom for seven years, the report found.

The cost of the controversial UK High Speed 2 railway will be at least £80 billion, double the current estimate, a major independent report will conclude. The study by the Institute of Economic Affairs warns the scheme’s cost has been dramatically underestimated and says it “defies economic logic”. The study call for the project to be cancelled. The report comes after the Department for Transport admitted its own official estimate of the cost was wrong.

Forbes identifies the world’s 39 largest electricity generating plants here.

Some of Britain’s largest wind farms are only producing enough electricity to make a couple of cups of tea, new research has revealed. The research, published by RWE npower renewables, showed just how little electricity is being produced by giant wind turbines at certain points in time. Moreover, there have been times over the past month on still days when the UK National Grid has paid wind farm owners to shut down, so the electricity supply system is not overloaded. These payments amounted to £7.5 million in the first three weeks of August.

Italian minister of economic development, Flavio Zanon has announced reforms to Italy’s renewable energy incentives. The purpose of the reforms is to cap renewables subsides to €9 billion annually for a 20 year period thereby releasing €3 billion to ease electricity bills for consumers. The subsides are mostly for PV solar projects to induce producers to feed excess electricity to the national grid.

All cars could be fitted with devices that stop them going over 70 mph, under new European Union road safety measures which aim to cut deaths from road accidents by a third.

One-third of all electric cars sold in the US are bought by drivers in two California cities – Los Angeles and San Francisco.

According to the Global Renewable Fuels Alliance, 62 countries now have policies in place to encourage the production of biofuels and reduce dependence on crude oil.  These policies have driven global demand to over 1 million barrels per day. 10 African countries now have biofuels policies as well as India.

 

 

with h/t Tom Whipple

 

 

 

 

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