Global oil production will continue to decline

November 28, 2023

This Thursday is destined to be a busy day for the oil industry!

The 28th United Nations Climate Change Conference (hereinafter referred to as COP28) will be held in the United Arab Emirates on Thursday, and will launch a multi-faceted discussion around the role of fossil fuels in climate policy.

Industry executives and oil-producing countries believe that given strong energy demand, the world needs to adopt cleaner technologies, including carbon capture technology, and expand the use of clean energy.

Environmentalists and several countries want the summit to explicitly support transitioning away from fossil fuels, not just mitigating their impacts.

On the same day, OPEC+ will hold an online meeting to discuss oil production plans.

All eyes are focused on whether OPCE+ will further reduce production and whether Saudi Arabia will extend its current separate production reduction plan until December.

The IEA's overall opinion is that the oil industry is facing a "critical moment" and must seize the opportunity of the COP28 climate conference to increase low-carbon investment and truly participate in the development of renewable energy and green economy.

The report pointed out that since 2018, the average annual revenue of the oil industry has been US$3.5 trillion, but too little investment in low carbon has been made. The report also says there are opportunities for companies in the energy transition.

The study warns that if countries meet their climate commitments, oil and gas demand will fall sharply by 2050, with the oil industry currently a "marginal force" in building clean energy systems.

Various types of heat exchangers are widely used in the petroleum industry. For heat exchanger manufacturers, the need to develop more efficient, energy-saving and environmentally friendly heat exchange equipment is a top priority.

The above is the Global oil production will continue to decline we have listed for you. You can submit the following form to obtain more industry information we provide for you.

You can visit our website or contact us, and we will provide the latest consultation and solutions

Share to:

Send Inquiry

Previou:Introduction to Argon Arc Welding Technology

Next:Advantages of plate and shell heat exchanger for instant noodles