Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.
Scenarios of lower oil and gas demand in the coming decades
U.K. oil company BP reported its annual energy outlook with three possible scenarios of events. Each of them forecasts lower oil and gas demand as renewable energy sources are increasingly adopted in production and transport electrification. The differences lie in the pace of these changes.
The most conservative scenario of the company suggests that global oil demand will not change significantly by 2050 and will be about 73 million barrels per day. This level is a quarter less than in 2019. According to BP, zero emissions will be reached by that time only if demand is less than a third of that amount.
In any of BP's scenarios, the Organization of the Petroleum Exporting Countries (OPEC) will play a key role, as its share of oil supply will range from 45% to 65%. OPEC's resilience will be provided by lower costs compared to rival producers (e.g., the U.S.).
Latest news
Last year recorded an increased demand for gold up to the levels of 2011
1 February
Exxon Mobile is criticized for $56 billion profit
1 February
The White House expressed a negative assessment of the record profit of Exxon Mobile in 2022. The company earned $56 billion, and it’s a maximum for both itself and the whole oil industry of Western countries.
White House Supports Alaska Oil Project
1 February
The US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.
Energy and Precious Metals Market events for February 2-3, 2023
2 February
On February 2, the focus is on natural gas reserves in the United States. On February 3, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
1 February
Japan was buying aluminum at a surcharge. Shipments from January to March were at $85-86 per ton, which is 13-14% less than in the previous quarter. Resources report weak demand and strong reserves of aluminum.