• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO
Major Oil Traders See Upside For Oil Prices

Major Oil Traders See Upside For Oil Prices

The world’s oil trading majors…

Controversial Azeri Pipeline Receives $500M Funding

Controversial Azeri Pipeline Receives $500M Funding

The European Bank of Reconstruction…

Energy Digital

Energy Digital

Energy Digital is a leading digital media source of news and content for C-level executives focused on business and all aspects of managing the environment.…

More Info

Citigroup Report Spells Trouble For Oil, Further Growth For Renewables

Citigroup Report Spells Trouble For Oil, Further Growth For Renewables

World energy markets will soon enter a period of “extreme flux,” according to a new report out from Citigroup.

The report, titled “Global Energy 2020: The Revolution Will Not Be Televised as Disruptors Multiply,” paints a bleak picture for the future of the oil industry, while predicting massive growth in the renewable sector. The report claims oil is being undermined by cheaper natural gas and more fuel-efficient vehicles.

More truck fleets are switching to natural gas and Americans are becoming generally less dependent on oil. However, natural gas prices could trend upward and oil would stay the same, resulting in a less drastic shift. The Telegraph’s Ambrose Evans-Pritchard not only points out that this is unlike, but the bigger force of change lies in renewables.

“Even if global gas fails to deliver as expected, this will merely accelerate the powerful shift towards solar power already under way, eroding the demand for oil more slowly by a different means,” he writes. “Citigroup said solar already competes in the growing regions of the world on ‘pure economics’ without subsidies. It has reached grid parity with residential electricity prices in Germany, Italy, Spain, Portugal, Australia and the US southwest. Japan will cross this year, Korea in 2018. It forecast that even Britain will achieve grid parity by 2020, a remarkable thought for this wet isle at 51 or 52 degrees latitude.”

Decreased installation and panel costs, as well as increased efficiency will continue to drive the cost of solar down and the level of accessibility up, accelerating its adoption. The report dismisses International Energy Agency forecasts of 662 GW of solar by 2035 and $1.3 trillion in investments as “highly conservative.”

“High electricity rates and some of the best solar economics in the world (i.e. Latin America) coupled with a need to diversify into other fuel mixes should translate into substantial growth opportunities over the next few years,” it reads.

In summarizing the outlook specifically for solar, the repot painted a picture of a industry that’s just starting to come into its own.

“We believe global solar growth will be driven by economics, fuel diversity and emerging financing vehicles as well as some country specific legislative overlay,” the report read. “Moreover, this growth looks set to continue for the long term, as solar takes an ever greater share of energy production.”

By. Kevin Smead of Energy Digital



Join the discussion | Back to homepage

Leave a comment
  • David Hrivnak on August 21 2014 said:
    I fully believe this. We went to an EV 3 years ago and I will never purchase another car without a plug. An EV is just so much cheaper to drive, for me 1/3 the cost of a Prius and a lot more fun with the low-end torque and low center of gravity with the batteries.

    Then last year we added solar panels to the roof covering 95% of our power which includes about 700 miles/week of driving.

    With a cost savings of $3500/year it does not take long to pay for the investments

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News