USA December Oil Production Drops

A Post by Ovi at peakoilbarrel All of the oil production data for the US states comes from the EIAʼs Petroleum Supply Monthly.   At the end, an analysis of a three different EIA reports is provided. The charts below are updated to December 2019 for the 10 largest US oil producing states (Production > 100 kb/d). […]

US to Sell 12 Million Barrels of Oil as Virus Hits Demand

The U.S. will sell up to 12 million barrels of oil from its emergency government stockpile just as global crude demand takes a hit from the spreading coronavirus. The crude would be delivered to U.S. Gulf Coast pipelines in April and May, adding incremental barrels to an already oversupplied market at a time when oil […]

Saudi Arabia seeks bigger oil cut as coronavirus slashes demand

Saudi Arabia is pushing to make a substantial cut in oil production when Opec and its allies meet next week, as global energy producers scramble to respond to the coronavirus outbreak that has crippled demand. The kingdom is asking producers including Russia to sign up to a collective production cut of an additional 1m barrels […]

The Greatest Crime in History: How it is Being Perpetrated in Front of Your Eyes.

The Danger of Methane Hydrates and how Some Idiots are Planning to Extract Them as Fuels.     Methane hydrates may be the most dangerous thing existing on this planet. They won’t do any damage until they stay where they are, underground, but some idiot is proposing to extract them as fuels. Great idea: like […]

Population explosion is over

For thousands of years, philosophers have wrung their hands because of fears about the supposed negative impacts of population growth on life as they knew it. In the 5th century BC, Confucius argued that population increases would reduce the quality of life. In ancient Greece both Plato and Aristotle maintained that a growing population was […]

Saudi Aramco launches largest shale gas development outside US

Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday. The world’s top crude oil exporter has for years battled for market share with rapidly expanding […]

Extreme Panic Could Soon Hit USA

U.S. government officials are doing their best to keep the general population calm, but everyone can see what is happening in the rest of the world.  There are now empty store shelves in Italy just like there are in China.  People are waiting in extremely long lines to buy masks in South Korea just like […]

The Contagion Escalates

From February 4 to February 19, the Diamond Princess cruise ship sat moored in the port of Yokohama, Japan, undergoing a two-week quarantine. Of the more than 3,600 people on board, 621 were diagnosed with COVID-19, a new type of coronavirus that spreads via sneezes and coughs and causes respiratory illness. Passengers had meals delivered […]

‘Nail in the Coffin’: Era of Big Oil Sands Mines May Be Over

Canada’s oilsands industry may have already built its last big mine. The cancellation of Teck Resources Ltd.’s Frontier project in northern Alberta —which envisaged producing more crude than OPEC member Gabon — epitomizes the struggles of an industry that has already seen most foreign investors flee. It’s not clear that any other proposed mine would […]

No OPEC Oil Cut Decision Yet Says Saudi Minister

OPEC hasn’t made a decision yet on whether to extend or modify its agreement to cut oil output, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said. The Organization of Petroleum Exporting Countries and its allies are to meet next week in Vienna to assess their global cuts and output policy. Prince Abdulaziz is confident […]

Nigeria’s oil reserves to be depleted in 49 years – DPR

The nation’s crude oil reserves of 37 billion barrels, two per cent of which is being produced annually, will be depleted in 49 years, according to the Department of Petroleum Resources. The reserves, which stood at 37.45 billion barrels in 2014, fell to 37.06 billion barrels in 2015 and 36.74 billion barrels in 2016. It, […]

Non-OPEC Output Reaches New High

Below are a number of oil (C + C ) production charts for Non-OPEC countries created from data provided by the EIA’s International Energy Statistics and updated to October 2019.  Information from other sources such as the IEA and OPEC is used to provide a short term outlook for future output and direction. Non-OPEC production increased by 382 […]

Will peak oil save Earth’s climate?

  In spite of record increases in solar and wind energy development, human carbon emissions continue to rise because, over the last decade, fossil fuel use has grown ten-times faster than renewable energy use. In spite of good intentions, nothing we have achieved has actually reduced oil, gas, and coal use. Given the slow pace […]

Have We Passed ‘Peak Growth’ For Tight Oil?

Has U.S. oil production growth hit the buffers? Supply has boomed over the last decade, disrupting the market, domestically and internationally. But weak commodity markets and corporate strategies are now taking their toll, undermining the expected growth path in the near term. I spoke with our North American market expert, John Coleman, principal analyst, crude […]

Many signs of peak oil and decline

Preface.  Recently the IEA 2018 World Energy Outlook predicted an oil crunch could happen as soon as 2023.  Oil supermajors are expected to have 10 years of reserve life or more, Shell is down to just 8 years. Political shortages are as big a problem as geological depletion. At least 90% of remaining global oil […]

Collapse

Americans generally like to hear good news. They like to believe that a new president will right old wrongs, that clean energy will replace dirty oil and that fresh thinking will set the economy straight. American pundits tend to restrain their pessimism and hope for the best. But is anyone prepared for the worst? Meet […]

Fracking Ban Would Cost Millions of Jobs

A fracking ban would cost millions of jobs. That’s according to the American Petroleum Institute’s (API) Director of Communications, Ben Marter, who made the statement ahead of last night’s Democratic presidential debate in a post published on the API’s website. “Fracking has been one of the most important technological advancements in American history and banning […]

US Oil Export Story Has Really Just Started

All told, the US could become the largest crude oil exporter within five years. While U.S. crude oil production has soared 160 percent to 13 million b/d in the shale-era since 2008, total demand has remained flat at 19-21 million b/d. In turn, exports of crude and products have been mounting fast. The country’s immense […]

A Middle East Financial Crisis Is In The Making

A Dubai-based operator of ports and terminals around the world is returning to full state ownership with a proposed transaction and a subsequent delisting from Nasdaq Dubai. This could be one of the latest signs that the oil-rich countries in the Middle East are still struggling to shore up budgets and finances in the aftermath […]

Arabs should welcome a future with less oil wealth

A new report from the International Monetary Fund warns that, by 2034, declining oil demand could gnaw away the $2 trillion in financial wealth amassed by the members of the Gulf Cooperation Council. Unless they act quickly to reform their hydrocarbon-dependent economies, these countries, which collectively account for a fifth of the world’s crude production, […]

The Possibilities and Limitations of Geothermal Energy

You’d think that in today’s world, the average Joe doesn’t need much more convincing that renewables are the future of energy. It’s no secret that the fossil fuels we currently use to fuel our modern lifestyles are largely contributing to climate change, through increased exponentially increased emissions. What’s more, fossil fuels aren’t an unlimited source […]

IEA Cuts Global Oil Demand Forecast on Coronavirus

The International Energy Agency (IEA) has cut its oil demand growth forecast for the year as the coronavirus outbreak in China continues to take a toll on the global economy. NGI

Toward the Next America

When I mentioned in a post two weeks ago that America was heading into a new phase of its history, and that I would be offering some suggestions about what that next phase might look like, I was far from sure how to begin that conversation.  As happens fairly often these days, however, current events […]

EIA expects natural gas production and exports to continue increasing in most scenarios

Source: U.S. Energy Information Administration, Annual Energy Outlook 2020 According to projections published in the U.S. Energy Information Administration’s (EIA) Annual Energy Outlook 2020 (AEO2020), total dry natural gas production in the United States will continue to increase until 2050 in most of the AEO2020 cases, primarily to support growing U.S. exports of natural gas […]

A New Peak Oil

Only a few decades ago, top economists were fretting over the possibility of running out of oil. Now, a new peak oil is fast approaching: peak demand. Global oil demand is slowing, and industry analysts project global demand to plateau and fall within the next decade and a half. For the U.S., oil dependence has […]

Kunstler: Impure Thoughts

What if the Corona virus turns out to be a genuine pandemic with legs, not some punk-ass, flash-in-the-pan bug like SARS… and infects hundreds of millions around the world…? And what if it happens to go logarithmic in the USA, as in China now…? And what if takes a few months, or half a year, […]

Blue Acceleration: Capitalism’s Growing Assault on the Oceans

“A new phase in humanity’s relationship with the biosphere, where the ocean is not only crucial but is being fundamentally changed” Capitalism’s inherent drive to expand went into overdrive in the mid-20th century. Long-term socioeconomic and Earth System trends, graphed fifteen years ago and updated in 2015, show nearly simultaneous hockey stick upturns in about […]

Gold price and oil price both rise

The gold price has gained steadily over the past two days, although a push above Monday’s high is still yet to occur. If the price can clear $1580 then the way is clear to target $1590 and the late-January peak. Trendline support from the 5 February low would see $1570 as possible support, with a […]

New Report Confirming Peak Oil “Oil, oil everywhere, too costly to drill”

Geological Survey of Finland

Global Oil Demand Growth Is Evaporating

The coronavirus epidemic in China has triggered restrictions in the country’s public transport and air travel, both at a domestic and an international level, reducing demand for oil, which has lost about a fifth of its value since the start of the year. What does that mean for the world’s 2020 oil demand? Assessing the […]

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