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 […]
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.
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 […]
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
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 […]
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.”
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 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 […]
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 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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, […]
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 […]
Oil News Categories
Recent Board Topics
Archive
LATEST NEWS HEADLINES
Member Comments
PO Real Time
Fetch Tweets: You currently have access to a subset of Twitter API v2 endpoints and limited v1.1 endpoints (e.g. media post, oauth) only. If you need access to this endpoint, you may need a different access level. You can learn more here: https://developer.twitter.com/en/portal/product Code: 453