Europe will be the battleground between producers of sour crude grades, including Russia, Iraq, Saudi Arabia and Iran, as the Asian market becomes more “crowded,” the Paris-based IEA said in its monthly report.
The Paris-based company said low oil prices were partially offset by a 12 percent increase in oil and gas production compared to last year, strong refining margins and the results of Total’s cost reduction program.
Chief Executive Officer Joe Kaeser, who is focusing Siemens on energy generation and distribution, last year spent $7.6 billion on acquiring oil and gas specialist Dresser-Rand Inc. to boost the company’s installed base of equipment and gain the associated lucrative service contracts.
European oil companies including Royal Dutch Shell Plc, BP Plc and Total SA are promoting gas as a way to limit the growth of emissions blamed for climate change. They have also called for a price on carbon dioxide.
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