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Multinational Overview

Multinational

in figures

World oil production:94.7 million bopd

World oil consumption:99.8 million bopd

World energy consumption, all sources combined:13.9 billion toe

World renewable energy consumption:561.3 million toe

The future of the multinational energy mix

The International Energy Agency (IEA) in its World Energy Outlook annual report presents a set of scenarios exploring different futures, measures – or the absence of measures – which make them possible and the interconnections between components of the system.
The “current policies” scenario illustrates what happens if the world continues its current trajectory without the adoption of additional measures. In this scenario, energy demand will grow by 1.3% per year until 2040, and the boom in demand of energy services won’t be limited by any additional effort to improve energy efficiency. If this figure is much lower than the notable growth of 2.3% recorded in 2018, the result will nonetheless be steadily increasing energy-related emissions, as well as increased pressure on most aspects of energy security.
The “stated policies” scenario goes further and integrates the intentions and objectives confirmed by policies. This scenario was renamed in order to emphasize that it only takes into account political initiatives already announced and accompanied by specific programmes. The objective is to present a mirror to the strategies of political decision makers and to illustrate the consequences, not to guess how political priorities will evolve in the future.
In the “stated policies” scenario, energy demand grows by 1% per year until 2040. Low-carbon energy sources, primarily solar photovoltaic (PV), respond to more than half of this growth and natural gas, stimulated by the growth in LNG trade, represents a third. Oil demand plateaus in the 2030s and coal consumption decreases slightly.
Certain energy sectors, in particular the electricity sector, are undergoing rapid transformation. Several countries, especially those aspiring to carbon neutrality, are carrying out a significant overhaul of their supply and consumption. However, the development of low-carbon technologies is not enough to offset the effects of global economic and demographic growth. Although the increase in emissions slows down in this scenario, in the absence of a peak before 2040, common sustainable development goals remain out of reach.
The “sustainable development” scenario proposes a trajectory allowing achievement of the sustainable development objectives relating to energy, which requires profound and rapid changes at all levels of the energy system. This scenario defines a trajectory perfectly in accordance with the Paris Agreement by containing the elevation in global temperatures well below 2 degrees Celsius and continuing the action conducted to limit them to 1.5 degrees Celsius. It also meets the objectives of universal access to energy and improving air quality.

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Multinational - April 03, 2020

Oil markets pushed higher Friday, continuing Thursday’s hefty gains, amid hopes that the major oil producers will agree a…

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Oil prices down as doubts creep in about Saudi Arabia-Russia deal
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Multinational - April 03, 2020

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Oil up on hope of a Saudi Arabia, Russia deal
NEWS
Multinational - April 02, 2020

Oil prices rallied in Asia on Thursday morning, as hopes rise for a truce between Saudi Arabia and Russia in their ongoing price war.

International Brent Oil Futures…

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Oil prices rebound after plunging on surging jobless claims
NEWS
Multinational - March 27, 2020

Oil prices rebounded on Friday in Asia after falling overnight amid more evidence of the coronavirus’ devastating impact on the US economy.

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Oil prices rise on drop in supply
NEWS
Multinational - March 25, 2020

Oil prices continued their rally into Wednesday morning in Asia after the American Petroleum Institute (API) reported a drop in the US crude oil…

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Oil prices rise on possible US-Saudi alliance
NEWS
Multinational - March 24, 2020

Oil prices rallied Tuesday morning in Asia as the US indicated the possibility of an alliance with Saudi Arabia to stabilise prices.

International Brent Oil Futures…

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Oil prices roar back after Trump moves
NEWS
Multinational - March 20, 2020

Oil prices continued to soar away on Friday morning in Asia from an 18-year low after US President Donald Trump said he was prepared to intercede in the market.

US…

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