OPEC, Russia OK new oil quotas

OPEC, Russia and other major oil producers reached an unusual agreement on production quotas Tuesday, with Saudi Arabia committing to reducing its oil production by 1 million barrels a day and Russia and Kazakhstan winning relatively modest production increases. The effect will be an overall reduction in oil production. The news pushed prices up more […]

Disruptive Oil Growth is ‘History,’ Shale Recovery to be ‘Much More Modest,’ Says Yergin

Oil demand is not expected to return to 2019 levels until the end of next year or early 2022, with future growth to be “much more modest” than the 2 million b/d growth rates of the past, according to IHS Markit Vice Chairman Daniel Yergin. The executive, who released his newest book, “The New Map: […]

Oil Tanker Near Iraq Finds Explosive Object Attached to Hull

An oil tanker off the coast of Iraq discovered an explosive object attached to its hull, the latest incident highlighting the risk to ships in the waters near the Arabian peninsula. The Liberia-flagged Pola noticed a “suspicious object” on the ship as it was discharging cargo onto another vessel, according to a statement from owner […]

Yergin looks at historic year for oil, profound shift coming for energy complex

Pulitzer Prize-winning author Daniel Yergin has chronicled the historic sweep of the global energy business and says 2020 vastly disrupted the sector and left companies staring into an abyss last spring. The pandemic triggered unprecedented energy demand destruction. A clash between OPEC and Russia pushed oil prices to new lows. The energy transition to a […]

Can Anything Stop Brazil’s Massive Oil Boom?

The COVID-19 pandemic had a sharp impact on oil prices, creating considerable uncertainty over the outlook for energy demand around the globe. The ongoing global crude oil supply glut and claims that peak oil demand could occur sooner than anticipated are also weighing on energy prices. Those headwinds have done little to impede Brazil’s massive […]

The Very Real Possibility Of Peak Oil Supply

Three months ago, British oil giant BP Plc. (NYSE:BP) sent shockwaves through the oil and gas sector after it declared that Peak Oil demand was already behind us. In the company’s 2020 Energy Outlook, chief executive Bernard Looney pledged that BP would increase its renewables spending twentyfold to $5 billion a year by 2030 and […]

China And Iran Start Drilling In This Super Giant Gas Field

Drilling operations of the first well of the game-changing but highly-controversial Phase 11 of Iran’s supergiant South Pars non-associated natural gas field officially began last week. Significant gas recovery from the enormous resource will commence in the second half of the next Iranian calendar year that begins on 21 March 2021. The long-stalled Phase 11 […]

Peak Oil in South & Central America

Feliz Navidad! (1) Pre-Covid ..Fig 1: Oil production and peak years Production peaked 2015 due to Venezuela’s production collapse. Brazil’s production has not yet peaked but is unlikely to offset Venezuela’s decline. All other countries together are on a bumpy production plateau for the last 20 years. Fig 2: Oil consumption peaked 2014 Production vs. […]

IEA Sees Crude Glut Enduring

The crude-oil glut left behind by the pandemic will clear by the end of next year, as markets face a gradual recovery marked by renewed strains on demand, the International Energy Agency said. “Demand is clearly going to be lower for longer than expected” when the virus emerged in the spring, the agency said in […]

Denmark to End North Sea Oil Production

Denmark, the European Union’s biggest oil producer, will stop offering new licenses in the North Sea and phase out production altogether in 2050 as it takes an historic step toward a fossil-fuel free future. Climate and Energy Minister Dan Jorgensen told reporters in Copenhagen that he expects the decision to “resonate around the world.” The […]

Alberta’s oil-pipeline pipeline might be nearing its end

Forty billion dollars. According to Alberta’s fiscal update last week, that’s the huge sum by which oil and gas investment in the province is expected to plummet, from what was predicted as recently as in the February budget. Investment in Alberta’s reeling oil and gas sector has already plunged by more than 50 per cent […]

Where There’s a Well There’s a Way

Last month, the French company ENGIE hit the brakes on a multi-billion-dollar contract to import liquified natural gas from the United States. Why the cold feet? It seems the French are understandably concerned about the climate impacts of US methane emissions. Source This news helps fuel arguments that we should be doubling down (versus backing […]

Update on US Oil production

A post by Ovi at peakoilbarrel All of the oil (C + C) production data for the US state charts comes from the EIAʼs Petroleum Supply monthly PSM. After the production charts, an analysis of three EIA monthly reports that project future production is provided. The charts below are updated to September 2020 for the […]

Could OPEC’s House of Cards Collapse?

As the cartel’s oil ministers prepare to meet in just over a week to decide on the next step in their record-breaking output deal, officials in the United Arab Emirates, normally a loyal Saudi ally, are privately questioning the benefits of participating, and may even be considering whether to leave the Organization of Petroleum Exporting Counties. The […]

Cash-Strapped Iraq Seeks $2 Billion Upfront Payment for Oil

Iraq is seeking an upfront payment of about $2 billion in exchange for a long-term crude-supply contract, the latest sign of Baghdad’s growing desperation for cash as its economy unravels. The Middle Eastern country is grappling with a crisis brought to a head by low oil prices and OPEC+ output cuts. As state coffers dwindle […]

Mexico oil production falls again

Mexico’s oil production fell for a second consecutive month in October. Production totaled 1.627Mb/d, down from 1.644Mb/d in September, with NOC Pemex’s exploration and production arm PEP accounting for 97% and private players the rest, according to hydrocarbons commission CNH. Output has failed to recover after declining by some 100,000b/d in May-July, which Pemex attributes […]

Oil Pirates Are Dangerously Close To US Waters

Piracy is an age-old problem in the energy industry, often seen in West Africa and other regions of the world. However, following the rise of the phenomenon during the 2020 Covid-19 pandemic, pirates are nearing U.S. shores, presenting a new threat to the industry.  Slow-moving oil tankers in the region present an easy target for […]

GoM Summary Part V: Possible Futures

This analysis concerns C&C only. Natural gas production is low and steadily declining with few deep gas-condensate discoveries and the shallow dry gas fields at end of life. I don’t know if lack of gas may affect oil production – e.g. insufficient: flow to allow stable pipeline operation; income to be economic to warrant continuing […]

Iran says it exports 700,000 bpd of oil, later denies

An Iranian official said on Wednesday that Tehran exported up to 700,000 barrels per day (bpd) of oil since March, but was later quoted by an Iranian news agency casting doubt on the figure which had been kept secret as the country fights U.S. sanctions. FILE PHOTO: A gas flare on an oil production platform […]

IEA sees new European lockdowns denting oil demand outlook

Renewed lockdown measures in Europe aimed at containing a rise in COVID-19 cases appear set to push the outlook for global oil demand toward the downside, an official with the International Energy Agency (IEA) said. Keisuke Sadamori, IEA director for energy markets and security, told Reuters the impact would, however, likely be less severe than […]

Libya Oil Output Hits 1 Million Barrels

Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country after civil war all but shut its energy industry. The OPEC member, home to Africa’s largest crude reserves, ramped up production in the past six weeks amid a truce between rival military forces. It was pumping […]

Israel and UAE Eye Pipeline Linking Red and Med Seas

Israel and the United Arab Emirates have opened talks over an oil pipeline linking the Red Sea with the Mediterranean and whose operations Israeli officials treat as top secret. Europe Asia Pipeline Co., controlled by Israel’s government, and UAE-based MED-RED Land Bridge Ltd. signed a memorandum of understanding to collaborate on the transportation of crude […]

Stripper Lives Matter

396,000 marginal stripper oil wells produced 284 million barrels of oil in 2016 in the United States. So who really gives a rats ass, right? All of the US shale oil industry, from floor hand to CEO, thinks their shit doesn’t stink and shale oil is America’s future. The media feels the same way; when […]

US peak oil output has passed: Oxy CEO

US oil production will not return to its peak output of nearly 13mn b/d following this spring’s Covid-19-related collapse in demand, according to Occidental Petroleum chief executive Vicki Hollub. US production’s high-water mark came in November 2019 at 12.8mn b/d as US oil exports surged amid a growing global economy. Weekly production hit 13mn b/d […]

Fossil Fuel Production Is Reaching Limits in a Strange Way

Strangely enough, the limit we seem to be reaching with respect to fossil fuel extraction comes from low prices. At low prices, the extraction of oil, coal, and natural gas becomes unprofitable. Producers go bankrupt, or they voluntarily cut back production in an attempt to force prices higher. As the result of these forces, production […]

The most important variable affecting global oil supply

The single most important variable affecting global oil supply is arguably Iraq’s oil production. Iraq is OPEC’s largest offender in terms of production quota non-compliance since May, over producing far more than any other single country. If Iraq complies with its quota going forward, it will reinforce the power of OPEC+ and contribute to Saudi […]

U.S. Oil Production Set To Decline More From Here On Out

Summary Real-time US oil production reading indicates ~10.783 mb/d into October. With September US oil production now set at ~11 mb/d average, the implied decline rate between August and September excluding shut-ins is around ~500k b/d. Consensus has US oil production flat around ~11 mb/d for the next year. This will prove to be too […]

Unwinding the Opec+ deal will be difficult

It has taken 60 years for Opec linchpin Saudi Arabia to find a non-Opec partner that it could see itself settling down with. The original Opec+ agreement led by Riyadh and Moscow in 2016 was very much a marriage of convenience, and the commitment from the producer group’s leaders was decidedly one-sided. Saudi Arabia was […]

EIA Reports Massive Draw On Supplies

The impact of Hurricane Laura’s production shutdown is now being felt. Earlier this morning, the U.S. Energy Information Agency (EIA) reported a massive -9.362 million barrel decline in oil stocks on hand. Much of the downturn may be attributed to last week’s Category 4 storm that ceased production in the Gulf Coast region.   However, […]

Saudi Cutting Oil Deliveries to US

Saudi Arabia is continuing to divert its oil away from America’s shores. The kingdom last month loaded about 5.6 million barrels a day on to tankers, a small increase from July, vessel-tracking information compiled by Bloomberg show. Within that, an ever-smaller share went to the U.S., and cargo data show that deliveries in the week […]

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• Peak Oil? Drivers—and Voters—Could Delay It for Years
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• Yergin: Oil demand won’t fully recover until 2022
• The Very Real Possibility Of Peak Oil Supply
• China And Iran Start Drilling In This Super Giant Gas Field
• Ten predictions for energy in 2021
• The beginning of the end of the oil era?
• Peak Oil in South & Central America