collected by :Jack Alex
Dubai-based state-owned Emirates National Oil Company (ENOC) has reported a nearly 10-percent year-on-year drop in profits as a result of depressed oil prices, the company told reporters Monday.
ENOC’s five-year average growth rate is about 9 percent, with sales volumes reaching 245 million barrels of petroleum products in 2016.
Also on the books is an expansion of ENOC’s market share for diesel, jet fuel and liquefied petroleum gas (LPG).
For ENOC, Pentti said that while trading is a significant part of the business, it’s margins are fairly small.
Driven largely by its trading arm, which sold record volumes of petroleum products last year, ENOCrecorded a turnover around US$13 billion in 2016.
Why The Electric Car Boom Could Cause Another Oil Price Crash
The “peak oil” conversation is now decidedly about when the world will hit peak oil demand, rather than peak supply.
Related: Oil Prices Stuck In Narrow Band, Capped By U.S. Shale ThreatThe oil industry has more modest figures.
Reducing global oil demand by 2 mb/d may not seem like much, but it is equivalent to the supply overhang that triggered the 2014 oil price meltdown.
Carbon Tracker goes further, arguing that oil demand could drop by a steeper 16 mb/d over that time period.
There have been a growing number of dire predictions for oil prices because of the rise of EVs.