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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?


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


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

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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


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


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


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


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


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


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 […]

Peak Oil Demand and the Middle East: Even More Bad News?

Peak Oil Demand and the Middle East: Even More Bad News? thumbnail

It would seem that the Middle East oil producers cannot get enough of bad news these days. The coronavirus pandemic and the collapse in global energy demand in the first quarter of 2020 led to oil prices plunging into the mid-teens as Saudi Arabia launched the oil price war against Russia in early March. Despite […]

Total sees peak oil demand around 2030 in more conservative view than BP


Total (TOT -0.9%) forecasts oil demand growth ending near 2030, as it joins the ranks of oil companies anticipating rapid change for the industry and a peak for the industry in the coming decade. It’s a more conservative outlook than rival BP, which recently projected oil demand could never regain its pre-coronavirus levels. Energy demand […]

The “New” Peak Oil


  I still remember sitting in my chemical engineering heat transfer class in the mid 1980s. Our professor was an older gentleman who wanted to impart some “big picture” wisdom on his class of graduating seniors. He explained M. King Hubbert’s paper on peak oil from almost 30 years earlier. With an almost religious zeal, […]

Forget peak oil: America’s booming oil industry has allowed the US to achieve a type of energy independence


As recently as 2008, Americans were paying high costs for gas and there was handwringing over the need for US “energy independence.” But quietly America has achieved a form of energy independence, with net energy exports eclipsing net imports. The shift was driven primarily by the rise of shale oil extraction, with renewables also playing […]

So, We’re Back To “Peak Oil” Again


During a panel discussion in which I participated recently with three energy experts, the moderator asked us if we agreed with the recent projection by British oil giant BP that oil demand may have already peaked during 2019. Everyone on the panel answered with a firm “no.” From my own perspective, I gave that answer […]

Jet Fuel Finds Once Unthinkable Home

Jet Fuel Finds Once Unthinkable Home thumbnail

The fuel that powers passenger planes is normally among the most expensive oil products, but in a sign of the times the coronavirus has turned it into a blending component for typically cheaper shipping fuel. Straight-run kerosene, usually processed into jet fuel, is now being used to make very low-sulfur fuel oil for the maritime […]

The world may never consume more oil than in 2019


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

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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


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


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’


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


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


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

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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


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


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


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.

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