Electric vehicles currently account for about half of car sales in China, undercutting 3.5% of new fuel demand in 2024
London, March 13, 2025 (Oilandgaspress) –-Brent crude, the global benchmark, dropped to $68 a barrel last week, the lowest in three years, as the Opec+ producer group confirmed plans to gradually increase output. Opec+, led by Saudi Arabia and Russia, had said it could pause and reverse the production increases at any time. Saudi Arabia needs an oil price close to $100 a barrel to balance its budget, according to the IMF, while Russia is dependent on revenue from oil exports to fund its war in Ukraine.Oil Demand Threatened by Trade War, Tariffs: IEA
Ineos is recalling more than 7,000 vehicles in the US after customers reported that doors on their SUVs flew open while driving. Ineos Automotive Ltd. will replace door-button mechanisms on all Grenadier sport utility vehicles made before April 19 of last year, according to reports filed with the U.S. National Highway Traffic Safety The parts were assembled without enough grease being applied, the company said, leading external buttons on some vehicles to stick and cause doors to open mid-journey. Ineos will pay for the full cost of the repairs.
The recall is a blow to Ineos — which has more than 20,000 vehicles on the road to date. . Read Related News
EV battery startup Northvolt files for bankruptcy in Sweden
Swedish firm unable to ‘secure the necessary financial conditions to continue in its current form’ Northvolt, the Swedish electric vehicle battery startup, has filed for bankruptcy in Sweden, marking the end of a company once seen as Europe’s best hope of challenging the dominant Asian battery industry. The company said in a statement it had been unable to “secure the necessary financial conditions to continue in its current form” in Sweden. After the bankruptcy filing, a court-appointed trustee will oversee the sale of Northvolt’s business and assets while settling its outstanding debts. Read Related News
Brussels is targeting Middle America as it fires its opening salvo in what risks becoming a full-blown trade war between the US and EU. The first wave of EU tariffs will hit products such as Levi’s jeans, Kentucky bourbon and Harley-Davidson motorcycles after the €8bn (£6.7bn) tax imposed by Washington. Every product was chosen because it is made in a Republican state – regions where there is a risk of the vote turning blue in the future elections are often specifically targeted. When the EU hit US whiskey producers with tariffs during Trump’s first term, exports to the bloc plunged by a fifth and left American distillers more than $100m worse off from 2018 to 2021. Brussels will also now consult on an expanded list of products that read like the shopping list of an everyday middle class American. Antibiotics, radiation therapies and pacemakers are among over 200 products identified because the US is dependent on EU supplies to meet domestic demand. Read Related News
Americans aren’t happy with President Donald Trump’s economic policies nearly two months into his presidency, a number of new polls released Wednesday reveal. Fifty-six percent of Americans disapprove of Trump’s handling of the economy, according to a new CNN/Ipsos poll, a figure worse than any recorded during his first term. The economy is the number-one issue for 42 percent of voters, the poll found. 70 percent of Americans believe his tariffs will drive up the price of living, and more than half believe the president is too “erratic” with his trade policies, a new Reuters/Ipsos poll. Economists have long warned that American consumers will bear the brunt of Trump’s tariffs on Canada, Mexico, China and others as American companies hike their prices to consumers to cover the cost of tariffs they pay on their imported goods. Read Related News
National Grid has received full planning approval for the Grain to Tilbury project from Thurrock Council in Essex and Gravesham Borough Council in Kent, a key milestone in strengthening the UK’s energy network. As part of The Great Grid Upgrade, the largest overhaul of the electricity grid in a generation, this essential infrastructure project will replace the existing Thames Cable Tunnel and help to upgrade the electricity network in the region. Originally installed in the 1960s, the current tunnel and cables have reached the end of their operational life.
The project involves the construction of a new 2.3-kilometre tunnel beneath the River Thames, the installation of new cabling, and new headhouses at each end for access. Cable sealing end compounds will also be installed to connect the new underground cable to the wider electricity network. Ferrovial in partnership with BEMO (Ferrovial BEMO JV) has now begun construction, which is expected to complete in 2029. Read Related News
The first of three new sets of high-voltage electricity cables connecting Dinorwig hydroelectric power station in Gwynedd to National Grid’s transmission network has been energised.
Engineers from National Grid, and contractors Morgan Sindall Infrastructure and Siemens Energy, reached the key milestone as part of the Dinorwig to Pentir project to replace cables originally installed in the 1970s and which are now coming to the end of their operational life.
Dinorwig power station is owned and operated by First Hydro, a company that’s 75% owned by ENGIE.
Since autumn 2021, National Grid has been upgrading the 12km connection between its 400kV Dinorwig substation – which sits inside the same mountain as the power station, transmitting its electricity to the grid – and its 400kV Pentir substation.
The first new circuit – comprising three 12.2km cables each made from 14 sections joined together and weighing an estimated 1,500 tonnes – has been installed under sections of the A4086 and A4244, in nearby fields and inside Dinorwig.
Each new circuit takes a different route from the original cables, ensuring the existing connection can remain in service and continue transmitting vital clean power from Dinorwig while the upgrades take place. Read More
National Grid has awarded two parts of a £59bn High Voltage Direct Current (HVDC) supply chain framework to deliver the required works and equipment needed for key energy projects across the country. Launched in 2023, the HVDC supply chain framework aims to establish long-term, strategic, contractual relationships and secure the critical equipment needed for current and future projects.
The announcement sees six HVDC cable suppliers being awarded positions on the Framework Agreement totalling approximately £21.3bn and four suppliers being awarded places on the HVDC Converter Framework, totalling approximately £24.6bn. Both Frameworks cover both confirmed and anticipated projects. The successful HVDC cable suppliers are Hellenic & Jan De Nul Consortium, LS Cable & System, NKT Cables, Prysmian Group, Sumitomo Electric and Taihan Cable & Solution. The HVDC converter systems Framework has been awarded to GE Vernova, Hitachi Energy, Mitsubishi Electric and Siemens Energy. Contracts have been secured for a five-year period, with the potential to extend for a further three years. Read More
Nissan Motor Co., Ltd. submitted a corrective action report to the Japan Fair Trade Commission (JFTC) on March 5, 2025, in relation to the recommendation received from the commission on March 7 last year based on violations of the Japanese subcontract act*. Nissan has taken the recommendation from the JFTC and instructions from the Ministry of Economy, Trade and Industry (METI) very seriously and implemented various improvement and corrective measures, including revising and reforming companywide processes and organizations. Going forward, Nissan will continue its efforts to regain the trust of business partners and work together as a company to promote fair transactions. Read More
Nel ASA has signed an EPC collaboration agreement that allows SAMSUNG E&A to offer its customers complete hydrogen plants of its own design using Nel’s electrolysers. In a separate transaction, SAMSUNG E&A will purchase 10% of newly issued Nel ASA shares through a direct placement, implying a post transaction ownership of 9.1%. As a result of this transaction, SAMSUNG E&A will become the largest single shareholder in Nel.
Nel is a global leader within both alkaline and PEM electrolyser technology, working with clients both directly and through EPC partners. With the SAMSUNG E&A EPC collaboration agreement, Nel continues to widen its global delivery capabilities and strengthen its overall competitiveness.
“Our strategy is to focus on electrolyser stack and balance of stack technology. Therefore, we need to work with EPC companies who can provide balance-of-plant solutions and increase our global market reach. It is an honor that a highly reputable and solid company like SAMSUNG E&A has decided to partner with Nel because of our technology and manufacturing leadership” says Håkon Volldal, President and CEO of Nel ASA.
SAMSUNG E&A, formerly Samsung Engineering, is a Korean total solutions provider, that offers comprehensive solutions for the global energy industry. The company provides a full range of engineering services including feasibility studies, design, procurement, construction, and commissioning across multiple industries with a special focus on smart manufacturing, energy systems, and infrastructure. The company is already involved in several large-scale hydrogen projects globally. Read More
A gas industry expert has joined Luxfer Gas Cylinders as its Global Director of Sales, Aluminum Cylinders – thanks to a longstanding and deep-rooted connection with the UK-based manufacturer.
Chris Street, who also serves as President of the British Compressed Gases Association (BCGA), not only brings extensive experience to his new role, but has the added benefit of having been a customer of Luxfer himself when he owned a gas business nearly 20 years ago.
It is a unique journey for the specialty and calibration gases expert, following a distinguished career spanning over 40 years; he started his journey as an engineer, followed by senior roles with leading gas companies. In 2006 Chris acquired his own successful specialty gases business, Scientific and Technical Gases (StG) – growing the team from 6 to 72 employees in eight years.
Chris has proudly been a champion of Luxfer Gas Cylinders throughout his career. “I have travelled to over 60 countries in this industry, and no matter where I go, everyone knows Luxfer makes the best cylinders. I believe the quality of the gas is only as strong as the cylinder that holds it, and Luxfer’s products have proven, time and again, to be the gold standard in reliability and performance.”
His passion for the company goes beyond merely the professional, though. “I have always had a deep emotional connection to Luxfer. When StG was in a tough spot, Luxfer supported us through a critical supply shortage, and that’s something I’ll never forget. It cemented my admiration for the company and means that this role, to me, is the perfect blend of head and heart. Luxfer is an exceptional company with a world-class range of products, and I’m honoured to contribute to its next chapter.” Read More
Luxfer Gas Cylinders has been operating for over 80 years and has sites across the globe. With over 70 million Luxfer cylinders in use worldwide, the we continue to set industry standards in alternative fuels, aerospace, life support, and more. We have been recognised across the industry for a number of awards, cementing our company’s reputation as a leader in aluminum and composite gas cylinder technology and innovation. Here is a round up of awards the company and our team have been honored with since 2022:
2025: UK National: Make UK National Innovation Award – Winner
Achieving recognition across a number of awards in our industry is a fantastic achievement for our skilled, talented and dedicated team. These accomplishments reinforce the fact that our high-performance people, diverse product offering and industry-leading innovations are making an impact and helping to shape a safe, clean and energy-efficient world. Read More
Baker Hughes and NextDecade Corporation announced Tuesday that they have entered into a framework agreement whereby NextDecade plans to utilize Baker Hughes’ gas turbine and refrigerant compressor technology (Equipment Packages) and enter into contractual services agreements to perform maintenance work for these Equipment Packages for Trains 4 through 8 at the Rio Grande LNG Facility. “Utilizing Baker Hughes’ industry-leading rotating equipment and their maintenance services is critical to ensuring the Rio Grande LNG Facility operates efficiently and reliably,” said Matt Schatzman, chairman and CEO of NextDecade. “We look forward to continuing our collaboration with Baker Hughes as we progress our plans to make the Rio Grande LNG Facility one of the largest LNG production and export facilities in the world.” Read More
As the Chinese economy and domestic transport sector undergo significant transformations, demand for the most widely consumed oil-based fuels – including gasoline, jet fuel and diesel – declined marginally in 2024. What’s more, China’s combined consumption of these fuels of almost 8.1 million barrels per day (mb/d) was 2.5% below 2021 levels and only narrowly above those in 2019.
With the overall Chinese economy pivoting from manufacturing to services-based growth and as the adoption of electric vehicles expands in the transport sector, the data strongly suggest that the combustion uses of petroleum fuel in China have already reached a plateau and that the potential for future growth may be very limited.
Overall Chinese oil demand continues to increase, with growth dominated by petrochemical feedstocks, which are converted into plastics and fibres rather than burnt as fuels. Oil demand for petrochemicals in China rose by almost 5% in 2024 as new plants came online, a trend that is expected to continue in the next few years. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $67.35 | Down |
| Crude Oil (Brent) | USD/bbl | $70.72 | Down |
| Bonny Light 12/03/25 CBN | USD/bbl | $74.13 | Down |
| Dubai | USD/bbl | $70.82 | — |
| Natural Gas | USD/MMBtu | $4.11 | Down |
| Murban Crude | USD/bbl | $71.55 | Down |
| OPEC basket 12/03/25 | USD/bbl | $72.55 | Up |
Words matter on oil industry investments
On 7 March 2017, at CERAWeek, the Executive Director of the IEA said to the industry, “invest, invest, invest,” adding:
“We are advocating that the investments need to be made and need to be made without delay. If I had to underline one key word here, it would be investment for the upstream.”
The alignment between OPEC and the IEA’s positions continued in an article published in conjunction with the 16th International Energy Forum Ministerial Meeting, on 10 April 2018. The IEA Executive Director wrote:
“Regardless of climate policy, timely investment into oil and gas supply remains a cornerstone of energy security.”
By May 2021, however, the IEA had changed its position. In launching the IEA Report, ‘Net Zero by 2050: A Roadmap for the Global Energy Sector,’ on 11 May, the IEA wrote:
“There is no need for investment in new fossil fuel supply in our net zero pathway.”
In an interview with The Guardian, on 18 May 2021, the IEA Executive Director stated:
“If governments are serious about the climate crisis, there can be no new investments in oil, gas and coal, from now – from this year.”
However, the IEA executed something of a pleasant U-turn this week. On 10 March 2025, the IEA Executive Director told CERAWeek:
“I want to make it clear … there would be a need for investment, especially to address the decline in the existing fields. There is a need for oil and gas upstream investments, full stop.”
Aside from the risk of whiplash that such severe yo-yoing between positions could cause, a serious point needs to be stressed. This issue pertains to the long-term health of the oil industry. The world needs unambiguous clarity on the realities of the future of supply and demand. Agencies that recognize the responsibility that comes from offering analysis of the long-term perspectives of the industry should not be shifting positions or mixing messages and narratives every couple of years on this matter, particularly ones that were founded to ensure the security of oil supplies.
OPEC’s message has been consistent in saying that investments are the lifeblood of the oil industry. Underinvestment risks future energy security, undermines supply and demand fundamentals and jeopardizes energy affordability. Inadequate investments mean consumers suffer. It also means producers and the global economy suffers.
The investment needs of the industry are significant. OPEC forecasts that the oil sector requires cumulative investments of $17.4 trillion by 2050. This is to meet rising demand, and to counter decline rates, with the latter on average meaning we need to add around 5 mb/d every year just to stay at current overall supply levels.
For this reason, OPEC has repeatedly called for more investments in the oil industry. All our actions and activities, especially under the umbrella of the ‘Declaration of Cooperation’ have been to create an investment enabling environment. Such an environment requires sustainable stability in the oil market. This has been our clear focus, and our analysis is based on robust data and is grounded in reality.
Given the seriousness of the investment issue to the future welfare of the oil and energy industries, and by extension, the global economy, as well as the fact that the oil industry supports millions of jobs globally and is a crucial source of income for millions of families and communities, we would have hoped all energy stakeholders would be consistent in their messaging on this topic.
Time will tell about the full ramifications of the IEA’s calls to stop investing in new projects in the oil industry during the 2021-2024 period. Hopefully, the Agency can return to analysis based on energy realities and focus on its mandate of energy security. In doing so, the IEA can look to a willing partner in OPEC.. Read More
Eimear Bonner, Vice President and CFO of Chevron Corporation (NYSE: CVX), will take part in the Piper Sandler 25th Annual Energy Conference on Tuesday, March 18, 2025, at 11:00 AM ET (8:00 AM PT), discussing corporate strategy and the company’s objective of delivering higher returns, lower carbon and superior shareholder value in any business environment. Read More
Baker Hughes Rig Count: U.S. -1 to 592 Canada -14 to 234
U.S. Rig Count is down 1 from last week to 592 with oil rigs unchanged at 486, gas rigs down 1 to 101 and miscellaneous rigs unchanged at 5.
Canada Rig Count is down 14 from last week to 234, with oil rigs down 7 to 170, gas rigs down 7 to 64 and miscellaneous rigs unchanged at 0.
International Rig Count is unchanged from last month at 905 with land rigs down 2 to 711, offshore rigs up 2 to 194.
| Region | Period | Rig Count | Change |
| U.S.A | 07 March 2025 | 592 | – 1 |
| Canada | 07 March 2025 | 234 | – 14 |
| International | February 2025 | 905 | -4 |
| Baker Hughes |
Mercedes-Benz and solid-state battery manufacturer Factorial Energy have reached a hopeful halfway point, strapping semi-solid-state cells to the German automaker’s flagship electric sedan.
Mercedes announced it has begun road-testing the prototype cells in its EQS full-size sedan. Woburn, Massachusetts-based Factorial Energy supplies the pouch-format cells, and co-developed the pack with Mercedes-AMG High Performance Powertrains, the automaker’s Formula 1 racing subsidiary in Brixworth, U.K.
Mercedes says the battery delivers a real-world driving range beyond 1,000 kilometers (620 miles), about 25 percent farther than a conventional lithium nickel manganese cobalt oxide battery of the same size and mass . Read Related News
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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