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Next year U.S. oil production will exceed its 1970 peak


Crude oil production in the U.S. will reach an average of 9.9 million barrels a day in 2018, the Energy Information Administration projects in its latest Short-Term Energy Outlook report. This would surpass the previous record of 9.6 million barrels per day, set in 1970. So much for Hubbert’s Peak. In 1956, geologist M. King […]

Has fracking reached peak sand?

Has fracking reached peak sand? thumbnail

Texas oil is booming, and so are the sand mines needed for fracking the wells. But hydraulic fracturing leader Halliburton is warning that its surging sand use is finally topping out, and maybe even falling. Fairmount Santrol, an Ohio company, announced this week it will build yet another sand mine in the Permian Basin to […]

Saudi Arabia Turns Off the U.S. Oil Tap


  At last, Saudi Arabia seems to be doing what it takes to reduce the world’s most visible oil glut: the one in the U.S. Unfortunately, its renewed vigor comes as OPEC’s deal to reduce excess crude stockpiles starts to show signs of unraveling elsewhere, a subject that will be wrestled with by the group’s oil […]

Saudi Arabia empties domestic crude tanks

Saudi Arabia empties domestic crude tanks thumbnail

Saudi Arabia has been progressively reducing its bloated domestic stocks of crude in a sign the global oil market is rebalancing, albeit more slowly than OPEC anticipated. Saudi Arabia’s domestic crude stocks declined in 16 of the 19 months between November 2015 and May 2017 according to government data reported to the Joint Organisations Data […]

What If Big Oil’s Bet on Gas Is Wrong?


Talk to a Big Oil executive these days, and the chances are they’ll steer the conversation toward gas. “In 20 years, we will not be known as oil and gas companies, but as gas and oil companies,” Patrick Pouyanne, chief executive officer of French giant Total SA, told a conference in St. Petersburg last month. […]

Aramco CEO Nasser: Peak oil demand scenario misplaced

Aramco CEO Nasser: Peak oil demand scenario misplaced thumbnail

SAUDI Aramco President and Chief Executive Officer Amin H. Nasser has said that as the global oil market rebalances, the industry needs to avoid letting short-term factors overshadow the need for long-term investments. Oil will play a key role in meeting future global energy demand despite scenarios of peak demand and stranded resources, which are […]

Aramco’s Odd Response to a Future Oil Shortage


Let’s say you’re the holder of the world’s largest reserves of conventional, low-cost crude oil and you believe the supply outlook is “increasingly worrying” due to a lack of investment. Enhancing production capacity so as to cash in when prices soar would seem like a good idea. Apparently not if you’re Saudi Aramco. Saudi Arabian Oil […]

Saudi Aramco Chief Predicts Oil Shortage as Investment Falters


The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries, Saudi Aramco’s chief executive said on Monday. Unconventional shale oil and alternative energy resources are an important factor to help meet future demand but it is premature to assume that they can […]

Oil, gas key to world energy for ‘decades to come’: Saudi Aramco

Oil, gas key to world energy for ‘decades to come’: Saudi Aramco thumbnail

Oil major bosses and energy ministers are meeting at the World Petroleum Congress in Istanbul, with the outlook clouded by the low price of crude oil, currently trading at around US$45 a barrel. Amin al-Nasser, Chief Executive of state oil company Saudi Aramco. (ERIC PIERMONT/AFP) 11 Jul 2017 01:17AM (Updated: 11 Jul 2017 01:20AM) Share […]

Gulf of Mexico Discoveries, Reserves and Production

Gulf of Mexico Discoveries, Reserves and Production thumbnail

A Guest Post by George Kaplan Part I Discoveries and Reserves The following are a few charts and observations concerning the US Gulf of Mexico production, with data mostly taken from BOEM for the OCS and a bit from EIA. The BOEM data site has been updated and makes it easy to get the raw […]

Oil extraction in Iraq, the depletion of wealth or build an economy?


Although there are some alternative energy oil sources, whether renewable or non-renewable, but it still occupies second place after oil, because they could not, or could not technological development, until the present time, to find an alternative that matched oil features General Overall, which gives some energy sources, large energy equivalent times what gives oil […]

The Fracking Industry Deserves Our Gratitude

The Fracking Industry Deserves Our Gratitude thumbnail

It has given America virtual energy independence, freeing it from the leverage of often hostile Middle East regimes. Less than ten years ago, America’s energy future looked bleak. World oil prices in 2008 had spiked to more than $100 per barrel of crude. “Peak oil” — the theory that the world had already extracted more […]

The End of Growth in the Tar Sands. So Now What?


A managed decline of the tar sands isn’t a popular idea in Alberta, or in Canada for that matter. The idea of sunsetting the tar sands industry is about as polarizing as it gets. The problem is that people have been led to believe that a managed decline undercuts a booming oil industry that is […]

Oil Export Madness

Oil Export Madness thumbnail

We’ve been on quite a ride since the U.S. tight oil boom took off a decade ago. In fact, you can say that drillers in the Lower 48 have exceeded expectations. Back in 2013, the EIA never saw U.S. crude output topping 8 million barrels per day. I told you at the time that our […]

Why oil will remain relevant in the future

Why oil will remain relevant in the future thumbnail

As the world strives to kick its oil addiction, the Canadian oilpatch is doubling down on the volatile commodity. And with due respect to conventional wisdom, it might win its bet in doing so. Leading this year’s exodus of offshore investors from Athabasca are Royal Dutch Shell PLC and Houston’s ConocoPhillips, the latest in a […]

South Korea Is Very, Very Interested in America’s Natural Gas


One thing became clear on the fourth day of the White House’s “Energy Week”: South Korea is really, really into U.S. natural gas. In less than 24 hours, South Korea’s energy companies had announced four partnerships with U.S. companies to explore opportunities in the U.S. natural gas business. Korea Gas Corp., the state-owned gas supplier, […]

Trump says the Atlantic, Arctic could soon be open to oil drilling


The White House is making a bid to overturn the Obama administration’s five-year plan forbidding oil and gas exploration in the Arctic and Atlantic oceans and will examine opportunities to drill almost anywhere off the U.S. coast. Interior Department officials said Thursday that opening most of the outer continental shelf to leasing is part of President Trump’s […]

MEXICO Oil Reserves and Production

MEXICO Oil Reserves and Production thumbnail

This is a Guest Post by George Kaplan In dollar terms, since mid 2015 Mexico has been a net importer of hydrocarbons (oil, natural gas, petroleum products and petrochemicals combined). To date it has been a relatively small and fairly constant amount, but with their oil production declining, and oil prices apparently continuing to fall […]

Iraq production steady at 4.58 million bpd


Iraq has steadily produced about 4.58 million barrels per day (bpd) between March and May, according to an Iraq Oil Report analysis based on data gathered from each of the country’s oil fields. That figure, which includes both federal Iraq and the autonomous Kurdistan region, differs significantly from data compiled both by Iraq’s Oil Ministry […]

An academic battle over the US energy future isn’t just theoretical


It’s been called Sayre’s Law: The idea that the viciousness of battles in academia is in inverse proportion to the importance of the issue at the center of the fight. That’s not the case, however, with the conflict that is raging over the issuance of two papers by the Proceedings of the National Academies of […]

Can U.S. Shale Survive Below $40?


Many U.S. shale drillers have said that they have full-proofed their operations for $40 oil, having lowered breakeven prices substantially over the last few years. They may soon have to prove it. Oil prices dropped to fresh seven-month lows on Tuesday, officially entering bear market territory, down more than 20 percent year-to-date. The declines have […]

Using Energy to Extract Energy – the Dynamics of Depletion

Using Energy to Extract Energy – the Dynamics of Depletion thumbnail

The “Limits to Growth Study” of 1972 was deeply controversial and criticised by many economists. Over 40 years later, it seems remarkably prophetic and on track in its predictions. The crucial concept of Energy Return on Energy Invested is explained and the flaws in neoclassical reasoning which EROI highlights. The continued functioning of the energy […]

Developments in Energy Consumption and Private and Public Debt per 2016

Developments in Energy Consumption and Private and Public Debt per 2016 thumbnail

For some time I have explored the relations in developments for total debt [private and public], interest rates, Gross Domestic Product (GDP) energy consumption and thus also the oil price. My theory has been that there are relations between changes to total debt and energy consumption and thus energy prices. Changes to total credit/debt should […]

Rout Tests World’s No. 3 Oil Reserves After Shell Decamps


Scrutiny of Cenovus, Canadian Natural deals may increase Lower prices could prompt asset sales, lower capital spending When Royal Dutch Shell Plc decided to pull out of the Canadian oil sands, the local producers doubled down with more investment. Crude’s bear market is testing their resolve. Trailing only Saudi Arabia and Venezuela in proved reserves, the sticky […]

Is The Oil Industry Going Green? And Moving Away From Oil?


Last week’s headline in the Wall Street Journal, “Total Eclipse: Oil Giant Sees Its Future in Electricity” no doubt caused many renewable energy advocates to fan themselves like antebellum Southern belles.More than any other oil major, Total sees electricity as a hedge against oil’s eventual decline and is assembling a new business around it. Last […]

Peak oil in the South China Sea


China’s crude oil production has apparently peaked and is back to where it was at the beginning of 2010. Fig 1: China’s crude oil production Vietnam has become a net oil importer: Fig 2: Vietnam’s oil production and consumption At the end of 2016 tensions in the South China Sea have been rising again South […]

How A $200,000 Well Could Drastically Change The Oil Industry


Technological upheavals in the oil sector will make it possible for mini-producers to market crude profitably, creating new competition for bloated fossil fuel companies accustomed to benefitting from their largesse. It takes serious cash to start an oil and gas exploration company the traditional way. A single well in the Permian Basin – recognized as […]

Why Some Hedge Funds Believe The Shale Boom Is Coming To An End (Again)


Today’s Baker Hughes report confirmed that the US shale miracle continues, as another 6 oil rigs were added bringing the total to 747, the highest since mid-2015, with domestic producers seemingly oblivious – or perfectly well hedged – to the ongoing decline in crude prices which is once again set to crippled the Saudi budget. […]

Iran still world’s biggest natural gas player

Iran still world’s biggest natural gas player thumbnail

A new report shows Iran still has the world’s largest reserves of natural gas and is closely followed by market rivals Russia and then Qatar.  The global energy giant British Petroleum (BP) in its annual report on world energy reserves put Iran’s natural gas reserves at 33.5 trillion cubic meters (tcm). The figure was obtained […]

There were 2 developments this week that could have huge consequences for Russia’s oil


Protests swept across Russia on Monday The US Senate passed a bill that would tighten sanctions on Russia These developments will have an impact on how Russia’s oil strategy plays out Oil watchers have mostly focused on the Middle East and the United States in recent months, but this week saw two notable developments for the third […]

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Hubbert's #PeakOil surpassed: Next year U.S. oil production will exceed its 1970 peak. Peak Oil is finally dead?…

Hubbert's #PeakOil surpassed: Next year U.S. oil production will exceed its 1970 peak. Peak Oil is finally dead?…