3,229
 

Apr 17 - Oil prices could drop to $10 in 2050, energy consultancy warns



ADVERTISEMENT
 
topics gone triple plat - Number 1 spot 3X PLAT
most viewed right now
-38  134
145 replies  @sports

most viewed right now
+34  133
41 replies  @wild'ish

most viewed right now
  84
51 replies  @wild'ish


section  x1   |  0 bx goons and 1 bystanders Share this on Twitter       Share this on Facebook

section news
  
 3 weeks ago '15        #1
397 page views
6 comments


Teflon Taliban  topics gone triple plat - Number 1 spot x149
avatar
Props total: 129526 129 K  Slaps total: 15979 15 K
Apr 17 - Oil prices could drop to $10 in 2050, energy consultancy warns
 

 
Brent Crude oil prices could fall to $10 per barrel by 2050 if the world accelerates the energy transition with decisive action to achieve the Paris Agreement climate goals, energy consultancy Wood Mackenzie said on Thursday.
The scale of change if the world moves on track to limit global warming to 2 degrees Celsius would be so great that it would revolutionize the energy industry and sink demand for oil, the power of major oil producers, and oil prices, according to WoodMac.

Still, the consultancy’s Accelerated Energy Transition Scenario (AET-2) is just one of many scenarios for the future of global energy systems and not the base-case scenario, Wood Mackenzie noted.

Under the AET-2 scenario, global oil demand is expected to drop significantly and lead to a significant decline in oil prices. OPEC will likely have a market share of over 50 percent by 2050, but less control over the market because of the steep fall in demand, according to WoodMac. The low-cost producers in the Middle East would still be the main oil suppliers to the world, but prices could be as low as $10 a barrel Brent.

Although the scenario is neither a prediction nor a base-case scenario, the oil industry should not be complacent about the scale of change that would come from the energy transition, said Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie.

“The risks a*sociated with robust climate-change policy and rapidly changing technology are too great,” Hittle noted.

Both Big Oil and the national oil companies (NOCs) will be severely impacted in case the world acts aggressively to put global warming under control and reach the goals of the Paris Agreement, Wood Mackenzie says.

“Our scenario would see the end of Big Oil and the rise of Big Energy. Financially strong integrated companies step up their investment plans to supplement dwindling upstream revenue with new cash flow from renewables, hydrogen and CCS,” the consultancy said.

Major international oil companies have already said they would invest more in low-carbon energy, including in hydrogen, carbon capture, and electricity from renewables, but most rely on cash flows from oil and gas operations to allocate more investments to low-emission energy solutions.

visit this link https://www.rt.com/busine .. op-10-dollars/
+5   



best
worst
6 comments
 

 3 weeks ago '17        #2
WHATEVERMAN 
Props total: 14318 14 K  Slaps total: 1421 1 K
To credit, basically no one is still going to be driving a combustion vehicle by then (assuming the world is even still here). EVs are the future and most are finally waking up to that fact.
+6   

 3 weeks ago '20        #3
Xiox  topics gone triple plat - Number 1 spot x1
Props total: 29487 29 K  Slaps total: 5713 5 K
It never drops below $2.50 in most states

 3 weeks ago '16        #4
Onetrubeing816 
Props total: 5250 5 K  Slaps total: 888 888
So oil is just used for combustion engines now???? Crude oil and its by products are used in almost every aspect of our lives, its not going anywhere anytime soon.
+6   

 3 weeks ago '04        #5
franchise  topics gone triple plat - Number 1 spot x3
Props total: 8599 8 K  Slaps total: 805 805
earth could also melt or flood by 2050 also - if we dont nuke each other 1st
+1   

 3 weeks ago '04        #6
franchise  topics gone triple plat - Number 1 spot x3
Props total: 8599 8 K  Slaps total: 805 805
 WHATEVERMAN said
To credit, basically no one is still going to be driving a combustion vehicle by then (assuming the world is even still here). EVs are the future and most are finally waking up to that fact.

there isnt enough lithium for this to be true.


theyll have to solve the issue of our sh*t battery technology for EV's to actually take over. and even then - ev's arent the answer to every situation. airplanes, construction equipment, semi trucks, cargo ships - remote areas, etc.



but there are still alternatives yet to be developed so we'll see whatever they can come up with as viable options. hydrogen is still an option if they get the cost down on the infrastructure.
+2   

 3 weeks ago '16        #7
Onetrubeing816 
Props total: 5250 5 K  Slaps total: 888 888
 franchise said
there isnt enough lithium for this to be true.


theyll have to solve the issue of our sh*t battery technology for EV's to actually take over. and even then - ev's arent the answer to every situation. airplanes, construction equipment, semi trucks, cargo ships - remote areas, etc.



but there are still alternatives yet to be developed so we'll see whatever they can come up with as viable options. hydrogen is still an option if they get the cost down on the infrastructure.
They were developing magnesium based batteries since they are less volatile but i havent heard much about them. That's the issue the moment researchers find a solution big oil buys the patents and tech and puts it on the shelf
+1   



Sign me up
 
 

yesterday...


most viewed right now
+59online now  24
May 4 - World’s Most Vaccinated Nation Reintroduces Lockdowns as Cases Surge
326 comments
23 hours ago
@news
most viewed right now
+43online now  20
Video inside Wtf is in that bottle
97 comments
1 day ago
@wild'ish
most viewed right now
+38online now  11
Are these MMA f*ghters supposed to be angry....uhhh...
80 comments
1 day ago
@sports
most viewed right now
online now  11
Image(s) inside Meek Mill Buys Up $50K Worth Of Dogecoin Amid Price Surge
280 comments
1 day ago
@hiphop
back to top
register register Follow BX @ Twitter search BX privacyprivacy