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News from June 2015

Asia’s oil consumption at record high while production peaked in 2010

Asia’s oil consumption at record high while production peaked in 2010 thumbnail

The annual BP Statistical Review has come out, as usual in June. In this post we focus on the Asia Pacific region. This is important because the Australian government has offered the help of “Team Australia” to build the “Asian Century”. The question no one asks (or wants to ask) is how much oil there […]


2015 Could Be The Year of Peak Oil

2015 Could Be The Year of Peak Oil thumbnail

The EIA has finally updated their International Energy Statistics with data through February 2015. All data in the charts below are Crude + Condensate and is in thousand barrels per day with the last data point February 2015. (Click to enlarge) World C+C dropped 477,000 bpd in January and another 65,000 bpd in February for […]


Effect of Saudi Arabia Decisions on Global Crude Oil Supply & Demand

Effect of Saudi Arabia Decisions on Global Crude Oil Supply & Demand thumbnail

The Kingdom of Saudi Arabia exerts more influence on the global price of crude oil than any other nation state. Oil analysts study Saudi policy and politics with as much attention to detail as financial analysts spend on US Federal Reserve meeting minutes. The current confluence of dramatic changes external and internal to the Kingdom […]


Robert Rapier: Cellulosic Ethanol is Going Backwards

Robert Rapier: Cellulosic Ethanol is Going Backwards thumbnail

In last month’s article Where are the Unicorns?, I discussed the fact that the commercial cellulosic ethanol plants that were announced with great fanfare over the past couple of years are obviously running at a small fraction of their nameplate capacity. In fact, April was a record month for cellulosic ethanol production according to the […]


The Oceans Need the Spotlight Now

The Oceans Need the Spotlight Now thumbnail

The international community must focus its energies immediately on addressing the grave challenges confronting the oceans. With implications for global order and peace, the oceans are also becoming another arena for national rivalry. The clouds of potential conflict gather on the horizon. The U.N. resolution adopted on June 19 confirms the urgency felt by the […]


Texas oil and gas production has taken a ‘huge hit’

Texas oil and gas production has taken a ‘huge hit’ thumbnail

The preliminary Texas RRC Production Data is out this morning. There appears to be a considerable drop in Texas crude oil production in April. All Texas RRC data in the charts below is through April 2015 and all EIA data is through March 2015. As always, the Texas RRC data is incomplete. The drooping lines […]


Peak Oil in Latin America

Peak Oil in Latin America thumbnail

Today, I want to focus on black gold production south of the Rio Grande. Latin America’s political leaders believe (or claim to believe) that the economic future of the region is promising. They avail themselves of every summit, every conference or bilateral gathering to express their full confidence in growth, progress and development (today called […]


Collapse, Part 1: Greece

Collapse, Part 1: Greece thumbnail

When systems are broke and broken, collapse is the only way forward. The theme this week is collapse. It’s a big, complex topic because there are as many types of collapse as there are systems. Some systems appear stable on the surface but collapse suddenly; others visibly decay for decades before finally slipping beneath the […]


Saudi Arabia Pumps Oil Flat Out

Saudi Arabia Pumps Oil Flat Out thumbnail

Not content with the blow it’s dealt to U.S. oil drillers, Saudi Arabia is set to escalate the battle for market share by raising production to maximum levels. The world’s largest oil exporter has already increased output to a 30-year high of 10.3 million barrels a day in a bid to check growth from nations […]


Society will collapse by 2040 due to catastrophic food shortages

Society will collapse by 2040 due to catastrophic food shortages thumbnail

A scientific model supported by the Foreign Office has suggested that society will collapse in less than three decades due to catastrophic food shortages if policies do not change. The model, developed by a team at Anglia Ruskin University’s Global Sustainability Institute, does not account for society reacting to escalating crises by changing global behaviour […]


Pacific Apocalypse: The Great Dying Continues

Pacific Apocalypse: The Great Dying Continues thumbnail

The Pacific Ocean appears to be turning toxic to all life, a prospect with unimaginably dire consequences for humanity. News stories about it are fragmented, and slotted into the “Environment” category, and thus easily ignored by the rich and famous and their news channels. (Breaking News: Donald Trump Running Mate May be Caitlyn Jenner!) In […]


Kunstler: History in Free Verse

Kunstler: History in Free Verse thumbnail

H istory might not rhyme, exactly, but it’s not bad for free verse. Greece is this century’s Serbia — a tiny, picturesque backwater nation blundering haplessly into the center stage of geopolitics. And the European Union is, whaddaya know, Germany in drag, on financial steroids. Nobody knows what will happen next in the struggle to […]


Russian minister: Oil markets stable

Russian minister: Oil markets stable thumbnail

From the Russian perspective, the situation in the global crude oil market is starting to stabilize, the minister of economic development said. Crude oil prices starting in June 2014 began a steady decline, dropping from levels above the $100 per barrel mark to below $50 per barrel in early 2015. A year on, Russian Minister […]


‘Missing barrels’ may hold new oil demand

‘Missing barrels’ may hold new oil demand thumbnail

The sea of crude oil drowning markets may be only half as deep as an influential estimate suggests. The Paris-based International Energy Agency, an alliance of 29 oil-importing nations including the United States, has contributed to the downturn in oil prices with its estimates that the global supply of oil is outpacing demand by about […]


It may be time to put money under the mattress.

It may be time to put money under the mattress. thumbnail

The manager of one of Britain’s biggest bond funds has urged investors to keep cash under the mattress. Ian Spreadbury, who invests more than £4bn of investors’ money across a handful of bond funds for Fidelity, including the flagship Moneybuilder Income fund, is concerned that a “systemic event” could rock markets, possibly similar in magnitude […]


Turning 21 in the Anthropocene

Turning 21 in the Anthropocene thumbnail

On Earth Day Eve 2015, Nate Hagens presented Turning 21 in the Anthropocene: An Invitation for Young People to Participate in their Future at the University of Wisconsin-Stevens Point. Dr. Hagens’ talk was co-sponsored by the Wisconsin Center for Environmental Education and the UW-Stevens Point Office of Sustainability.


Qatar gas reserves to last 138 years

Qatar gas reserves to last 138 years thumbnail

Qatar’s gas reserves are so vast it can maintain production at current rates for another 138 years, according to an official report published on Sunday. An “Economic Commentary” from the Qatar National Bank (QNB) said the vast reserves of Qatar will ensure it maintains its prominent position in the hydrocarbon sector “for years to come”. […]


The Arab world and the future of Africa

The Arab world and the future of Africa thumbnail

When the 22 countries of the Arab League met in their Cairo headquarters last month to discuss common security concerns, there were 10 African representatives in attendance. In discussions of the Arab world, one unmistakable factor is often missed: the Arab world is heavily African. Algeria, Comoros, Djibouti, Egypt, Libya, Mauritania, Morocco, Somalia, Sudan and […]


6th Mass Extinction Underway

6th Mass Extinction Underway thumbnail

The Earth’s sixth mass extinction is already underway — and humans are the driving force behind it, according to a new study. “Recent extinction rates are unprecedented in human history and highly unusual in Earth’s history,” according to a study published Friday in the journal Science Advances. “Our global society has started to destroy species […]


The World’s Ten Biggest Oil And Gas Companies

The World’s Ten Biggest Oil And Gas Companies thumbnail

From 2005 to 2015, global oil usage has only increased from 83 million to 93 million bpd (1.13% CAGR). However, the overall rate at which the Top 10 has grown production has been at a 1.29% CAGR pace, and their production now makes up about 58% of all global production.  The biggest oil and gas […]


Peak Zealots and Their History of Failure

Peak Zealots and Their History of Failure thumbnail

A recent headline based on an EIA report citing reserves may peak in next 20 years revived the discussion of “peak” oil six months after the markets shuddered with a $60/barrel drop in price and the idling of wells and new drilling because of the “glut” of supply. The “Peakonistas” and their political sycophants came […]


The faster we pump wastewater into the ground, the greater our earthquake risk

The faster we pump wastewater into the ground, the greater our earthquake risk thumbnail

Injecting wastewater into the ground may be an effective way of disposing of salty fluids created through oil and gas production, but it also comes with a perilous side effect: earthquakes. Now, researchers have found that the rate at which we dispose of this liquid may greatly impact the chance that one of these quakes […]


Oil-Sands Megaproject Era Wanes

Oil-Sands Megaproject Era Wanes thumbnail

The era of the megaproject in Canada’s oil sands is fading. Crude’s price slump, pressure to get off fossil fuels and tax increases in Alberta are adding to high costs and a lack of pipelines, prompting producers from Suncor Energy Inc. to Imperial Oil Ltd. to accelerate a shift to smaller projects. Companies are deferring […]


Russian Arctic Drilling To Be Postponed

Russian Arctic Drilling To Be Postponed thumbnail

Russia’s Energy Minister Alexander Novak said on Thursday that Arctic offshore drilling planned for this year will be postponed until 2016 or later. “Drilling of wells (in Russia’s Arctic offshore territory) scheduled for 2015 will be delayed to the next year and possibly even longer,” Novak told Rossiya-24 state TV in an interview. He did […]


China’s Multi-Billion Dollar Loans To Venezuela Face Uncertain Future

China’s Multi-Billion Dollar Loans To Venezuela Face Uncertain Future thumbnail

As China’s economy expanded rapidly over the last two decades, the country massively increased the amount of money it spent on loans and investments abroad, in a bid to secure vital natural resources. Now, it appears, one of those investments is showing signs of going badly awry, according to a Wall Street Journal report. State-owned China […]


Harmful chemicals found in oil field water used for irrigation

Harmful chemicals found in oil field water used for irrigation thumbnail

Testing of recycled oil field wastewater used on about 45,000 acres of farmland in the Central Valley shows the water contains small amounts of potentially harmful chemicals, including oil, benzene and acetone. Local water regulators in April ordered comprehensive testing of the irrigation water to check for the presence of chemicals used in oil production. […]


WikiLeaks Says It’s Leaking Over 500,000 Saudi Documents

WikiLeaks Says It’s Leaking Over 500,000 Saudi Documents thumbnail

WikiLeaks is in the process of publishing more than 500,000 Saudi diplomatic documents to the Internet, the transparency website said Friday, a move that echoes its famous release of U.S. State Department cables in 2010. WikiLeaks said in a statement that it has already posted roughly 60,000 files. Most of them appear to be in […]


Iran Holds Out Improved Oil-Contract Terms

Iran Holds Out Improved Oil-Contract Terms thumbnail

Officials say if sanctions are lifted, Western companies could negotiate longer-term, more profitable deals. Iran is prepared to offer longer-term and more-profitable contracts to international oil and gas firms but expects substantive partnerships with Iranian companies, said oil-ministry officials, signaling how the cloistered country will try to entice billions of dollars in energy investments after […]


PeakOil.com Mobile App

PeakOil.com Mobile App thumbnail

Peakoil.com is now available through tapatalk, the #1 forums app for iOS and Android. Now you can: -Follow peakoil.com posting timeline anywhere, any time. -Easily keep track of all your forums in one place. -Get alerts so you never miss replies. Long-time member Autonomous has also published an open-source alternative to Tapatalk called “Forum Fiend […]


Predictions Of Oil’s Demise Premature

Predictions Of Oil’s Demise Premature thumbnail

The recent meeting of the Organization of Petroleum Exporting Countries provides an opportunity to understand the mysteries of the global oil market. As expected, OPEC decided not to cut its oil production. Barring unanticipated developments, prices will drop, says oil analyst Larry Goldstein. Potential oil supply, including drawdowns from bloated inventories, exceeds demand. Goldstein rightly […]


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