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Oil Industry Not Hedged For 2018

Rig

Friday March 24, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Global CO2 emissions flat for 3rd Year in a row

(Click to enlarge)

- Even as global GDP grew, global CO2 emissions held steady for a third consecutive year in 2016, according to the IEA. Economic growth continues to slowly decouple from fossil fuel consumption.
- Global emissions in 2016 were flat at 32.1 gigatonnes, more or less the same as in 2014 and 2015, even as global GDP expanded by 3.1 percent.
- Emissions fell in China and the U.S., the world’s top 2 emitters, while CO2 emissions in the EU were flat. That offset the rise in carbon pollution from most of the rest of the world.
- The decline can largely be attributed to the shuttering of coal-fired power plants in favor of natural gas and renewable energy.
- Renewable energy in 2016 accounted for more than half of the capacity additions for the year.

2. Venezuela running out of cash

(Click to enlarge)

- Venezuela’s foreign exchange continues to dwindle, even though oil prices moved up into the $50s per barrel between November and March.
- Venezuela’s deep economic crisis continues to worsen. State-owned PDVSA lacks…

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