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News from March 2017

Down 10%, Mexico Oil Reserves Gone in 9 Years Without New Finds

Down 10%, Mexico Oil Reserves Gone in 9 Years Without New Finds thumbnail

Record-low drilling activity for 3 years seen as the cause Foreign explorers now working offshore offer boost by 2024 Mexico’s existing oil reserves are dwindling so fast the country could go dry within nine years without new discoveries. That’s the message from the National Hydrocarbons Commission, which said Friday that the reserves fell 10.6 percent to […]


John Michael Greer, James Kunstler, Chris Martenson, & Dmitry Orlov 3-25-2017

John Michael Greer, James Kunstler, Chris Martenson, & Dmitry Orlov 3-25-2017 thumbnail

This is a repost of a panel with John Michael Greer, James Howard Kunstler, Chris Martenson, Frank Morris, and Dmitry Orlov at the CFPUP Summit in Lancaster PA, on March 25, 2017.


Rig Count Continues To Threaten Oil Price Recovery, Saudis Cut Prices To Asia

Rig Count Continues To Threaten Oil Price Recovery, Saudis Cut Prices To Asia thumbnail

For the 11th week in a row, the number of US oil rigs rose (up 10 to 662 – the highest since September 2015). US Crude production continues to track the lagged rig count, pouring more cold water on OPEC’s production cut party. The rig count grows, tracking the lagged oil price in a self-defeating […]


The Peace Police

The Peace Police thumbnail

Who are the “Peace Police” and why there were an obstacle for people fighting the Dakota Access Pipeline? Watch this entire episode of “Trouble” at sub.Media


An idiot’s guide to the ERoEI of tar sands

An idiot’s guide to the ERoEI of tar sands thumbnail

I know about the environmental issues surrounding tar sands of course, but the rampant destruction producing crude from tar sands entails never ceases to blow me away.. I had little clue about the complete energy inefficiency of the process. If we include shale and oil/tar sands in our peak oil calculations, the notion that we’ve […]


Determining the Oil Market’s Path of Least Resistance

Determining the Oil Market’s Path of Least Resistance thumbnail

In “Futures in Focus,” Dan Deming, managing director at KKM Financial, and Bloomberg’s Mark Barton examine the factors shifting momentum in the oil market. They speak on “Bloomberg Markets.”


After energy agreement, Iran sees growing trade with Russia

After energy agreement, Iran sees growing trade with Russia thumbnail

Boasting that it’s a result of a multilateral nuclear deal, OPEC-member Iran said its trade volume with oil-rich Russia could pass the $10 billion mark. Iranian President Hassan Rouhani hosted a dinner Tuesday night in Moscow for Iranian nationals living in Russia. As a result of improved opportunities, annual trade between the two counties is […]


Are Gulf Oil Producers Falling Into The ‘Venezuela Trap’?

Are Gulf Oil Producers Falling Into The ‘Venezuela Trap’? thumbnail

Oman has struck a deal with several banks for a $4 billion loan to be repaid in future oil deliveries. Abu Dhabi signed a contract with commodity trading giant Vitol to supply it with over half a million tons of liquefied petroleum gas annually over the next decade in exchange for an upfront payment. According to […]


ConocoPhillips just proved low oil prices are here to stay

ConocoPhillips just proved low oil prices are here to stay thumbnail

Jim Cramer saw ConocoPhillips’ sale of a portion of its oil sands to Canadian producer Cenovus as a sign that the oil glut will keep prices low for a while. “In one fell swoop ConocoPhillips confirmed a lot of what’s become the conventional wisdom in the oil patch: the price of crude’s not going to […]


How to Handle an Oil Shock

How to Handle an Oil Shock thumbnail

The global oil market is a volatile place. But, abstracting from high-frequency fluctuations, average annual world prices (in US dollars) plummeted about 60% between 2012 and 2016. So how do countries like Russia, Saudi Arabia, Iraq, and Venezuela cope with a collapse in the price of their dominant (and in some cases, only) export? A […]


India joins the International Energy Agency

India joins the International Energy Agency thumbnail

The International Energy Agency (IEA) has adopted India as its latest member. By making the rapidly growing nation an ‘Association Country’, the IEA says it will enjoy a more secure and sustainable energy future with the third largest consumer of power in the world. Fatih Birol, Executive Director of the IEA, said: “We can’t talk about […]


Environmentalists need to “end the charade” against oil sands

Environmentalists need to “end the charade” against oil sands thumbnail

According to the Canada West Foundation, keeping the oil sands in the ground and stopping new pipelines “will actually increase greenhouse gas emissions” – wait, what? At an energy conference deep in American oil country earlier this month, Prime Minister Justin Trudeau received an award for his global energy and environmental leadership. “No country would […]


Eni Has Over 800MM Barrels Of Oil In Place In Mexico Find

Eni Has Over 800MM Barrels Of Oil In Place In Mexico Find thumbnail

Italy’s Eni said on Wednesday it expected that its recent discovery off the coast of Mexico would hold more than the 800 million barrels of oil it originally estimated. “This is an important find and we’ve found new layers of good light oil that make us think there’s more,” Chief Executive Claudio Descalzi said at […]


Is the US Producing Too Much Oil?

Is the US Producing Too Much Oil? thumbnail

OPEC’s production cut had many investors excited for a recovery in oil prices, but the U.S. seems determined to fill in that supply gap. In this clip from Industry Focus: Energy, Fool energy analysts Sean O’Reilly and Taylor Muckerman discuss how much production is set to increase in 2017, what it means for the oil […]


The great cost of averting climate change

The great cost of averting climate change thumbnail

Scientists have published a road map of what needs to happen to meet the goal of restricting global average temperatures to less than 2°C above pre-industrial levels. For green investors and technocratic statists, it reads like a dream. For the rest of us, it spells certain economic disaster. Modelling the climate – a massive, complex […]


Oil Traders Warn There’s a Supply Crunch Looming

Oil Traders Warn There’s a Supply Crunch Looming thumbnail

The oil market is risking a supply crunch as producers cut spending on major projects to focus on short-term low-cost shale output in the U.S., some of the top crude and products traders said. With oil prices hovering around $50 a barrel, current project spending is focused on “short-cycle” projects involving U.S. shale deposits, Daniel […]


Russia Can Wait for $70 Oil Before Re-Entering Arctic Waters

Russia Can Wait for $70 Oil Before Re-Entering Arctic Waters thumbnail

Russia can wait for a sustained recovery in oil prices before drilling again in Arctic waters, relying for now on less costly regions even as rival producer Norway accelerates development of its northerly fields. “We estimate production costs for the Russian Arctic offshore in the range of $70 to $100 a barrel,” Energy Minister Alexander Novak […]


Country With The World’s Largest Oil Reserves Runs Out Of Gasoline

Country With The World’s Largest Oil Reserves Runs Out Of Gasoline thumbnail

In a testament to the efficiency of socialism, leftist-run Venezuela has long prided itself on selling its citizens the world’s cheapest gasoline… that is when it has gasoline to sell. While fuel supplies in the country with the world’s largest proven oil reserves… … have continued flowing despite monetary collapse and hyperinflation, a domestic oil […]


Bahrain denies depletion of oil reserves in 15 years

Bahrain denies depletion of oil reserves in 15 years thumbnail

Bahrain denied on Tuesday that the oil production in Bahrain will deplete within the next fifteen years, Al Wasat local online news reported. The Minister of Oil Shaikh Mohammed bin Khalifa Al Khalifa confirmed in the parliament session that the oil reserves will continue for the decades. He was responding to a remark by MP […]


World Oil Production

World Oil Production thumbnail

The views expressed in this post do not necessarily reflect the views of Dennis Coyne or Ron Patterson. The BP Statistical Review of World Energy has oil production data by country up to the end of 2015. This is what that looks like from 1988: The United States increased production by 5.1 million barrels per […]


The Future of Nuclear

The Future of Nuclear thumbnail

In 2016, pro-nuclear advocates won our first victories against the anti-nuclear Goliath, saving nuclear plants from closure in Switzerland, Illinois, New York and Sweden. But the anti-nuclear establishment quickly struck back with a series of victories resulting in announced nuclear plant closures and cancellations in New York and Taiwan, adding to the heavy losses pro-nuclear […]


Peak Oil: Not Just Wrong but Invalid

Peak Oil: Not Just Wrong but Invalid thumbnail

By Michael Lynch   “Production in a region rarely follows a bell curve nor do regions necessarily experience a single peak. As a result, this method repeatedly predicted premature peaks for many countries and for the world itself.” “Production patterns are determined by the geology and chemistry of the deposit, plus the engineering decisions on how […]


Saudi Aramco’s $2 Trillion Valuation Has Too Many Assumptions

Saudi Aramco’s $2 Trillion Valuation Has Too Many Assumptions thumbnail

Changing a tax system that has endured since the 1970s is no small matter, especially when it concerns what could be the world’s most valuable company. Saudi Arabia’s announcement on Monday that it was cutting the tax rate on large oil companies to 50 percent from 85 percent is crucial for the fate of the […]


Gail Tverberg: Why Energy-Economy Models Produce Overly Optimistic Indications

Gail Tverberg: Why Energy-Economy Models Produce Overly Optimistic Indications thumbnail

I was asked to give a talk to a committee of actuaries who are concerned about modeling the financial future of programs, such as pension plans, given the energy problems that are often discussed. They (and the consultants that they hire) have been using an approach that puts problems far off into the future. I […]


There Is No Such Thing As Peak Oil Demand

There Is No Such Thing As Peak Oil Demand thumbnail

Notwithstanding that oil demand has increased for over 150 years, it will eventually stop increasing. If oil demand were to reach an actual peak, then the top might be easier to predict. As it stands, the forecast models of demand are likely predicting peak demand far later than it will be. The so-called balance of […]


Goldman Sachs in Talks for Saudi Arabian Equities License

Goldman Sachs in Talks for Saudi Arabian Equities License thumbnail

U.S. bank said to hold preliminary discussions with regulators Goldman Sachs has yet to file an application for the license Goldman Sachs Group Inc. is in preliminary talks for an equities license in Saudi Arabia as the U.S. lender seeks to take advantage of the country’s economic reforms, according to people familiar with the matter. […]


The Dark Legacy of China’s Drive for Global Resources

The Dark Legacy of China’s Drive for Global Resources thumbnail

As China pursues a startling array of energy, mining, logging, agricultural, and infrastructure projects on virtually every continent, it is having an unprecedented environmental impact on the planet. For the past 35 years, I’ve worked as an ecologist in the Amazon, Africa, and the Asia-Pacific region on an array of environmental issues, mostly revolving around […]


Heinberg: Traditionalism through the Lens of Cultural Ecology

Heinberg: Traditionalism through the Lens of Cultural Ecology thumbnail

A battle is raging in Washington for ultimate power, and while it’s being defined by personality (specifically, one “yuge” ego), it also hinges on political philosophies. The common terms liberalism and conservatism have lost their usefulness in navigating these boiling political waters. Traditionalism is a word that has been used to emblemize the recent rightward […]


Pivot to the Arctic: implications for the Gulf Cooperation Council

Pivot to the Arctic: implications for the Gulf Cooperation Council thumbnail

Circumpolar politics over Arctic resources are taking shape. Countries circling the shrinking Arctic ice mass are seeing potential strategic and economic opportunities. Security factors are also in play. The Gulf Cooperation Council states are concerned about what will happen next in what can be termed a “pivot to the north policy.” Due to climate change, […]


Oil Price to Crash to $20 then Spike MUCH Higher – Peak Oil Talk with Hedge Fund Manager Erik Townsend

Oil Price to Crash to $20 then Spike MUCH Higher – Peak Oil Talk with Hedge Fund Manager Erik Townsend thumbnail

First time guest Erik Townsend really gives us the broad view on world oil supply and where we are in the peak oil curve. He’s predicting some volatility in the price, well to clarify, a crash to near $20 and then spike much higher within 5 years as the supply gets choked out. If you […]


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@SebGorka @GradyHughes4 We have reached "Peak Liberalism" The Selfishness & Anti-Americanism probably can't get worse #PeakLiberalism #PeakOil #CorruptDemocrats

@LeahR77 @vhfancc We have reached "Peak Liberalism" The Selfishness & Anti-Americanism can't get worse #PeakLiberalism #PeakOil #CorruptDemocrats RT ALL

@GeorgiaDirtRoad @hrenee80 We have reached "Peak Liberalism" The Selfishness & Anti-Americanism probably can't get worse #PeakLiberalism #PeakOil #CorruptDemocrats

Could we be on the right shoulder? #PeakOil Good time to IPO w/ shit oil reserve transparency. #NetEnergy #EROEI twitter.com/ShortTreasurie…

When ur wells are running dry so injecting water is the only way to extract it you get this... #peakoil #KSAnext zerohedge.com/news/2017-10-1…