The January 2019 Short-Term Energy Outlook (STEO), released at noon today, for the first time includes analysis of the effect that upcoming changes to marine fuel sulfur specifications will have on crude oil and petroleum product markets. Beginning January 1, 2020, the International Maritime Organizations (IMO) new regulations limit the sulfur content in marine fuels used by ocean-going vessels to 0.5% by volume, a reduction from the previous limit of 3.5%. The change in fuel specification is expected to put upward pressure on diesel margins and modest upward pressure on crude oil prices in late 2019 and early 2020. EIAs analysis indicates that the price effects that result from implementing this new standard will be most acute in 2020 and will diminish over time.
Power generation in New England and New York is largely dependent on natural gas, which accounts for more than half of the regions electricity generating capacity. About 58% of New Englands natural gas capacity has dual-fuel capability, meaning it can switch to other fuels such as petroleum-based fuels. Data from the U.S. Environmental Protection Agencys (EPA) continuous emissions monitoring system (CEMS) reveals how certain plants in New England and New York switch between fuels in certain situations.
Crude oil production in Iraq averaged 4.5 million barrels per day (b/d) through August 2018, up from 4.4 million b/d in 2017. Iraqs crude oil production has been steadily increasing since declines in the late 1990s and early 2000s, and has nearly doubled over the past decade.
According to EIAs latest inventory of electric generators, 23.7 gigawatts (GW) of new capacity additions and 8.3 GW of capacity retirements are expected for the U.S. electric power sector in 2019. The utility-scale capacity additions consist primarily of wind (46%), natural gas (34%), and solar photovoltaics (18%), with the remaining 2% consisting primarily of other renewables and battery storage capacity.
Energy consumption in Asia, the Middle East, and Africa continues to grow rapidly, with about 20% growth in each region between 2010 and 2016, according to newly available data in EIAs International Energy Statistics database. In particular, energy consumption has been increasing in the Middle East and Africa, driven by economic growth, increased access to energy markets, and quickly growing populations. Energy consumption in Asia continues to grow even as energy consumption in China declined between 2015 and 2016.
EnerzyTech® Industries Pvt. Ltd. is an emerging player in India's conventional and non-conventional energy sector and caters to utility, residential, commercial and Government clients. Our emphasis is on renewable energy, solar in particular.
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