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One more dance for oil, before EVs boom

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Oil demand could grow at its fastest rate since the 1970s for the next three years, BofA Global Research has said in a note. The commodity’s future is limited, though, the analysts said, expecting global oil demand to peak around 2030. The rise of electric vehicles (EVs) drives this change. Oil demand fell by 8.7 […]


Oil Prices Surge As Inventories Decline

Consumption

Oil in London climbed for a fourth straight week as efforts to clear an oil surplus are seen holding the market over until demand comes back in force. Global benchmark Brent futures on Friday surged the most since early January, while West Texas Intermediate crude flirted with $60 a barrel for the first time in […]


How Much Higher Can Oil Prices Go?

How Much Higher Can Oil Prices Go? thumbnail

Oil prices have rallied back to the point they are almost ready to match pre-Covid levels. There are two key drivers for this miracle, which no one predicted early on as being possible in this period of time. The first is the production curbs by U.S. producers and of course, the millions of barrels of […]


How the Fossil Fuel Industry Convinced Americans to Love Gas Stoves

Consumption

In early 2020, Wilson Truong posted on the NextDoor social media platform—where users can send messages to a group in their neighborhood—in a Culver City, California, community. Writing as if he were a resident of the Fox Hills neighborhood, Truong warned the group members that their city leaders were considering stronger building codes that would […]


Oil’s peak seen nowhere near in India despite energy transition

Consumption

India’s peak oil demand will come much later than what the rest of the world might anticipate, creating enough room to pursue refinery expansions and secure crude supplies through diversification drives, speakers at the S&P Global Platts South Asia Commodities Virtual Forum said Feb. 4-5. To meet incremental demand and prepare for smoother business operations, […]


How High Will Oil Prices Go This Year?

How High Will Oil Prices Go This Year? thumbnail

This week we hit some milestones in the year-long recovery from the oil demand crash of 2020. West Texas Intermediate, (WTI) hit and moved past the $55.00 level, and Brent moved closer to $60. These are some important psychological barriers for the market, and if sustained, as we expect they will be, will push prices […]


When Automobiles Ruled the Earth

Consumption

Read Part One U.S. oil major Chevron Corp. on Jan. 29 swung to an $11 million fourth-quarter loss and missed Wall Street expectations as low margins on fuel, acquisition costs and foreign currency effects overwhelmed improved drilling results… It reported a full-year loss of $5.54 billion compared with earnings of $2.92 billion in 2019… — […]


Oil jumps 2%, hits highest in a year as producers limit supply

Consumption

Oil prices rose 2% on Tuesday, reaching their highest in 12 months after major producers showed they were reining in output roughly in line with commitments. The global and U.S. crude benchmarks rallied as optimism about more U.S. economic stimulus added to bullishness from OPEC production levels, which rose less than expected in January. Brent […]


Elon Musk Plans to Use Texas Natural Gas for His Starships

Elon Musk Plans to Use Texas Natural Gas for His Starships thumbnail

Elon Musk became the richest man in the world thanks to enthusiasm for Tesla Inc.’s sleek electric cars — and the company’s stratospheric stock price. But while Musk is perhaps the most well known clean energy CEO, SpaceX, his other company, is likely to rely on drilling for natural gas to power Starship, the new […]


Saudi Arabia’s Oil Fears Look Well Founded

Consumption

It’s starting to look like Saudi Arabia’s concerns over the oil demand recovery were well founded. At the start of the month, the joint leader of the OPEC+ group of oil-producing countries announced a surprise output cut of 1 million barrels a day for February and March. Its co-chair, Russia, pushing for restraints to be eased, was granted […]


New York City to ban natural gas hookups in new buildings by 2030

Consumption

New York City this week said it will join a growing list of U.S. cities banning natural gas hookups in new buildings. New York City Mayor Bill de Blasio said on Thursday as part of his State of the City address that New York will “ban new fossil fuel connections in new construction by at […]


Is Another Oil Price Spike Likely Soon?

Consumption

A number of analysts have been warning that the double-barreled price shock in 2020 which sent prices to historic lows (negative $37 a barrel, albeit only paper trades) drastically reduced upstream investment and delayed development of new oil production capacity, which could set the stage for a new oil price shock. Demand recovery coupled with […]


China Oil Demand at Risk

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For Rachel Tian — and millions of other Chinese people — Lunar New Year festivities look set to be less of a family affair in 2021. The Beijing-based securities analyst would normally be preparing to drive to her hometown of Baoding in Hebei province, about two hours away by car, to spend time with her […]


Iran hit by blackouts and smog amid electricity production woes

Consumption

Iran is suffering vast blackouts and intense air pollution in recent weeks, amid electricity production problems blamed on Bitcoin mining and a shortage in natural gas. Officials have said illegal cryptocurrency miners — who are paid to use farms of power-hungry machines to verify the legitimacy of cryptocurrency transactions — have been gobbling up power […]


Iraq oil minister sees oil at $60 in second quarter of 2021

Consumption

(Reuters) – Iraqi Oil Minister Ihsan Abdul Jabbar expects oil prices to reach around $60 in the second quarter of 2021, he said in an interview with Iraq’s Sharqiya TV on Friday. (Reporting By Ahmed Rashed; Editing by Toby Chopra) reuters


U.S. EIA cuts 2021 world oil demand growth forecast

Consumption

The U.S. Energy Information Administration on Tuesday cut its 2021 world oil demand growth forecast by 220,000 barrels per day from its previous estimate. In its monthly forecast, U.S. Energy Information Administration says 2022 world oil demand to hit 101.08 million bpd, up 3.31 million bpd from 2021. Reuters


Covid Has Disrupted Food Supplies

Consumption

Agflation is back, and so are unhelpful fixes. Under pressure from falling incomes and higher inflation, Moscow has rushed to cap the cost of basic foods and introduced measures to curb wheat and other exports. President Vladimir Putin’s televised displeasure was a symptom of the strain governments are feeling everywhere. Fortunately, the problem is not yet at levels seen just over a decade ago. Unfortunately, […]


Peak Oil? Drivers—and Voters—Could Delay It for Years

Consumption

You might be filling up your tank a lot longer than BP thinks. Ambitious green policies—from politicians and even the newly climate-conscious oil companies—suggest the world is moving at warp speed away from fossil fuels. But the transition might not be easy on consumers’ wallets, which is precisely why it could take a while. The […]


Chinese cities reportedly go dark as country faces shortage of coal, a major Australian export

Consumption

Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal. Analysts said prices of the commodity in the country have shot up due to the reported crunch and some tie the shortages and blackouts to the unofficial ban on Australian coal. Chinese authorities have not tied the […]


Gail Tverberg: The Year Things Started Going Badly Wrong

Gail Tverberg: The Year Things Started Going Badly Wrong thumbnail

Many people thought that COVID-19 would be gone with a short shutdown. They also thought that the world’s economic problems could be cured with a six month “dose” of stimulus. It is increasingly clear that neither of these assumptions is correct. Despite the claims of epidemiologists, our best efforts have never been able to reduce the […]


Is the demand for oil finally sagging?

Is the demand for oil finally sagging? thumbnail

Gulf states fear for revenue. A theory of possible “peak oil” has been around for a long time. The pandemic could now mark the beginning of a steadily falling demand. It was a thankless task when a team led by US geologist Max Steineke began their search for oil in the barren desert of Saudi […]


Yergin: Oil demand won’t fully recover until 2022

Consumption

Global oil demand will likely take another year or so to return to pre-pandemic levels — by late 2021 or early 2022, according to energy expert and IHS Markit vice-chairman Daniel Yergin. Citing an interview with Saudi owned free-to-air television news channel Al-Arabiya, energy portal oilprice.com yesterday said Yergin’s expectations for oil demand are roughly […]


The beginning of the end of the oil era?

The beginning of the end of the oil era? thumbnail

Was 2019 the year when oil demand peaked? This existential question still dominates the energy debate and reflects the unprecedented changes our society experienced in 2020. Only time will tell. But this new reality is possible, not only because of the devastating impacts of the pandemic but also due to major technological changes in transport, […]


The Economic Superorganism

Consumption

As the energy transition proceeds and the world takes more aggressive steps to curb global warming, analysts from many disciplines are questioning how economic growth can be maintained, or if there are limits to growth—a concept first raised in the 1970s—that will also limit the progression of energy transition. Will we run into fundamental limits […]


OPEC Lowers Oil Demand Projection

Consumption

OPEC cut forecasts for oil demand again as the group and its allies prepare to weigh up whether they can continue gradually restoring halted supplies. The Organization of Petroleum Exporting Countries reduced projections for global fuel consumption in the first quarter of 2021 by 1 million barrels a day, it said in a monthly report. […]


Prices Of Chinese Rare Earths Are Soaring

Consumption

BMO Capital Markets says that a surge in the price of Chinese rare earth metals in November is a reflection of the geopolitical tensions between that country and the developed world. Commenting on the sudden price gains in a research note, BMO’s commodity analyst Colin Hamilton also said that as nations around the world consider […]


Russia said record global oil demand has already passed

Consumption

The days of peak oil consumption for the global economy may be over and the trend could affect Russia’s budget revenue, the country’s deputy finance minister, Vladimir Kolychev, warned. “The peak of consumption must have already passed,” Kolichev told Bloomberg in a recent interview. The official said there is a long-term risk that hydrocarbon revenue […]


US EIA cuts 2021 world oil demand growth forecast

Consumption

The U.S. Energy Information Administration on Tuesday cut its 2021 world oil demand growth forecast by 110,000 barrels per day to 5.78 million bpd. In its monthly forecast, the agency cut its oil demand growth estimate for 2020 by 240,000 bpd to 8.85 million bpd. reuters


De-Growth Will Define How We Live in the Future

De-Growth Will Define How We Live in the Future thumbnail

Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 5, 2018. Oil production has been causing a sudden influx of money especially for local Texans despite the consequences to the natural environment. (Photo by Benjamin Lowy/Getty Images) You may have noticed that the nation entered a political crisis after […]


‘Unprecedented Collapse’ in Transportation Propels Slump in Oil Consumption, Says IEA

‘Unprecedented Collapse’ in Transportation Propels Slump in Oil Consumption, Says IEA thumbnail

Amid the upheaval imposed by the coronavirus pandemic, 2020 global energy consumption in the transportation sector is forecast to decrease 10% year/year, led lower by an 11% drop in oil consumption, the International Energy Agency (IEA) said Thursday. This decline is expected to account for nearly two-thirds of the total expected year/year pullback in oil […]


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@wmiddelkoop Oil Consumption Dictatorship that is. #peakoil

@JasonBermas Brother, #PeakOil is not only real, it's Past Tense! Even Corbett is wrong on this. DUDE, Check the Data! Global Crude Oil Production PEAKED 11/2018. This is the end of industrial society bro. Collapse is here. Michael Ruppert RIP was a visionary. COVID is a cover for PeakOil.

test Twitter Media - @JasonBermas Brother, #PeakOil is not only real, it's Past Tense! Even Corbett is wrong on this. DUDE, Check the Data! Global Crude Oil Production PEAKED 11/2018.

This is the end of industrial society bro. Collapse is here. Michael Ruppert RIP was a visionary.

COVID is a cover for PeakOil. https://t.co/pYsu5Q0YuZ
test Twitter Media - @JasonBermas Brother, #PeakOil is not only real, it's Past Tense! Even Corbett is wrong on this. DUDE, Check the Data! Global Crude Oil Production PEAKED 11/2018.

This is the end of industrial society bro. Collapse is here. Michael Ruppert RIP was a visionary.

COVID is a cover for PeakOil. https://t.co/pYsu5Q0YuZ