Oil rigs on platforms in Gaoyu Lake in east China’s Jiangsu province Friday, Sept. 17, 2021.
Barcroft Media | Getty Images
Oil and gas will continue to be leading sources of energy for decades to come on the back of a lagging energy transition, major industry players said at the Energy Asia conference held in Malaysia’s capital Kuala Lumpur this week.
“We think the biggest realization that should come out of this conference … is oil and gas are needed for decades to come,” said John Hess, CEO of U.S. oil company Hess Corporation.
“Energy transition is going to take a lot longer, it’s going to cost a lot more money and need new technologies that don’t even exist today,” he continued.
When it comes to clean energy, the world needs to invest $4 trillion a year — and it’s nowhere close, Hess said.
According to the International Energy Agency, global investment in clean energy is set to rise to $1.7 trillion in 2023.
The demand projections for [India] are such that we are forced to put up new refineries.
A.S. Sahney
Executive Director of Indian Oil Corporation
Hess said oil and gas are key to the world’s economic competitiveness, as well as an affordable and secure energy transition.
The oil market will be more constructive in the second half of the year, with production going up to 1.2 million barrels a day in 2027, he predicted. He noted that the biggest challenge the world has is the underinvestment in the industry.
“The world is facing a structural deficit in energy supply, in oil and gas, in clean energy,” he said.
Likewise, at the the conference’s opening address, OPEC’s Secretary General projected global oil demand will rise to 110 million barrels a day by 2045. The growth comes on the back of rapid urbanization over the next few years, Haitham Al Ghais said.
John Hess, chief executive officer of Hess Corp., speaks during the Energy Asia Summit, in Kuala Lumpur, Malaysia.
Bloomberg | Bloomberg | Getty Images
In an e-mail exchange Tuesday, the largest U.S. oil producer ExxonMobil reiterated the same.
The company expects oil to remain the largest primary source of energy for at least two more decades given its vital place in the commercial transportation and chemical industry.
“Liquids are projected to remain the world’s leading energy source in 2050, even as demand growth slows beyond 2025,” Erin McGrath, ExxonMobil’s public and government affairs senior advisor, told CNBC.
“Overall, demand for liquids is expected to rise by about 15 million barrels per day by 2050. Almost all the growth will come from the emerging markets of Asia, Africa, the Middle East and Latin America.”
“This is the region where the growth in energy demand will be, and more to come,” S&P Global’s Vice Chairman Dan Yergin said at the energy conference. He said Southeast Asia’s population alone is 50% greater than the European Union’s.
Growth in LNG markets last year were driven by China, India, Korea, Japan and Vietnam, the chairman of French petroleum energy company TotalEnergies said.
“The demand is in Asia. The demand is here, you have 5 billion people moving population, [asking] for a better way of life. And so this is where we must look to the future,” said Patrick Pouyanne, CEO of TotalEnergies.
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Likewise for oil, one of India’s largest oil companies has increased refining capacities.
“We are probably one of the few companies, one of the few countries who are going to increase refining capacities in the next three to four years by 20%,” said A.S. Sahney from Indian Oil Corporation at a separate panel discussion.
“That shows our belief in [the] continuance of fuel,” the executive director said, acknowledging that energy transition is here to stay.
“But at the same time, the demand projections for the country are such that we are forced to put up new refineries,” he continued.
According to the IEA, India is expected to see the largest increase in energy demand of any country —demand is forecast to rise more than 3% when it becomes the world’s most populous country by 2025.
Saudi Arabia’s state-owned oil giant Aramco is also banking on hopes that China and India will drive oil demand growth of more than 2 million barrels per day, at least for the rest of this year.
Once the broader global economy starts to recover, the industry’s supply demand balances could tighten, said CEO Amin Nasser during his speech at the summit.
Oil demand an ‘ancient story’
Commodities trading firm Vitol is less bullish, predicting that demand for crude will peak in 2030 — two years later than the IEA’s forecast.
“We got it peaking in about 2030 and a gradual decline out to 2040 … And then [a] rapid decline thereafter as the EV fleet and energy transition takes over,” Vitol CEO, Russell Hardy, said during a panel discussion.
While the industry faces good fundamentals in the next few months, Russia’s continued oil production and sputtering Chinese growth complicate forecasts of where prices will go.
Read more about energy from CNBC Pro
“The supply side is slightly overblown, particularly [in] Russia where there were quite a lot of expectations for production loss as a result of the difficulty of getting oil to market because of the sanctions,” Hardy said.
“Because of the global economic malaise at the moment, Chinese recovery is stalling a little bit,” he continued, pointing out that China’s demand for oil has not been as strong as expected.
He observed that Europe and the U.S. have one and a half million barrels a day less demand today compared to 2019 as more consumers are pushed toward renewable sources in Europe and Asia.
Enphase Energy just launched a new off-grid system that lets homeowners power their homes without a utility connection – even for extended periods. The California-based Enphase says the off-grid setup delivers a seamless way to live independently from the grid while still using solar, batteries, and a standby AC generator.
A full off-grid setup
The new system combines Enphase’s IQ Battery 5P with embedded grid-forming microinverters, IQ8 Series Microinverters with Sunlight JumpStart, and a third-party standby AC generator. The components work together to supply power to a home and automatically manage energy sources to maximize efficiency and reliability.
If the batteries are drained and the generator runs out of fuel, the Sunlight JumpStart feature can automatically recharge the batteries the next morning once the sun comes up.
The IQ Battery 5P delivers 3.84 kVA of power per 5 kWh of capacity, and systems can be scaled up to 40 kWh and 15.4 kVA. That’s enough power to start big household appliances like HVAC systems or water pumps. The IQ System Controller 3G provides the backbone, managing solar, batteries, and generator inputs to deliver up to 46 kVA of off-grid power.
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Smarter control and connectivity
Each system connects to the cloud through Enphase’s IQ Combiner 5C HDK, which bundles solar interconnection, communications, and metering into one box. For homes without reliable broadband, the built-in 4G LTE Cat 4 modem keeps the system online for monitoring, firmware updates, and remote support.
Homeowners can manage everything from the Enphase App – from solar generation and battery status to generator integration and load control.
Why it matters
As grid outages become more common and homeowners look for ways to gain energy independence, off-grid systems like this are becoming more appealing.
“With the launch of our off-grid solution, we are giving homeowners a reliable path to complete energy independence,” said Nitish Mathur, Enphase’s SVP of customer experience. Enphase says over 100 homes are already operating entirely off-grid using its technology. The company plans to expand availability beyond the US in 2026.
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Global offshore wind targets are still strong enough to triple global capacity by 2030, despite the US’s offshore wind stagnation under Trump. A new analysis from energy think tank Ember and the Global Offshore Wind Alliance (GOWA) shows that the rest of the world is charging forward, underscoring confidence in offshore wind as a cornerstone of future clean energy systems.
Based on the latest NHTSA report, Tesla’s ‘Robotaxis’ keep crashing in Austin, Texas, despite ‘safety monitors’ preventing an unknown number of crashes.
Under an NHTSA Standing General Order SGO, automakers are required to report crashes involving their autonomous driving (ADS) and advanced driver assistance systems (ADAS) within five days of being notified of them.
For years, Tesla was only reporting ADAS crashes, since, despite the names of its Autopilot and Full Self-Driving systems, they are only considered level 2 driver assistance systems.
Since the launch of the Robotaxi service in Austin, Texas, where Tesla moved the supervisor from the driver’s seat to the passenger seat, it has now reported its first few crashes under the ADS reporting.
This week, NHTSA has updated its crash report and revealed a 4th crash that happened in September:
Report ID
Incident Date
Incident Time (24:00)
Make
Model
Model Year
Automation System Engaged?
Highest Injury Severity Alleged
Crash With
Roadway Type
Weather
13781-11687
SEP-2025
01:25
TESLA
Model Y
2026
ADS
Property Damage. No Injured Reported
Other Fixed Object
Parking Lot
Partly Cloudy
As we previously highlighted, when it comes to both ADS and ADAS crash reporting, Tesla abuses the redacting capacity and hides most information about its crashes, unlike most of its competitors.
Therefore, we don’t have much information about this new crash, but it reportedly occurred in a parking lot and involved a Tesla Robotaxi crashing into a “fixed object,” resulting in property damage.
What’s most interesting about this crash is that it comes as Tesla released the first bit of data about its Robotaxi program in Austin.
During its earnings call last week, Tesla confirmed that the Robotaxi fleet has traveled 250,000 miles since its launch in late June.
Therefore, Tesla Robotaxi currently crashes at a rate of about once every 62,500 miles. That’s with a safety monitor with a finger on a kill switch, ready to stop the vehicle at all times.
We have no data on how often Tesla’s safety monitors prevent crashes in its robotaxis.
For comparison, the NHTSA report lists 1,267 crashes involving Waymo vehicles. However, Waymo’s robotaxis have covered over 125 million fully driverless miles since inception. That’s a crash every 98,600 miles and without any onboard safety monitor.
Electrek’s Take
That’s the problem with comparing Tesla and Waymo.
At least we can now clearly see that Waymo’s incident rate is much lower than Tesla’s, but that’s with a safety monitor in Tesla robotaxis that prevents an untold number of crashes.
The actual difference could be 10x higher. We simply don’t know. Tesla has always refused to share any data regarding disengagement or intervention rates.
One thing is clear: Tesla is way behind Waymo in autonomous driving safety.
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