![]() The demand for cobalt is forecasted to more than double by 2030 to 388,000 tonnes. ![]() The Future of Cobaltĭespite ongoing efforts to substitute cobalt in battery applications, cobalt is expected to remain a vital raw material for the entire battery supply chain in the near future. In a 2021 ruling by a federal court in Washington, Google parent Alphabet, Apple, Dell, Microsoft, and Tesla were relieved from a class action suit claiming their responsibility for alleged child labor in Congolese cobalt mines. Plummeting cobalt prices, which fell almost 30% this year to $13.90 a pound, have severely impacted the DRC.įurthermore, the longer-term prospects of cobalt could face hurdles due to efforts to reduce its use in batteries, partly driven by human rights concerns associated with artisanal cobalt mining in the DRC and related child labor and human rights abuses. While the shift in cobalt production is notable, it is not without challenges. The exponential growth of the EV sector is expected to drive a doubling of global cobalt demand by 2030. The EV industry is the largest consumer of cobalt, accounting for approximately 40% of total demand. In total, global cobalt production reached 197,791 tonnes, with the DRC contributing just under 145,000 tonnes of that mix. Percentages may not add to 100 due to rounding. In 2022, Indonesia’s cobalt production surged to almost 9,500 tonnes from 2,700 tonnes in 2021, with the potential to increase production by tenfold by 2030. Indonesia accounts for nearly 5% of global cobalt production today, surpassing established producers like Australia and the Philippines. Indonesia Became Second Largest Cobalt Producer in 2022 Rich with shale oil resources, it was the sixth consecutive year the US led the world in oil production. However, according to the Cobalt Institute, the DRC’s dominance is projected to decrease to 57% by 2030 as Indonesia ramps up its cobalt production as a byproduct from its rapidly expanding nickel industry. Oil production in the US increased by 11 to reach 17.04 million barrels per day (bpd) in 2019, from the previous year's level of 15.36 million bpd, the report released on Wednesday showed. The Democratic Republic of Congo (DRC) has long been the world’s largest cobalt producer, accounting for 73% of global output in 2022. Sign up to the free mailing list to get beautiful visualizations on real assets and resource megatrends each week.Ĭobalt, an essential component of key chemistries of the rechargeable lithium-ion batteries used in EVs, has seen a significant shift in its global production landscape. The agreement could lead to sanctions relief, contingent on verification by the International Atomic Energy Agency (IAEA) that Iran has complied with key nuclear-related steps.Ranked: The World’s Top Cobalt Producing Countries On July 14, the Joint Comprehensive Plan of Action (JCPOA) between Iran and the five permanent members of the United Nations Security Council and Germany (P5+1) was announced.At its December 4 meeting, OPEC members announced they "should continue to closely monitor developments in the coming months," indicating that OPEC producers, led by Saudi Arabia, are continuing the policy of supporting production and defending market share in a low oil price environment.EIA estimates that total Organization of the Petroleum Exporting Countries (OPEC) crude oil and other liquids production increased 3% to 37.4 million b/d in 2015, led by production growth in Iraq.However, EIA analysis indicates that the policy change is unlikely to result in a significant increase in crude exports from the United States given current market conditions exports of crude oil were removed at the end of the year. Canada, Saudi Arabia, Venezuela, and Mexico continue to be the main sources of imported crude oil. imports of crude oil fell to their lowest level since 1995. The Brent-WTI price spread averaged less than $4/b in 2015, $3/b narrower than in 2014, and significantly below the 2011-13 average, when Brent traded nearly $14/b higher than WTI.Despite the decline, production of crude oil averaged an estimated 9.3 million barrels per day (b/d) in 2015, a 7% increase over 2014 and the highest rate since 1972. The decrease was led by reductions in Lower 48 onshore production, which began to fall in April. crude oil production began to decline in the second quarter of 2015. As a result of lower crude oil prices, U.S.Energy Information Administration, Short-Term Energy Outlook, December 2015
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