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IEA Raises Global Oil Demand Forecast Again

IEA Raises Global Oil Demand Forecast Again thumbnail

The International Energy Agency raised its forecast for global crude oil demand for 2023 in its Oil Market Report for February. Citing the re-opening of China’s economy as the main driver of rising demand, IEA analysts raised the 2023 forecast to 101.9 million barrels per day (bpd), an increase of 200,000 bpd from the agency’s […]

USA to Sell 26MM More Barrels From Strategic Oil Reserve

The Biden administration plans to sell more crude oil from the Strategic Petroleum Reserve, with deliveries estimated to happen between April and June. The non-emergency sale will amount to 26 million barrels of crude, according to people familiar with the matter, and is part the congressionally mandated sale lawmakers approved years ago for the current […]

Heinberg: A realistic ‘energy transition’ is to get better at using less of it

Heinberg: A realistic ‘energy transition’ is to get better at using less of it thumbnail

In 2022, I authored two articles expressing doubts about society’s transition from fossil fuels to renewable solar and wind power. In this final article in the series, I’ll explain why my conclusions are based on experience as well as analysis. This article was produced by Earth | Food | Life, a project of the Independent Media Institute. My […]

China’s Oil Giants Want More Russian Crude

China’s state-owned oil refining giants are speeding up purchases of Russian crude, citing the allure of cheap cargoes from the OPEC+ producer as demand recovered after Covid Zero was ditched. China Petroleum & Chemical Corp., or Sinopec, as well as PetroChina Co. and CNOOC Ltd. have started and will continue to ramp up their procurement of […]

What Would War-End Mean for Global Oil and Gas?

The end of the war in Ukraine would reduce pressure on Western governments to continue expanding sanctions on Russia’s oil and gas sector. That’s according to Matthew Bey, a Senior Global Analyst at risk intelligence company RANE, who outlined that a war-end could also result in some sanctions, including the price cap on Russian crude […]

Key Chinese Middle Eastern Hub Switches Gas Supplies To Europe

China has expanded its influence in the Middle East, signing long-term business deals with geologically strategic partners such as Oman and Iran. Turkey, with which Oman struck the major gas deal last week, has been notable in recent years for its political, economic, and military fluidity in dealing with NATO countries and Russia alike. It […]

Are You Really Against Fossil Fuels? Read This Before You Answer

Are You Really Against Fossil Fuels? Read This Before You Answer thumbnail

It is easy for anyone to say that they are against fossil fuels. Opposition to coal, oil and natural gas is fashionable and will prompt heads to nod and even hands to applaud in most places.  But are people aware of the extent to which their lives are dependent on fossil fuels? Do they know […]

Visualizing U.S. Consumption of Fuel and Materials per Capita

Visualizing U.S. Consumption of Fuel and Materials per Capita thumbnail

Visualizing U.S. Consumption of Fuel and Materials per Capita Wealthy countries consume massive amounts of natural resources per capita, and Americans are no exception. According to data from the National Mining Association, each American needs more than 39,000 pounds (17,700 kg) of minerals and fossil fuels annually to maintain their standard of living. Materials We […]

Gasoline Price More Expensive Than Year Ago

The price of regular gasoline in the U.S. is more expensive than year ago levels, according to data from the U.S. Energy Information Administration (EIA), AAA Gas Prices, and GasBuddy. In its most recent gasoline and diesel fuel update, which was released on January 23, the EIA pegged the U.S. regular gasoline price at $3.415 […]

More pain at the pumps in 2023

A key driver of inflation – high gasoline and diesel prices – are expected to continue well into 2023, and it’s not just high oil prices and loss of Russian oil that will drive volatility, according to a new forecast from Kalibrate. The retail analytics firm warns gasoline and diesel prices could be even higher […]

Analysts Predict Freeport LNG Restart Date

Rystad Energy now anticipates Freeport LNG will restart in March at the earliest. That’s according to Rystad Energy Vice President Emily McClain, who made the statement in a market note sent to Rigzone recently. McClain highlighted in the note that a “full ramp up” at the site was not expected until “mid-year”. “Freeport LNG’s restart […]

US LNG And EU Import Capacity Imparity

Just barely into the new year and the LNG industry found itself in the spotlight again, with many unprecedented new events and shifts to evolve. Notwithstanding that LNG is slated to be more global than ever, we just cannot not give US LNG exporters credit for the boost in their LNG supplies to EU, amplified […]

China’s Oil Demand Is Set To Hit A Record High In 2023

China’s oil consumption is expected to jump by 800,000 barrels per day (bpd) this year to a record 16 million bpd, after Beijing abandoned the strict ‘zero Covid’ policy and re-opened its borders, a median estimate of 11 China-focused consultants polled by Bloomberg News showed. Following the initial exit Covid wave after the strictest curbs […]

EIA Slashes 2023 Brent Forecast

The U.S. Energy Information Administration (EIA) has cut its 2023 Brent spot average price forecast by 10 percent in its latest short term energy outlook (STEO). The EIA now sees the commodity averaging $83 per barrel this year, compared with $92 per barrel in its previous STEO. Looking ahead to 2024, the EIA’s latest STEO […]

Can Civilization Survive? These Studies Might Tell Us

Can Civilization Survive? These Studies Might Tell Us thumbnail

The world’s shift away from its current reliance on fossil fuels will be the biggest, most expensive, and most complex technical project ever attempted by humans. If it fails, that might mean the end of industrial civilization. For it to succeed, enormous amounts of investment and effort, along with some shared sacrifice, will be required. […]

The Era Of Cheap Oil Has Come To An End

The recent crude price slump may not be indicative for what is to come in oil markets according to several investment bank analysts. OPEC has not consistently produced more than 30 million bpd since 2015-2018. Structural underinvestment in new oil supply may lead to structurally higher prices. In its latest monthly report, OPEC revealed it had yet […]

Europe’s $1 trillion energy bill only marks start of the crisis

Europe got hit by roughly $1 trillion from surging energy costs in the fallout of Russia’s war in Ukraine, and the deepest crisis in decades is only getting started. After this winter, the region will have to refill gas reserves with little to no deliveries from Russia, intensifying competition for tankers of the fuel. Even […]

We Need Growth, Not A Recession

Generations Y and Z, your time has come to step up to the plate and take responsibility for the biggest growth opportunity in human history. Unfortunately, it starts with facing global challenges that are causing a lot of anxiety. Carbon emissions still haven’t peaked, and we are on track to a catastrophic 2.7° C of […]

George Monbiot: The US is a rogue state leading the world towards ecological collapse

George Monbiot: The US is a rogue state leading the world towards ecological collapse thumbnail

There are two extraordinary facts about the convention on biological diversity, whose members are meeting in Montreal now to discuss the global ecological crisis. The first is that, of the world’s 198 states, 196 are party to it. The second is the identity of those that aren’t. Take a guess. North Korea? Russia? Wrong. Both […]

Wrapping up the Energy Crisis Year of 2022

This has undoubtedly been a year where the Energy Transition has felt, more often than not, thrown into reverse.   In Germany, coal mines have been reopened, and nuclear power stations scheduled to be decommissioned been given an extended lease of life. Nearly all EU countries, very dependent on Russian oil and gas, have been […]

Bare Cupboards

“Hundreds of millions will starve over the course of the next decade.” Stanford professor Paul R. Ehrlich said that when discussing the world’s growing population in his book, The Population Bomb. That was in 1968, and the world population was just a bit more than 3.5 billion. The United States had about 200.4 million people […]

China Is Snapping Up Russia Oil

China Is Snapping Up Russia Oil thumbnail

Oil refiners in China have started to snap up Russian crude cargoes after a short hiatus, citing sharply lower prices due to ample unsold supplies. Chinese private processors, or teapots, purchased several cargoes of Russian ESPO crude for December-January arrival, said traders who asked not to be identified. The shipments traded at wider discounts to global […]

Conversation with Chris M and Chris S of the New Revenant Society

Your browser does not support the . download(size: 0 MB ) The New Revenant Society is the website and blog of the two Christophers —Christopher M and Christopher S, two off-the-grid homesteaders who are founding a tea plantation in rural Virginia. They invite correspondence by US Mail at 44 Kingston Dr. #159 Daleville VA 24083. […]

Pakistan ‘Has No Option But To Ration’ Natural Gas Supply This Winter

Pakistan has no other option but to ration natural gas supply this winter, with gas provided three times a day for cooking to households, amid acute shortages and a forex crisis in the world’s fifth most populous country, an official from the petroleum ministry told a Parliament panel this week. The energy crisis in Pakistan […]

Chinese Power Demand Is Set To Soar

1. A Flotilla of US Oil Is Moving Toward Asia – Deliveries of US crude to Asia are set to reach an all-time high this month, soaring to 1.8 million b/d as the relative discount of WTI to other global benchmarks makes American barrels increasingly profitable. – As recently as a couple of days ago […]

Oil Prices Hit Two Month High as China Eases Restrictions

Oil closed at the highest level since August as markets rallied over China easing its Covid restrictions. Brent crude futures settled above $98 a barrel for a third straight weekly gain. China is said to be working on plans to scrap a system that penalizes airlines for bringing virus cases into the country, a move […]

Europe’s Energy Crisis May Not End Until 2024

Europe’s Energy Crisis May Not End Until 2024 thumbnail

The EU gas storage units are nearly full giving some relief to fears of shortages Challenges remain for the continent’s energy security as winter arrives The challenges will persist into the winter of 2023-24. The worst energy security fears of spring and summer as regards the coming winter in the European Union-EU, have been somewhat […]

The world’s oil buyers are being crushed by a surging dollar

Brent oil has dropped more than 30% from this year’s high, but you wouldn’t know it if you live in Paris, Mumbai or Accra. The decline in the global oil benchmark from nearly $128 a barrel has dovetailed with a jump in the dollar of about 15% over the same period. That means fuel prices […]

The US Northeast is so short on heating oil that the fuel used to power home furnaces is being rationed even before the start of winter

The US Northeast is so short on heating oil that the fuel used to power home furnaces is being rationed even before the start of winter. Some wholesalers in Connecticut are putting retailers on allocation, meaning they can only get a limited amount of fuel based on availability, according to Chris Herb, president of the […]

The Most Consumed Energy Sources In Every Country Of Europe

The Most Consumed Energy Sources In Every Country Of Europe thumbnail

Europe is racing to ramp up renewable energy capacity, but many countries are still reliant on fossil fuels. France is the only country in Europe whose energy is mostly comprised of nuclear power. Scandanavia also stands out for its hydroelectric energy use. Much of Europe has set itself the goal of switching away from heavily […]

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