TOP 10 Energy Industry News in 2019.

In recent years, with the increase of renewable energy, natural gas and shale oil production capacity, the growth of global oil demand has slowed down. However, the International Energy Agency (IEA) forecasts that the demand will increase by 1 million BPD in 2019 and 1.2 million bpd in 2020. However, the growth rate of shale oil production in the United States exceeds the growth rate of oil demand, which really promotes the contradiction in the oil market. This paper reviews the top ten news of energy industry in 2019 to attract readers.

1. Aramco oil facility attacked
In September, drone attacks on the processing plants of the world's energy giant, Saudi aramco, at Abqaiq and Khurais, led to production cuts of 5.7 million barrels a day, or nearly 6 percent of the world's crude oil supply. It was the most significant attack on oil infrastructure in history. But this is not the most serious disruption, mainly because of the abundance of shale oil and the build-up of Saudi stocks. Saudi Arabia has announced that it will use its vast oil reserves to offset production disruptions following attacks on two major oil facilities.

2. The successful listing of Saudi ARAMCO
Saudi Arabia's State-owned Oil Company, ARAMCO, launched an initial public offering at home in early December, priced at the top of its target range and raising $25.6 billion. The oil giant raised more money than the $25 billion Chinese Internet giant Alibaba raised when it entered Wall Street in 2014. It wasn't long before the company's market value reached the $2 trillion previously estimated by Saudi crown prince SALMAN.

3. OPEC cuts support oil prices
OPEC continues to respond to the increase in us shale oil production by reducing its own production. This, as industry insiders call it, "is the only strategy that makes sense for a cartel." The group has cut output twice this year, along with Russia and other producers. That brings the total output cut by OPEC and its Allies to 1.7 million barrels a day.

4. U.S. oil production reached 1.28 million b/d
The U.S. information energy administration says it expects U.S. oil production to hit a record 1.28 million barrels a day in 2019. This has implications for oil markets in other parts of the world. U.S. crude oil production has reached a record high of more than 12 million barrels a day this year thanks to increased output from the Permian basin, which stretches from Texas to new Mexico. The us has overtaken Saudi Arabia and Russia as the world's largest oil producer.

5. Norway announces divestment from fossil fuels
Norway announced earlier this year that its global government pension fund (GPFG) would abandon some fossil fuel investments. The announcement is symbolic given the fund's size and the fact that it is a product of Norway's oil and gas history. But most reports miss the main background to the story, which is that the fund will in fact retain most of its oil and gas investments.

6. Exxonmobil wins
ExxonMobil has been sued by the state of New York over allegations that it engaged in a "long-term fraudulent scheme" to address the economic risks of climate change. In early December, the court ruled that "the office of the attorney general failed to substantiate evidence that exxonmobil made any material misrepresentations or omissions about its practices and procedures that misled any reasonable investor."

7. Occidental buys Anadarko
Chevron initially tried to buy Anadarko, but Occidental ended up offering a higher price of $55bn. Occidental was widely believed to have paid a high price and punished stocks ruthlessly after trading.

8. The Permian basin in the United States became the world's largest oil producing region
Ahead of the IPO, ARAMCO lifted the veil of secrecy around its oil fields. The kingdom's Garwal field has long been considered the world's largest conventional onshore field, with production of 3.8 million barrels a day, according to reports. This means that the Permian basin in the United States has surpassed Garwar as the world's largest oil producing region.

9. The impact of the trade war on ethanol
For the past few years, ethanol producers and refiners have been battling over how much ethanol to add to the U.S. fuel supply. But another factor has had a big impact on the ethanol market this year. The trade war with China has dried up ethanol exports to the United States, putting pressure on ethanol producers.

10. Floating nuclear power plants in Russia
This year, Russia deployed the world's first floating nuclear power plant, Akademik Lomonosov. The plant has been deployed to the port town of pevic on Russia's remote chukchi peninsula in the arctic and will power about 100,000 homes. Greenpeace opposed the project, calling it "Chernobyl on ice."

(News Source: http://news.cableabc.com/exposure/20191230866399.html)