In 2013, China led the world in renewable energy production,
with a total capacity of 378 GW, mainly from hydroelectric and wind
power.
As of 2014, China leads the world in the production and use of
wind power, solar photovoltaic power, and smart grid technologies,
generating almost as much water, wind, and solar energy as all of
France and Germany’s power plants combined.
In 2016, China became world’s largest producer of photovoltaic
power, at 43 GW installed capacity. China’s renewable energy sector
is growing faster than its fossil fuels and nuclear power
capacity.
This is part of the reason for Oil to remain low so as to stay
competitive, the other main reasons are more poltical inclined.
Today, shipbuilder are getting more order to build supporting
ship for offshore renewable energy, and zero from offshore oil
rig.
No doubt on 2013, 2014 as the investment were made much earlier
when oil price is high. In
2016, China became world’s largest producer of photovoltaic power,
at 43 GW.
These photovaltaic power investment decision is also made much
earlier than 2016.
May be you can share such investment decision made in 2015 &
2016. Who will still invest on this when oil price is so low.
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still talk about Oil,,??? World biggest producer of Oil rigs,
SembCorp and KeppelCorp, who will once, kingpins of corporations,
giving out 9 to 10 months bonuses +13month..orders book are always
full with a 5 years fulfillment, but 2015 till now…Zero order.
Rig counts in the world was at 3.500++, but today, in the sea, only
1.200 left and going down, the rest are at shore sunbathing till
rust and rot.
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Yes. the reason because the oil price is so low now and it is
now -ve growth in supply.
Your statement :
Oil price will not change or go up further as countries are looking
at alternative such as clean energy and bio fuel.
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My answer to you is that oil price will change as the current
price cannot sustain.
What make US from an oil importer country to become oil export
country, the key reason is shale oil?
Some shale oil wells may have a break even point
of $40
a barrel over
their production life despite the higher drilling and fracking
costs. However, many sources put the average break even point for a
fracked horizontal well above $60
a barrel with
the higher-cost wells coming in at over $90
a barrel.
Many Shale oil companies will close down with such cost.->
reduce in supply. in fact, the tradition oil production countries
are trying to bring down the competitors.
Therefore, oil price going up is a question of timing;ie. when.
It is a question about supply and demand.
If you still dont understand, u know mah bao dan cut the
property supply the time is no good and then government open the
flood gate. What happen to our property price?