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The world may never consume more oil than in 2019

Consumption

Demand for oil may have peaked last year, according to BP, which says the global market for crude might never recover from the coronavirus pandemic. In a new report published on Monday, the company lays out three scenarios for energy demand, all of which forecast a decline in demand for oil over the next 30 […]


China Oil Appetite Probably Bigger Than It Looks

China Oil Appetite Probably Bigger Than It Looks thumbnail

A surge in Chinese buying of blending fuels this year means oil demand in the world’s biggest importer is likely bigger than the official figures indicate, according to the trading arm of refining giant Sinopec. Chinese fuel consumption was already back at year-earlier levels in May, Fairy Wang Pei, head of the research and strategy […]


IEA Revises Oil Demand Forecasts

Consumption

Oil demand in 2020 will decline by 8.4 million barrels per day (MMbpd), according to the International Energy Agency’s (IEA) latest oil market report. The figure marks a slight increase from the 8.1MMbpd drop forecasted in the IEA’s previous report, which was released in August. In its September report, the organization noted that a resurgence […]


Crude May Never Recover As We Approach Peak Oil Demand

Consumption

If you’re thinking of investing in oil, think again. In contrast to “peak oil” fears a little over a decade ago,we may have seen “peak demand” of around 100 million barrels a day in 2019, according to a recent BP study. Oil, once inelastic, may never recover. The reason: electric vehicles becoming the new automotive […]


BP Says We’ve Already Reached Peak Oil

BP Says We’ve Already Reached Peak Oil thumbnail

BP is saying the quiet part loud: In the 2020 Energy Outlook report the energy giant published this week, it said that the world may have reached peak oil. The covid-19 pandemic has done a serious number on the oil industry, with demand falling to historic lows amid lockdowns and prices falling into negative territory. […]


The End of Oil is Near, or Maybe Not

The End of Oil is Near, or Maybe Not thumbnail

The cover of the September/October 2020 issue of Sierra magazine states “The End of Oil is Near”.  The corresponding story “The End of Oil?” was paralleled with a recent segment on Democracy Now.  I think that is wishful thinking.  To the extent that oil demand goes down in the future, it will go down because […]


Why ‘peak oil’ may coincide with ‘peak plastic’

Consumption

BP’s new energy review suggests the world is heading for ‘peak oil’ while the same trends may mean we have also reached ‘peak plastic’. ‘Peak oil’ may coincide with ‘peak plastic’ as circular economy undermines demand for virgin petrochemicals Lower oil production will impact availability of chemical feedstock Expect shift to renewables to impact chemicals […]


Peak Phosphorous

Consumption

In crop nutrition, much has been made with problems associated with nitrogen. But it’s phosphorous that we should be concerned about, says soil scientist Dr. Jay Goos. Goos… “Phosphorus is a natural resource and rock phosphate is not found in very many places around the world”. One of those places is Florida, but Dr. Goos […]


Despite doomsayers, man’s Golden Age might be ahead

Consumption

A world without resources is high on a long list of doomsday scenarios offered by folks out to scare the rest of us to death. The day approaches, they warn us, when our raw materials will be exhausted, our mines stripped, our forests destroyed, our farmland depleted, our petroleum used up and our atmosphere poisoned. […]


Oil Market Sentiment Turns Sour

Oil Market Sentiment Turns Sour thumbnail

The oil market sentiment has turned sour. That’s according to Rystad Energy’s senior oil markets analyst Paola Rodriguez-Masiu, who made the statement in a comment sent to Rigzone on Monday. “We don’t see oil prices bouncing back anywhere near to the $50 per barrel level anytime soon unless OPEC+ decides to deepen the current cuts. […]


Beijing May Be More Addicted to Coal Than Oil

Consumption

There’s one surprise entrant in the group of oil companies announcing plans this year for how they’ll reduce emissions: PetroChina Co. China’s oil companies, unlike their peers in the U.S. and particularly Europe, don’t traditionally treat climate targets as a major issue. Beijing, after all, isn’t even promising to hit its emissions peak until 2030. The […]


Peak oil production seen by 2040 as IEA calls 2020 ‘turning point’ for energy

Consumption

Global oil production is set to peak by 2030 or 2040 with more energy supplied from solar, wind and carbon capture while storage solutions are developed, Total SA CEO Patrick Pouyanne said Aug. 31. In a video presentation for the ONS Digital Conference, Pouyanne said oil won’t disappear because it’s still the most efficient source […]


The False Hope of Peak Oil Demand

Consumption

The false hope of peak oil demand. IHS thinking world oil consumption will plateau at 95 million barrels per day, when in reality it will follow global production like it always has.


The End Is Near for the Oil-Demand Surge

The End Is Near for the Oil-Demand Surge thumbnail

Oil consumption has recovered at a record pace but a report from IHS Markit said it is nearly at its limit. And don’t expect it to recover to the peak seen in February anytime soon. The energy information and consulting firm said the rally, which pushed up demand by13 million B/D to 89 million B/D, […]


Is the oil price worth $50 a barrel?

Consumption

According to the US Energy Information Administration (EIA), global oil prices are expected to average at $43 a barrel throughout the second half of this year, with that figure expected to rise to $50 in 2021. But will oil price forecasts be realised or could the commodity fall short of expectations considering the myriad of […]


The Great Fishing Competition

The Great Fishing Competition thumbnail

A Chinese fleet of 340 fishing trawlers just south of the Galapagos Islands is causing outrage from Quito to Washington. For Latin American nations like Ecuador, the presence of the state-subsidized distant-water fishing fleet offers a glimpse into the future of a dangerous combination: China’s increasing demand for resources, extractionist policies, disregard for maritime sovereignty, […]


The Future Reset: Global Food Systems

Consumption

MS. TUMULTY: Good afternoon and thank you for joining us today for our conversation on a subject that could hardly be more important. We are so pleased to be joined today by a couple of experts in the field. Ertharin Cousin has a very broad and deep background in government, in nonprofits, and spent five […]


EIA Raises 2020 Oil Price Forecasts

Consumption

The U.S. Energy Information Administration (EIA) has raised its 2020 average spot price forecasts for both Brent and West Texas Intermediate (WTI) oil. According to its latest short-term energy outlook (STEO), which was released on Tuesday, the EIA now sees Brent spot prices averaging $41.42 per barrel and WTI spot prices averaging $38.50 per barrel […]


It’s Time To Position For The Endgame

It’s Time To Position For The Endgame thumbnail

Do you sense an approaching endgame? Like there’s another heavy shoe to drop? Perhaps an entire closet’s worth? Certainly there’s entirely too much confusion surrounding SARS-CoV-2 and how to deal with it. Should people wear masks?  Will schools re-open?  Should they?  Why isn’t Covid-19 being treated consistently across medical centers?  Are there things we could […]


Escape to Mars after we’ve trashed the Earth?

Consumption

The idea that we can go to Mars is touted by NASA, Elon Musk, and so many others that this dream seems just around the corner.  If we destroy our planet with climate change, pollution, biodiversity loss, soil erosion, aquifer depletion and more, no problem!  We can go to Mars. Though not if peak oil […]


China’s Oil Import Dependence Grows To 73.4% In H1 2020

Consumption

China’s dependence on crude oil imports has been growing in recent years as its domestic production has faltered, and the world’s top oil importer covered 73.4 percent of its oil demand with imported oil in the first half of 2020. According to Chinese data, analyzed by Radio Free Asia’s Michael Lelyveld, China has been buying […]


End game for oil? OPEC prepares for an age of dwindling demand

End game for oil? OPEC prepares for an age of dwindling demand thumbnail

The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already prompting […]


Stories Of Economic Despair From America’s Worst Economic Downturn Since The Great Depression Of The 1930s

Stories Of Economic Despair From America’s Worst Economic Downturn Since The Great Depression Of The 1930s thumbnail

The economic pain that we are witnessing right now is far greater than anything that we witnessed during the last recession.  U.S. GDP declined by 32.9 percent on an annualized basis last quarter, more than 100,000 businesses have permanently shut down since the COVID-19 pandemic first hit the United States, and more than 54 million Americans […]


Food Is Growing More Plentiful, So Why Do People Keep Warning Of Shortages?

Consumption

ARI SHAPIRO, HOST: For the past century, food has been getting cheaper and more abundant. And yet we often hear warnings about potential food shortages. Some economists say this fear itself can cause problems. NPR’s Dan Charles has the story. DAN CHARLES, BYLINE: Maybe you’ve heard how hard it might be to produce enough food […]


Brent Tops $45

Consumption

Oil climbed to a five-month high in London, topping $45 a barrel after U.S. industry data showed a decline in the nation’s stockpiles. Brent futures gained for a fourth day, rising as much as 2.6% to the highest price since March 6. The American Petroleum Institute reported a 8.59 million-barrel drop in crude inventories last […]


Energy Is Everything

Energy Is Everything thumbnail

I hope we all know that everything depends on people doing the right thing, which depends upon people knowing what the right thing is, which depends upon people who know what to do doing the right thing to influence others until right thinking is widespread, which depends upon many things including luck. Ultimately, we need […]


3 Months Of Hell: U.S. Economy Drops 32.9% In Worst GDP Report Ever

3 Months Of Hell: U.S. Economy Drops 32.9% In Worst GDP Report Ever thumbnail

The coronavirus pandemic triggered the sharpest economic contraction in modern American history, the Commerce Department reported Thursday. Gross domestic product — the broadest measure of economic activity — shrank at an annual rate of 32.9% in the second quarter as restaurants and retailers closed their doors in a desperate effort to slow the spread of […]


Banging the drum for gas

Consumption

Gas and LNG have somewhat lost their ‘golden age’ lustre in the last six months. Record low prices and a global economic contraction that threatens rosy demand projections have dealt body blows to the industry. Speaking to Gas Exporting Countries Forum (GECF) secretary-general Yury Sentyurin, Petroleum Economist found him in a realistic mood about the […]


We Are On Our Own In The Post-COVID World

We Are On Our Own In The Post-COVID World thumbnail

Even before the coronavirus pandemic hit, things weren’t all that great for the bottom 90% of households. The median household was barely scraping by with ultra-low financial reserves, meager retirement savings and high levels of debt. All while being relentlessly crushed by cost of living inflation running far higher than the blatantly fraudulent government statistics […]


Why the death of oil has been much exaggerated

Consumption

There was a certain inevitability that the coronavirus pandemic and its associated lockdowns would revive the claims that the oil era is all but over. There is no doubt that the coronavirus was, and indeed remains, a massive shock to the global economy. It has led to a rethink of almost everything we do — […]


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@robintransition This is massive, yet not so much fuss.. YET! @DrSimEvans: BP in 2018: #PeakOil? We'll be using oil for "many decades to come" & "little reason" to think it'll "fall sharply" after peak BP in 2020: "Peak oil" was in 2019 and demand could fall 50% in 20yrs twitter.com/DrSimEvans/sta…

Analysis: World has already passed ‘peak #oil’, BP figures reveal carbonbrief.org/analysis-world… #peakoil