Sources have stated that at the 22nd World Petroleum Congress in Istanbul, Turkey, oil & gas industry stares at a dark future. And the reason is not just low price of crude oil, which is currently trading at nearly $45 a barrel, less than a third of the price 10 years ago $145 in 2008.
According to sources a grim portends of the dark future became visible just a week before the meet when Volvo had currently announced it would phase out production of petrol-only cars from 2019 in favor of electric cars. Meanwhile when speaking at the Congress, Amin Nasser, the head of Saudi Aramco, said that oil and gas would remain central to the world's supply of energy for decades to come. Moreover he believed there was a widespread agreement that even as the world moved to greater use of renewable over fossil fuels, petroleum would continue to be the heart of the energy mix.
But experts have started sounding the death knell for the oil industry and
further Stanford economist Tony Seba, known as an energy futurist, says
electric vehicles would devastate the global oil industry by 2030. Seba
predicts a catastrophe for the oil industry and according to Seba, the rise of
self-drive cars would bring down oil demand sharply which could reduce the
price of oil to $25 a barrel within 10 years.
Domestic sales of Passenger Vehicles grew up April to November 2017 New Delhi sources have stated that the automobiles industry had produced a total 19,486,412 vehicles, including passenger vehicles, commercial vehicles, three wheelers, two wheelers and quadricycle in April- November 2017, against 17,818,193 in April-November 2016, registering a growth of 9.36% over the same period last year.
- Do you know the state which tops the rank among the sales for Electric Vehicles?
- Hike in car prices in India from 2018
- Audi AG is always looking for opportunities to invest and grow
- Auto Companies happy on seeing November sales
- Do Truck drivers deserve an A/C cabin in their vehicles?
- Will BMW do assemble motorcycles in India?
- Electric buses be launched by JBM Auto after a delay of 12 Months
- Mahindra, Ford extends tie up for making electric vehicles
- TVS Motor confident on betting rural buyers in South
- In next four years, Hero Electric eyes to touch Rs.1000 Crore
- Availability of BS VI fuel in Delhi also gives an opportunity to the vehicle manufacturers
- GST on Automobile industry retained by 28%
- Kawasaki Ninja 650 is available in the market and it's cost will leave a lump in your throat!
- Electric Vehicles Industry are happy with the decision made by Karnataka High Court
- Ford Ecosports booked within few minutes on Amazon