Taking Oil to the test

Taking Oil to the test

Many of us have just had to add a new word to our dictionary. Polar vortex. Apparently he is responsible for the polar cold that has recently invaded Chicago and the area of ​​the great lakes of the northern USA.

It is undeniable that the Earth is experiencing a radical climate change, derived mainly from the continuous emission into the atmosphere of gases from the combustion of fossil fuels, mainly those derived from petroleum.

Meanwhile, Trump has decided, on his own, that the change in climate is a fallacy and has abandoned the Treaty of Paris for the reduction of greenhouse gas emissions into the atmosphere.

According to the data provided by the International Energy Agency, until 2040, the next 20 years, a gigantic electrification of the planet will take place, mainly caused by the improvement in living conditions of large masses of population in Asia and Africa.

“In the next 20 years there will be a gigantic electrification of the planet, caused by the improvement of living conditions in Asia and Africa.”

This gigantic electrification will need a asource of energy and it will not be the so-called clean or renewable energies, but the current sources which will provide the energy necessary to carry out the aforementioned electrification.

And do you know which main source of energy will it be? The reviled nuclear energy.

Meanwhile, while in the United States and mainly in Europe we reduce the number of these power plants, China has 60 under construction, which will be used as the main source for its massive electrification.

China will double its current nuclear power production capacity in the next 20 years.

The International Energy Agency, under this scenario, does not believe that the demand for oil will be reduced in the next 20 years, moreover, estimates that in that period the demand for oil will grow 12% over the current figures, and this despite of the expected efficiencies in consumption.

Interview with Miguel Ángel Temprano, CEO of Orfeo Capital.


Source: Capital Magazine – 02-26-2019