Oil, LNG & Renewables: Energy's New Era

Oil, LNG & Renewables: Energy's New Era

The BI Energy Exchange from March 13 offers insights into different aspects of the global energy landscape, focusing on oil prices, LNG demand, and Europe's energy transition.

Salih Yilmaz emphasized the overall upbeat outlook on oil prices and demand, along with OPEC+ unity. However, he noted less optimism for the EV and energy transition outlook. Respondents to their survey indicated that the majority believe the key driver of oil prices in the near future will be OPEC+ policy, with other significant factors being China's demand, non-OPEC+ supply growth, and Federal Reserve interest rate outlooks.

Talon Custer focused on the role of gas and LNG in the energy transition, highlighting the significant role they will play for decades to come. He pointed out the 11% compound annual growth rate (CAGR) for U.S. LNG supply through 2029 and suggested a reasonable growth expectation for global LNG demand is in the low to mid-single digits annually through 2030.

Patricio Alvarez provided insights into Europe's energy transition, noting the potential peak of gas demand earlier in the millennium and highlighting the return of European gas prices to long-term averages. He pointed out the significant increase in European gas storage levels, suggesting a stable outlook for gas prices in the short term but indicating a potential peak in European gas demand.

Rob Barnett's comments reflect an optimistic view on the future of solar+storage and wind energy, emphasizing their potential to contribute substantially to a more sustainable and cleaner energy mix. He suggests that the continued technological advancements, combined with supportive policies and decreasing costs, will further enhance the attractiveness of these renewable energy solutions in the global energy landscape.

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