Readers will recall that, for the last several months, I have noted that US oil production per the EIA’s weekly Petroleum Status Report was inconsistent with the data from the EIA’s monthly Drilling Productivity Report (DPR) The graph below shows the state of play as of last week. The two red arrows at right show […]
Russia stopped oil shipments to Poland after pipeline operator Transneft didn’t receive documents necessary for the crude to be allowed to leave the country. The producer of the oil that was due to be delivered to Poland in the final days of February didn’t send shipment orders or the transit payment, Transneft spokesman Igor Dyomin […]
Shell Plc’s new boss said cutting oil and gas output would be bad for consumers, echoing a pivot by other major producers toward fossil fuels and energy security. “I am of a firm view that the world will need oil and gas for a long time to come,” Shell Chief Executive Officer Wael Sawan said […]
On February 6, a series of large earthquakes hit southern Turkey and northern Syria, followed by hundreds of aftershocks, the World Health Organization’s website notes. In a statement sent to Rigzone, Alex Kavouris, a lead oil analyst at FGE, has outlined damage caused to oil and gas facilities as a result of the recent […]
When will oil demand peak? It depends on who you ask. Fitch Solutions, for example, doesn’t see oil demand peaking within its forecast period, which runs to 2032, according to Emma Richards, an associate director of oil and gas at the company. “Based on the way that growth is trending, it’s likely that demand will […]
U.S. oil production hit levels not seen since the onset of the COVID-19 pandemic, a development driven by a continuing rebound in demand for gasoline and other fuels. Daily crude oil production averaged 12.3 million barrels per day during the week ending Friday. The last time field production was that high was April 2020. The […]
by Ovi Below are a number of Crude plus Condensate (C + C) production charts, usually shortened to “oil”, for Non-OPEC countries. The charts are created from data provided by the EIA’s International Energy Statistics and are updated to October 2022. This is the latest and most detailed world oil production information available. Information from other sources such as OPEC, the STEO […]
The last 24 hours have marked another major waypoint along the path to my long-held contention that Russia, China and Saudi Arabia are going to make a massive, collective push to try and dethrone the U.S. dollar as global reserve currency. Anybody who has read my 23 Stocks To Watch For 2023 (or any of […]
Iran’s oil exports are surging, offering solace to both Tehran and a global market fretting over the prospect of sanctions squeezing Russian supply. Much of it appears to be finding its way to China. The Persian Gulf country’s oil exports surged to about 1.3 million barrels a day in November, and last month held near […]
Robots will be the oil and gas industry’s growth engine, according to data and analytics company GlobalData. “The volume of robotics use cases in the oil and gas industry is expected to grow rapidly, in tow with digitalization,” Anson Fernandes, an oil and gas analyst at GlobalData, said in a statement sent to Rigzone. “Industrial […]
Prior to the pandemic-induced downturn in world oil production, U.S. oil production growth was responsible for 98 percent of the increase in world production in 2018 (as reported in 2019). Almost all of that growth resulted from rapid increases in shale oil production which accounted for 64 percent of U.S. production (as of 2021). Fast […]
Gazprom PJSC’s exports to its key foreign markets almost halved in 2022 — reaching the lowest since at least the start of the century — as flows to Europe were slashed following the invasion of Ukraine. The Russian gas giant sent 100.9 billion cubic meters of the fuel to countries outside the former Soviet Union […]
A high-ranking member of Iranian parliament says that currently almost one fourth of the energy produced in the country is being wasted. Malek Shariati, the spokesman for the parliament energy committee said Sunday that 23% of the energy produced in Iran is lost due technical gaps. The latest report by the World Bank shows that […]
Russia may cut its oil production in response to the G-7 cap on the price of its crude, President Vladimir Putin said. A decision on Moscow’s response will be announced in a presidential decree within the next several days, Putin told reporters in comments broadcast on state Rossiya 24 TV, providing no further details. “I’m […]
Below are a number of Crude plus Condensate (C + C) production charts, usually shortened to “oil”, for Non-OPEC countries. The charts are created from data provided by the EIA’s International Energy Statistics and are updated to August 2022. This is the latest and most detailed world oil production information available. Information from other sources such as OPEC, the STEO […]
U.S. production of crude oil and condensates increased to 12.3 million barrels per day (bpd) in September, the highest since the first wave of the coronavirus pandemic in March 2020. Production rose by 289,000 bpd from the previous month, with contributions from the Lower 48 states (+208,000 bpd), federal waters in the Gulf of Mexico […]
For the first time, global demand for each of the fossil fuels shows a peak across all World Energy Outlook scenarios, with Russian exports, in particular, falling significantly as the world energy order is reshaped. This is one of the key findings in the International Energy Agency’s (IEA) World Energy Outlook 2022 report (WEO), released amidst what has been hailed […]
Hello and welcome to today’s Elements, our energy and commodities newsletter. Bloomberg Opinion’s Liam Denning writes on the multiplying conflicts tearing at the fabric of the global energy order. And if you haven’t yet read the investigation by our US oil reporter Kevin Crowley into the exodus of workers at Exxon Mobil, it’s well worth […]
Gas consumption in Germany remains high in light of current tight supply. The inability to reduce natural gas consumption will only increase the risk of drawing down supplies in storage quicker. Despite the current demand, natural gas continues to be injected into storage. Germany is entering a dark winter with too much natural gas consumption […]
Major oil producers meeting in Vienna Wednesday agreed to reduce their crude production levels by 2 million barrels a day starting next month, but that’s not a guarantee that prices will continue to climb. “The market wasn’t thrilled since the actual cuts would be half what the headline number suggests,” given that members of the […]
What are the Alternatives to Oil? A key area in which oil distillates, which come from oil, are used is transportation. In the U.S., ~70% of oil is used for transportation purposes. In Part 5, I will focus on alternatives to oil in the transportation sector. Environmentalists like to say that oil can be […]
Falling oil prices have fanned hopes that demand will soften in the wake of an economic slowdown. Meanwhile, signs also point to an increase in demand while supply constraints tighten. “There is a growth slowdown being priced in right now, so I wouldn’t be surprised if prices on a barrel (WTI) go down to around […]
Violent clashes in Baghdad have yet to hit Iraq’s oil production, an official said, soothing initial trader concerns that a major source of supply could be disrupted. There’s been no effect on output or exports in OPEC’s second-largest producing country from the clashes, which left at least 15 dead, Alaa Al-Yassiri, director general of the […]
The physical crude market in Asia is softening as oil from as far away as the US and Brazil flows into the world’s top consuming region, boosting competition for Middle East producers. Buyers in South Korea, India and China have picked up substantial volumes from the US this month — more than 20 million barrels […]
Aug. 18: Stubborn Russian oil output and weaker-than-expected demand growth mean the oil market is likely to remain in surplus for the remainder of this year and into early next year, which should limit the upside in oil prices. Time spreads also point toward a looser market, with the backwardation in the prompt spreads narrowing […]
An Overview At this point in time, probably all American adults are aware that the price of oil, or at least gasoline and diesel fuel, are much higher than they have been in recent years. Human nature being what it is, it’s necessary to find a scapegoat for the high prices. From the conservative point […]
The information received less comment than the “check” exchanged between Joe Biden and Mohammed bin Salman. However, it is more important for the energy future of humanity. During his meeting with the US President on July 16, the Crown Prince of Saudi Arabia announced that the country’s oil production is set to peak at 13 […]
Saudi Arabia has limited additional capacity to ramp up oil production, according to people familiar with its pumping ability, a constraint that would make it difficult for Riyadh to increase global supply even if it were willing to do so. President Biden recently wrapped up a high-profile trip to Saudi Arabia, saying he expected the […]
IN 1822 the oil industry was in full swing. Around the world, the smelly process of heating up whale blubber to extract the precious liquid went on as fast as the boats could bring it in. This was the oil which lubricated the engines and machines of the industrial revolution. As well as blubber, a […]
Fossil fuel powers the economic engine of civilization. With a minor disruption in the supply of fossil fuel, crops wither and supply chains crash. With a major disruption, a humanitarian apocalypse engulfs the world. Events of the past few months have made this clear. Without energy, civilization dies, and in 2020 fossil fuel continued to […]
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That is the system that Money is created not as Debt to be paid back but as pure money by public authority for the public interest. It's a simple matter of logic like that. #debtmoneysystem #publicmoneysystem #peakoil #financialturmoil
U.S. Shale Boom Shows Signs of Peaking as Big Oil Wells Disappear on.wsj.com/3yTEfIV #peakoil
@ABCthedrum @MsFionaScott @JohnBarronUSA @PNationalAU @DrCraigEmerson @AmyRemeikis @GuardianAus @MonashUni The lesson not learned even today with the #Iraq war is how dangerous #peakoil is. George Bush & Dick Cheney were oilmen who wanted to push the moment of truth into the future crudeoilpeak.info/iraq-war-and-i… They couldn't imagine that Fed money printing would finance the shale oil boom