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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 — […]


$40 Oil Isn’t Enough For Saudi Arabia

Consumption

Despite the recommendation of the OPEC+ JMMC to ease the oil output cuts by 2 million bbl/d, oil markets maintained their bullish sentiment over the past week as Brent was trading above $43 while WTI was trading above $40. A surge in COVID-19 cases in several counties including the US, Spain, and Australia capped oil […]


Did Global Oil Demand Peak in 2019?

Consumption

The COVID-19 pandemic has sent shockwaves through the oil and gas industry, with some analysts warning the outbreak may have triggered an early peak in demand. According to Norway-based energy consultancy DNV GL, both global oil demand and carbon dioxide emissions likely climaxed in 2019 and will not exceed these levels moving forward. As a […]


The Great Pause Week 18: Midwinter Down Under

The Great Pause Week 18: Midwinter Down Under thumbnail

“Our objectives are low-tech, anti-fragile, and human-centered. By using tools of permaculture design, we place humans within a new context that will regenerate and sustain natural ecosystems.“   As difficult as coming to terms with living through an all-out global pandemic is, the looming near-term human extinction event that is rapid climate change has not […]


Russian Scientists Create New Non-Freezing Arctic Diesel Fuel

Consumption

Scientists from Tomsk Polytechnic University (TPU) have discovered a way to produce Arctic diesel fuel from winter-grade fuel, and winter fuel from inter-season grade fuel. The effect has been achieved by using a heavy diesel fraction and a cold flow improver. The authors of the study believe that the new fuel recipes will be of […]


Driving may never fully bounce back

Driving may never fully bounce back thumbnail

Increased working from home and use of e-commerce will be “powerful and enduring” in the U.S. — potentially enough to reduce auto miles traveled by up to 9% going forward, according to a new KPMG analysis. Why it matters: The behavioral changes that stick around once the coronavirus crisis passes will affect power use, driving levels […]


The World Is Going To Need More Oil Very Soon

Consumption

OPEC’s Joint Technical Committee is trying to thread the oil needle by increasing oil production but not crash the global oil market price. While some fear that any production increase in global output will end the most significant oil price recovery on record, the reality is data shows that very soon, the world is going […]


After Decades of Wrong Predictions, Oil May Finally Be Peaking

After Decades of Wrong Predictions, Oil May Finally Be Peaking thumbnail

After one of the most dramatic stretches in its history, the oil industry is slowly recovering. March and April saw the toxic combination of depressed demand, excessive supply, limited storage capacity, and intense financial speculation that turned prices on one index negative. Although concerns about a second wave of coronavirus infections remain high, demand is […]


Peak oil in Asia Update June 2020

Peak oil in Asia Update June 2020 thumbnail

Fig 1: Asian oil consumption is around 5 times higher than production The production decline after the peak in 2015 is very modest. The size of the gap between consumption and production is mainly determined by consumption growth rather than by production decline. Will the Corona virus stop the gap growing? Let’s have a look […]


Will Oil Ever Recover To Pre-COVID Levels?

Consumption

Last May, Bernard Looney, the CEO of BP, said that “the coronavirus hit to crude consumption was likely to endure beyond the pandemic- and may have even ushered in “peak oil” demand (See FT, 13/5/2020). A few weeks later Rystad Energy’s 2020 annual review of world oil resources revealed that the Covid-19 downturn will expedite […]


IEA raises 2020 oil demand estimate

Consumption

The global economy bounced back from the worst of pandemic lockdowns faster than expected in the second quarter but a second wave of COVID-19 infections could still derail the strong recovery so far, the International Energy Agency said July 10. In its latest monthly oil market report, the Paris-based agency raised its estimate for global […]


In 2019, the United States produced and consumed record volumes of natural gas

In 2019, the United States produced and consumed record volumes of natural gas thumbnail

Source: U.S. Energy Information Administration, Monthly Energy Review Note: Click for full U.S. natural gas flow 2019 diagram. Natural gas is one of the main sources of energy in the United States. In 2019, U.S. production of dry natural gas increased to almost 34 trillion cubic feet (Tcf) and consumption increased to 31 Tcf—both values […]


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@smh @michaelkoziol Problem is of course that Western #Sydney Airport will be a flop. Just look at assumed air traffic. It will never happen. #COVID19Aus, #peakoil, #globalwarrming Playing monopoly makes everyone blind @GladysB @ScottMorrisonMP Not even discovered by the media who focus on watches

test Twitter Media - @smh @michaelkoziol Problem is of course that Western #Sydney Airport will be a flop. Just look at assumed air traffic. It will never happen. #COVID19Aus, #peakoil, #globalwarrming Playing monopoly makes everyone blind @GladysB @ScottMorrisonMP Not even discovered by the media who focus on watches https://t.co/LP6ztsnG3G

#FossilFuels are not renewable, and we will never know how much worse the energy grids will be burdened in the future. Plus, in #peakoil scenarios, profit is nixed. (And again, oil should be reserved primarily for transportation needs, especially distribution of goods).