Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Latest Production Headlines

How likely is an oil-led market crash?

Production

There’s a bullish outlook for oil even though there are a growing number of potential factors that could undermine demand in coming years. Despite these problems from trade wars, Brexit and China’s slowing growth rate, the International Energy Agency (IEA) still sees global oil consumption rising 6% over the next five years. And it sees […]


Is shale in late innings as Big Oil comes to bat?

Production

The long-term viability of the U.S. shale boom is uncertain, but the world’s biggest oil companies are making big bets on its success as smaller firms struggle with debt and the lack of scale needed to operate more efficiently. Chevron and Exxon Mobil are emerging as top players in the booming Permian Basin, while European […]


US Slashes Oil Production Forecast

Production

The U.S. government cut its oil production forecast for the first time in six months as drillers scale back in smaller shale plays and the U.S. Gulf of Mexico. While crude output is still expected to reach record levels, the Energy Information Administration trimmed its 2019 forecast to 12.3 million barrels a day — 110,000 […]


The Writing on the Wall

The Writing on the Wall thumbnail

The Norwegian government has just mandated its sovereign wealth fund, the biggest such wealth fund, to divest from pure oil and gas explorers. It will sell stakes in 134 companies, including UK-listed firms Tullow Oil, Premier Oil, Soco International, Ophir Energy and Nostrum Oil & Gas, all of which saw their share price fall after […]


Libya’s Biggest Oil Field Restarts

Production

Libya’s biggest oil field resumed production, adding another complication to OPEC’s effort to trim a global supply glut. Sharara resumed production and is expected to reach 80,000 barrels in one day, according to people with knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. Regular […]


New pipeline capacity dwarfs flared gas volumes in the Permian

Production

The proposed pipeline capacity expected to come online in the Permian Basin over the next three years is vastly greater than the estimated volumes of flared gas, according to a Texans for Natural Gas analysis. Recent media reports have called attention to flaring levels in the Permian as production has increased, with one environmental group even suggesting that […]


The World’s Next Great LNG Project

Production

According to Shell, global demand for LNG will grow by 11 percent in 2019. Primarily, it will be consumers in China and India that will drive the expanding LNG industry. In the context of increasing demand, risks are emerging on the supply side that could negatively impact the transition to cleaner sources of energy. These […]


Saudi Arabia defiant on oil cuts after Trump tells OPEC to ‘relax’

Production

The Saudi energy minister said Wednesday he is leaning towards extending oil production cuts in the second half of 2019, despite US President Donald Trump’s demand to keep prices down. OPEC cartel countries and other major oil producers in January began implementing a six-month deal to cut output by 1.2 million barrels per day to […]


UAE To Build World’s Largest Underground Oil Storage Facility

UAE To Build World’s Largest Underground Oil Storage Facility thumbnail

The Abu Dhabi National Oil Company (ADNOC) and South Korea’s SK Engineering and Construction Co. Ltd (SKEC) signed an agreement on Wednesday to build the world’s single largest underground oil storage facility that would boost ADNOC’s flexibility to export crude oil and support its push into oil trading. ADNOC has awarded SKEC an Engineering, Procurement and Construction […]


Empty Supertankers Uncover Truths About Today’s Oil Market

Empty Supertankers Uncover Truths About Today’s Oil Market thumbnail

They are slowly plowing their way across thousands of miles of ocean toward America’s Gulf of Mexico coastline. As they do, twelve empty supertankers are also revealing a few truths about today’s global oil market. In normal times, the vessels would be filled with heavy, high sulfur Middle East oil for delivery to refineries in […]


The Biggest Problem Behind The US Shale Boom

Production

U.S. shale production is expected to continue to soar well into the 2020s. And that is a major problem. Over the past decade, U.S. oil production has more than doubled, surging from 5 million barrels per day (mb/d) to close to 12 mb/d today. Natural gas also rose significantly, rising from 21 trillion cubic feet […]


New Oil Discovery Could Spur China’s Shale Boom

Production

A PetroChina test oil well at a shale field in western China could finally mean a strong commercial potential for shale oil for the first time in the world’s top crude importer, according to Morgan Stanley. PetroChina achieved a daily production rate of 100 tons of oil, or 733 barrels, from the Jimsar oil field […]


It’s All Going Wrong Again for OPEC

Production

Even as oil producing states in OPEC and beyond begin implementing the output cuts they agreed in December, the world’s need for their crude is shrinking further, suggesting that they will need to extend the deal through the second half of the year. The latest forecasts from supply-and-demand studies of the oil industry’s most-watched organizations – […]


Here’s Why Saudi Aramco May Be Coming To An Oil Field Near You

Production

Saudi Aramco is now planning to explore oil and gas resources outside of the Saudi Arabian kingdom. This is according to a recent interview given by the oil minister, Khalid al Falih, to Financial Times. Falih said that, “Going forward the world is going to be Saudi Aramco’s playground,” referring to the national oil company of […]


Texas Oil Production Breaks New Record

Production

The state of Texas now has even more bragging rights in the U.S. Oil Patch, and even globally According to a new report from the Texas Independent Producers Royalty Owners Association, the Lone Star state’s oil production hit a record level not seen since 1973, the same year of the Arab oil embargo that roiled […]


Exxon Goes All-In On The Permian

Production

ExxonMobil and Plains All American gave the greenlight to another major pipeline in the Permian basin, which would move 1 million barrels per day (mb/d) from West Texas to the Gulf Coast. The project, in partnership with Lotus Midstream, is another indication of the rising upstream production from the Permian. But the pipeline also came […]


Russian Oil Output Has Not Peaked Yet

Production

Russian oil production has not yet reached its peak and expectations that it could decline in the next few years are not justified, Alexei Sazanov, head of the finance ministry’s tax department, said on Monday. Sazanov also said the government would take necessary steps if it saw risks of a decline in oil production. Russia’s […]


Saudi Oil Output Cuts Exceed OPEC Pledge

Production

OPEC crude output fell the most in two years last month as the group implemented almost 80 percent of its new production cuts deal. Top exporter Saudi Arabia cut deeper than pledged, while its close allies the United Arab Emirates and Kuwait also made sizable reductions. Those deliberate curbs were compounded by involuntary output drops […]


Venezuela and oil

Production

It was a Venezuelan, Juan Pablo Pérez Alfonso, one of the founding fathers of Opec, who described oil as “the devil’s excrement”, and his country’s dismal recent history proves his point. Venezuela holds what are generally reckoned to be the world’s largest proved oil reserves, but mismanagement has sent its economy into freefall, and the […]


Is China’s plan to use a nuclear bomb detonator to release shale gas

Is China’s plan to use a nuclear bomb detonator to release shale gas thumbnail

China is planning to apply the same technology used to detonate a nuclear bomb over Hiroshima during the second world war to access its massive shale gas reserves in Sichuan province. While success would mean a giant leap forward not only for the industry but also Beijing’s energy self-sufficiency ambitions, some observers are concerned about […]


Saudi Aramco CEO: “Not losing any sleep over ‘peak oil demandʼ or ‘stranded resourcesʼ” and the reality of energy transition.

Production

Full Text of Remarks Here Basically it boils down to this… Neither regulatory malfeasance, nor greenie-weenie unicorn wishes nor dimwitted fossil fuel divestment protests will bring down the oil industry or fossil fuels in general. The world will need petroleum, natural gas and coal well-into the 21st century. Misguided efforts to deny access to capital […]


Saudi Arabia: We’ll Pump The World’s Very Last Barrel Of Oil

Saudi Arabia: We’ll Pump The World’s Very Last Barrel Of Oil thumbnail

Saudi Arabia isn’t buying the peak oil demand narrative. OPEC’s largest producer continues to expect global oil demand to keep rising at least by 2040 and sees itself as the oil producer best equipped to continue meeting that demand, thanks to its very low production costs. Saudi Arabia will be the one to pump the […]


US Oil Production 23 Years Ahead of Schedule

Production

A year ago, the U.S. government saw American crude production averaging 11.95 million barrels a day in 2042. Shale drillers are set to exceed that this year. The Energy Information Administration now estimates output will top out at 14.53 million barrels a day in 2031, according to its Annual Energy Outlook released Thursday. Why such […]


Huge Backlog Could Trigger New Wave Of Shale Oil

Production

The number of drilled but uncompleted wells (DUCs) in the U.S. shale patch has skyrocketed by roughly 60 percent over the past two years. That leaves a rather large backlog that could add a wave of new supply, even if the pace of drilling begins to slow. The backlog of DUCs has continued to swell, […]


Death Toll Reaches 79 in Mexico Fuel Pipeline Fire Horror

Death Toll Reaches 79 in Mexico Fuel Pipeline Fire Horror thumbnail

They were warned to stay away from the geyser of gasoline gushing from the illegally tapped pipeline in central Mexico, but Gerardo Perez says he and his son joined others in bypassing the soldiers. As they neared the spurting fuel he was overcome with foreboding. Perez recalls telling his son: “Let’s go … this thing […]


GREAT AGAIN: US Oil Output to Exceed Saudi Arabia ‘At Their Peak’ in Six Months

GREAT AGAIN: US Oil Output to Exceed Saudi Arabia ‘At Their Peak’ in Six Months thumbnail

America’s energy industry continued to expand under President Trump heading into the New Year, with new estimates showing US crude output is on track to exceed Saudi Arabia “at their peak.” “America’s journey to preeminence in the global oil trade is about to hit another milestone,” writes Bloomberg. “Propelled by the shale-oil boom, the U.S. […]


Art Berman: Exposing The False Promise Of Shale Oil

Production

Art Berman, geological consultant with over 37 years experience in petroleum exploration and production, returns to the podcast this week to debunk much of the hopium currently surrounding America’s shale oil output. Because the US is pinning huge hopes on its shale oil “revolution”, so much depends on that story being right. Here’s the narrative […]


2019 US Oil Output to Average 12MM Barrels Per Day

Production

U.S. crude oil production will average 12.1 million barrels per day (MMbpd) in 2019 and 12.9 MMbpd in 2020, with most of the growth coming from the Permian region of Texas and New Mexico. That’s according to the U.S. Energy Information Administration’s (EIA) latest short-term energy outlook, which estimates that U.S. crude oil production averaged […]


Fracked Shale Oil Wells Drying Up Faster than Predicted

Production

In 2015, Pioneer Natural Resources filed a report with the federal Securities and Exchange Commission, in which the shale drilling and fracking company said that it was “drilling the most productive wells in the Eagle Ford Shale” in Texas. That made the company a major player in what local trade papers were calling “arguably the largest single economic […]


Fears Of US Shale Demise May Be Overblown

Production

Recently, there has been some concern about the ability of U.S. shale, and in particular, the Permian Basin, to continue the meteoric increases in production that have characterized the past decade’s boom. Growth in U.S. shale production since 2010 has led to a scenario no one ever imagined even a few years ago. America is now […]


« Previous PageNext Page »



Oil News Categories


Recent Board Topics


Archive


LATEST NEWS HEADLINES


PO Real Time

Try digesting this #peakoil story and implications for 1.5'C climate change policy and mitigation. We can't even agree on carbon budgets at the moment... theguardian.com/environment/ea…