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Venezuela’s Complicated Crisis For Oil


The cold logic of the oil market dictates that crisis usually equals profit. That’s because a crisis in oil usually means a supply crisis, as some large producing country becomes embroiled in war or civil unrest or sanctions or some other geopolitical mess. The country currently occupying the unenviable position of being the likeliest source […]

The Battle Between OPEC and US Shale


Bloomberg’s Tracy Alloway reports on the price and production of oil. She speaks on “Bloomberg Markets: Middle East.

Israel-Europe gas deal sparks criticism

Israel-Europe gas deal sparks criticism thumbnail

An Israel-Europe gas pipeline deal aimed at turning Israel into a major energy exporter in the Mediterranean has come under criticism from Palestinians, particularly as the besieged Gaza Strip continues to suffer from a crippling power crisis. “The pipeline agreement between Israel, Italy, Cyprus and Greece will not only benefit corporations which directly profit from […]

Major Oil Producers Reach Deal to Extend Output Cuts


A number of major crude-producing countries reached an initial agreement to extend output cuts, Saudi Arabia’s oil minister said Thursday, as persistently high stockpiles weigh on prices. OPEC and other major suppliers have failed, after three months of limiting production, to achieve their target of reducing oil inventories below the five-year historical average, Saudi Arabia’s Khalid Al-Falih said […]

Undaunted by oil bust, financiers pour billions into US shale

Undaunted by oil bust, financiers pour billions into US shale thumbnail

Investors who took a hit last year when dozens of U.S. shale producers filed for bankruptcy are already making big new bets on the industry’s resurgence. In the first quarter, private equity funds raised $19.8 billion for energy ventures – nearly three times the total in the same period last year, according to financial data […]

Why US oil production isn’t done rising


The oil market got another dose of data Monday that pointed to the likelihood of further gains in U.S. crude-oil production. Oil production from seven major U.S. shale plays is forecast to climb by 124,000 barrels a day to 5.193 million barrels a day in May from April, according to a monthly report on drilling […]

Reeling From Low Oil Prices, Saudis Look To Freeze Megaprojects


Saudi Arabia will start reviewing a number of multi-billion-dollar infrastructure and development project—remnants from a better past when crude oil prices were in three-digit territory. Some of these, according to government sources, will be shelved and others will be restructured. The review is part of urgent reforms prompted by the oil price rout from 2014, […]

Oil Thesis For 2017 – International Production


Summary Recent data on international rig counts continue to show little increase into 2017. We anticipate oil production from non-OPEC, non-US production sources to decline in 2017 as depletion and decline rates take their toll; We differ from IEA’s interpretation of the trend line for non-OPEC, non-US production in H2 2017. This is our third […]

Is Another Bust Looming Over The Oil Industry?


Notable authorities such as the EIA, the IEA, OPEC and BP forecast growth of demand for oil in their base case scenarios through the end of their forecast periods. These same organizations failed to predict, and even to fully recognize after the fact, the start of declining demand in the United States and the OECD […]

Oil Surplus Or Scarcity? Shale Makes It Even Harder To Predict


  The shale oil boom has transformed the U.S. and global energy sector to such an extent that it has upended traditional supply dynamics and made forecasts far more polarised. Investment banks, many of which finance new projects, along with oil majors such as Total and Eni, have warned that huge spending cuts caused by […]

North Sea oil is in its death throes. But the industry has one last grand act left

North Sea oil is in its death throes. But the industry has one last grand act left thumbnail

To witness the beginning or end of a great industry or a way of living isn’t unusual. Each generation has its list of comings and goings – great grandfathers who remember the advent of the motor car, grandmothers who recall the last factory hooter in Accrington, fathers and mothers who can say where and when […]

The Peak Oil Estimate You Won’t Believe: A Tale Of Two Sigmoids

The Peak Oil Estimate You Won’t Believe: A Tale Of Two Sigmoids thumbnail

Over the years, I have often pondered what the world’s ultimate oil production might be before it peaks and inevitably declines. I can recall around 2005-2007 on the website The Oil Drum, that there was a raging debate about just how close the world was to peak oil. Some insisted that it was happening right […]

Thousands of defects found on oil train routes following government inspections

Thousands of defects found on oil train routes following government inspections thumbnail

Government inspections of railroads that haul volatile crude oil across the United States have uncovered almost 24,000 safety defects, including problems similar to those blamed in derailments that triggered massive fires or oil spills in Oregon, Virginia, Montana and elsewhere, according to data obtained by The Associated Press. The safety defects were discovered during targeted […]

When Will Russia Run Out Of Oil?


On a global level, 2015 and 2016 marked the lowest level of new conventional oil discoveries since 1952. In 2016, only 3.7 billion barrels of conventional oil were discovered, roughly 45 days of global crude consumption or 0.2 percent of global proved reserves. Globally, exploratory drilling fell by almost 20 percent in 2015 and fell […]

The End Of OPEC Is Near


OPEC, which has far exceeded the average life of cartels, is on the brink of failure. Though cracks have been developing in the cartel since the start of the current oil crisis, the group has managed to stay together so far. Nevertheless, the success of the current OPEC deal for production cuts will decide its […]

Peak Oil? For Mexico, Yes — April 3, 3017


Three comments regarding the linked article sent to me by a reader (thank you, very much): my understanding is that reserves are related to the price of oil; one wonders whether that is true with regard to this article; this is not a new story; a quick google search reveals that this has been an […]

A Squabble at Iraq’s Oldest Oil Field Could Rock Global Supplies


A territorial dispute in northern Iraq threatens to disrupt oil output at a field containing as much crude as Norway, even as U.S.-backed forces prepare what could be a decisive blow against Islamic State militants in the nearby city of Mosul. Kirkuk, where Iraq first discovered oil in 1927, can produce more than 1 million barrels […]

Why to prefer pipelines


Want to protect Pennsylvania’s environment and strengthen its economy? Build more pipelines. Despite the emotion-filled protests charging that pipelines will doom our future — including a group of environmentalists who marched on the Governor’s Mansion in February — the facts tell a different story. Pipelines are safer than any other mode of transporting fuel. When […]

Iraq pledges to comply 100% with oil output cut agreement


  Iraq plans to reach 5mln bpd oil output capacity before year-end global oil supply cuts deal is positive Iraq compliance at 98% Iraq reiterates commitment to support OPEC/non-OPEC oil supply cut deal Iraq will proceed in parallel with exploration plans to increase its reserves by 15bln barrels in 2018 to reach 178bln barrels In response […]

Texas oil production down year-over-year


Though recovery is expected to evolve through 2017, data on oil production from Texas show volumes declined year-over-year, based on preliminary figures. The Railroad Commission of Texas, the state energy regulator, reported a preliminary volume of oil produced in January at 75,331,644 barrels. Year-over-year, preliminary production reported to the commission was 76,063,179 barrels, which was […]

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 […]

An idiot’s guide to the ERoEI of tar sands


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 […]

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


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 […]

Is the US Producing Too Much Oil?


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 […]

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


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 […]

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 […]

Peak Oil: Not Just Wrong but Invalid


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 […]

Here’s how much it costs both Saudi Arabia and the US to produce oil


When crude oil prices crashed into the $20 range early last year, it had most oil-producing nations quaking in their boots. That’s because few countries can make much — if any — money at that price point. I say most because there are a handful of producers that were still able to make a tidy […]

OPEC Warns Members to Comply With Oil-Production Cuts


OPEC officials on Sunday urged member nations to cut their oil production in line with an agreement last year, warning that the petroleum market would remain depressed if they didn’t. Members of the Organization of the Petroleum Exporting Countries, the 13-nation oil cartel that controls a third of global production, need to take compliance with […]

The world’s deepest oil well is over 40,000 feet deep


In the world’s deepest gold mine, workers will venture 2.5 miles (4 km) below the Earth’s surface to extract from a 30-inch (0.8m) wide vein of gold-rich ore. While these depths are impressive, mining is limited by the frailty of the human body. Going much deeper would be incredibly dangerous, as limitations such as heat, […]

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