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OPEC Revises Oil Demand to 96m/Barrel in 2021

Consumption

The Organisation of Petroleum Exporting Countries (OPEC) has slashed its 2021 projection for global oil demand to 96 million barrel of crude as against 102 million barrels, a target set before the outbreak of COVID-19 earlier in the year. The Secretary-General of the organisation, Mohammed Barkindo, who made the disclosure said the current global oil […]


Pandemic brings forward predictions for peak oil demand

Consumption

The COVID-19 pandemic this year has dented oil consumption and brought forward forecasts by energy majors, producers and analysts for when the world’s demand for oil may peak. The rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand. While there is no […]


Oil’s Surge Toward $50 Risks Giving OPEC+ Yet Another Headache

Consumption

With OPEC+ just days from meeting, those countries who favor ratcheting up oil production may be finding some support for their arguments from surging prices. Headline futures contracts jumped 30% this month with Brent at one point on Wednesday hitting $48.75 a barrel, the highest since March. Critically though, a much more fundamental shift has […]


The next commodity supercycle may already be underway

Consumption

Goldman Sachs is replaying its best-selling hit: it has just proclaimed the start of another commodity supercycle. We are in the very early stages of a supply crunch that will last for years and ultimately drive resource prices through the roof – or so goes the argument. A global monetary and fiscal reflation boom will […]


China makes rare, but small, draw on crude oil inventories

China makes rare, but small, draw on crude oil inventories thumbnail

(The opinions expressed here are those of the author, a columnist for Reuters.) FILE PHOTO: A China Ocean Shipping Company (COSCO) vessel is seen near oil tanks at the China National Petroleum Corporation (CNPC)’s Dalian Petrochemical Corp in Dalian, Liaoning province, China October 15, 2019. REUTERS/Stringer LAUNCESTON, Australia (Reuters) – One of the standout features […]


China’s oil buying binge to run on in 2021 as tank operators, refiners stock up

China’s oil buying binge to run on in 2021 as tank operators, refiners stock up thumbnail

FILE PHOTO: A China Ocean Shipping Company (COSCO) vessel is seen near oil tanks at the China National Petroleum Corporation (CNPC)’s Dalian Petrochemical Corp in Dalian, Liaoning province, China October 15, 2019. REUTERS/Stringer China’s oil buying binge to run on in 2021 as tank operators, refiners stock up Energy & Environment Chen Aizhu Muyu Xu […]


Oil Demand at Pre-Pandemic Levels

Oil Demand at Pre-Pandemic Levels thumbnail

Bobby Tudor, chairman of Tudor Pickering Holt & Co., expects global oil demand to follow GDP growth in 2021. He speaks with Bloomberg’s Alix Steel and Guy Johnson on “Bloomberg Markets.”


The Invisible oiliness of everything

The Invisible oiliness of everything thumbnail

Preface.  Even a simple object like a pencil requires dozens of actions to make and dozens of objects that took energy to make.  This is why it is unlikely wind, solar, or any other contraption that make electricity, have a positive return of energy, or energy returned on energy invested.  If you look at all […]


Checklist for ERoEI*

Checklist for ERoEI* thumbnail

In this post, I will diagram that which I have been unable to explain in words.  In particular, the recycle problem receives special attention. The community must be dedicated to the production of energy and only to the production of energy until such time as the individual’s share of the sustainable community dividend can afford […]


The Depletion of Fossil Fuels

The Depletion of Fossil Fuels thumbnail

Coal, natural gasses and oil are non-renewable sources of energy. They are also known as fossil fuels. A large percentage of these non-renewable sources are globally used as the main energy source that people consumes. Plants, and other decomposing materials such as dead animals and the like are main sources of fossil fuels. They have […]


Peak Oil Never Went Away

Peak Oil Never Went Away thumbnail

Do you remember peak oil? It was all the rage a decade ago. Now, almost no one is talking about it. The funny thing is, the problem never went away. If anything, it’s gotten worse. In this post, I take a deep dive into peak oil. I show you that the peak in the production […]


The Prosperity Hoax

Consumption

NO ONE DENIES THAT A LARGE number of people worldwide live in drudgerous poverty. But it would appear that we are in the midst of a historic transformation. In recent years, a spate of articles in the anglophone press and academia have suggested that global poverty has entered terminal decline—all thanks to capitalism. Writing for the […]


Oil Prices Are Only Going in One Direction

Oil Prices Are Only Going in One Direction thumbnail

This was supposed to be a time when things were getting closer to normal for OPEC. A recovery in oil demand after the first wave of the pandemic, coupled with a deep slump in U.S. production, was meant to leave the world needing more of its members’ crude. But it isn’t turning out like that. […]


The narrative problem after peak oil

The narrative problem after peak oil thumbnail

In the 1970s, the developed states were shaken by oil shortages.  Although largely artificial – the result of OPEC flexing its muscles, and later the Iran-Iraq war – the oil shocks briefly caused people to take seriously the prospect of running out of oil.  The shock was all the more profound because, with the earlier […]


Collapse, you say? Part 3: Inputs and Outputs continued

Collapse, you say? Part 3: Inputs and Outputs continued thumbnail

  Discuss this article at the Kitchen Sink inside the Diner   Kincardine’s breakwall awash in the waves This is the second half of a post that I cut in two because it was just too long (6000+ words). If you haven’t read the first half yet, it would be a good idea to do […]


COVID-19 and energy transition will expedite peak oil demand to 2028

Consumption

Hind Al Soulia – Riyadh – OSLO — The COVID-19 pandemic and the acceleration of the energy transition have led Rystad Energy to significantly revise its long-term oil demand forecast. The virus is expected to have a lasting impact on global oil demand, which we now see peaking at 102 million barrels per day (bpd) […]


Russia rules out cutting fossil fuel production in next few decades

Consumption

Russia has no plans to rein in its production of fossil fuels in the coming decades despite the global efforts to shift towards low-carbon energy, according to its energy minister. Alexander Novak told the Guardian that Russia did “not see that we will achieve a peak in [gas] production anytime soon” because the world’s appetite […]


Peak oil is coming – it’s just a question of when

Consumption

This month marks a historic but largely forgotten moment in the history of the oil sector, and something that is unlikely to ever be repeated if forecasts for the demise of the world’s most valuable fossil fuel prove accurate. Fifty years ago, BP — then known as British Petroleum and majority state-owned — discovered oil off the […]


Capital Economics predicts global oil demand will peak around 2030

Consumption

Oil prices are predicted to fall for much of the decade because of the Covid-19 crisis, with the peak in oil demand now not expected until 2030, according to a new report by Capital Economics. With countries implementing lockdown measures to bring the coronavirus pandemic under control earlier this year, global demand for fuel dropped […]


Floods, Drought Are Destroying Crops and Sparking Food Inflation

Floods, Drought Are Destroying Crops and Sparking Food Inflation thumbnail

Wild weather is wreaking havoc on crops around the world, sending their prices skyrocketing. On wheat farms in the U.S. and Russia, it’s a drought that’s ruining harvests. The soybean fields of Brazil are bone dry too, touched by little more than the occasional shower. In Vietnam, Malaysia and Indonesia, the problem is the exact […]


A new normal for energy?

Consumption

COVID-19 has changed the world in many ways and energy hasn’t been excused. In early 2020, there was a perfect storm of excess supply and massive reductions in demand. Since then, the market has become far more balanced and the oil price seems to be tightly bound in a narrow price range. The restrictions on […]


IEA expects global oil consumption to peak by 2030

Consumption

The era of growth in global oil consumption is coming to an end and will end in the period until 2030, follows from the forecast of the International Energy Agency (IEA) World Energy Outlook 2020 (WEO), received by TASS on Tuesday. “The era of rising global oil demand will come to an end within 10 […]


The Death Of Oil

The Death Of Oil thumbnail

Summary Energy stocks have taken a beating over the last few weeks. Concerns about a worldwide resurgence of COVID-19 have raised the specter of declining economic activity and the negative potential impact on oil demand. Longer-term two news items last month, one from the governor of California and one from China, probably pushed the sentiment […]


Forget Peak Oil Demand, Supply Crisis Could be Hitting First

Consumption

In today’s IEA’s annual World Energy Outlook 2020 report, the OECD energy watchdog states that it doesn’t see a peak oil demand before 2040, only a possible oil demand flattening. The energy agency repeats that oil demand is effected by COVID, but all scenarios show that oil demand has not peaked yet. The energy agency […]


IEA: Natural Gas Wil Be Key in Both the Short- and Long-Term

Consumption

Natural gas will continue to play an important role globally as countries recover from the economic strain caused by the COVID-19 pandemic, according to two recent International Energy Agency reports. The IEA reports provide clear insight on the future of natural gas both in the near-term and longer projections. The World Energy Outlook (WEO) has […]


Zoom and gloom

Consumption

IN 1973 THE Eldfell volcano, long-dormant, erupted on Heimaey, an island off Iceland. The eruption destroyed about 400 homes, a third of the total (Heimaey’s seaport was saved by pumping seawater into the lava). The Icelandic government compensated the unlucky people who lost their homes, many of whom never returned. But when Emi Nakamura and […]


Heinberg: Has oil peaked?

Heinberg: Has oil peaked? thumbnail

Last month, the world’s 4th largest oil company—BP—predicted that the world will never again consume as much petroleum as it did last year. So, have we finally hit peak oil? And if so, what does that mean for our economy and our world? There was fierce controversy in the first decade of this century over […]


OPEC Expects Peak Oil Demand in 2040

Consumption

The world’s appetite for crude oil won’t reach its apex for another two decades, the Organization of the Petroleum Exporting Countries  (OPEC) said Thursday, offering a much more optimistic view of the world’s post-coronavirus demand for oil than many other forecasts. In its annual report on oil’s long-term future, OPEC forecast that global oil demand will […]


Oil Prices Climb 10% In A Week

Consumption

Oil prices are on course to climb 10 percent this week as Hurricane Delta shuts in over 90 percent of production in the Gulf of Mexico, leading some analysts to claim prices are set for a breakout. Friday, October 9th, 2020 Oil prices have posted strong gains this week, although opened trading on Friday slightly […]


China’s crude oil party is finally winding up, now for hangover

Consumption

China’s five-month crude oil party was still going strong in September, but is winding down in October, leaving the industry to ponder just how big the hangover is going to be. September imports are estimated by Refinitiv Oil Research to be 11.71 million barrels per day (bpd), the fifth straight month that arrivals have exceeded […]


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