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Is The World About To See An Oil Shortage?
Is The World About To See An Oil Shortage? It’s possible we could be headed for a shortfall in global oil supply as soon as next year – pretty remarkable considering where oil demand was last spring, with economies slowing under the weight of the pandemic. Based on projected rising demand, the natural production decline […]
Oil Major Total Sees 10 Million Bpd Supply Gap In 2025
Oil Major Total Sees 10 Million Bpd Supply Gap In 2025 France’s supermajor Total is warning that the world could find itself with a shortfall of supply of 10 million barrels per day (bpd) between now and 2025, due to continued underinvestment in the industry, the OPEC+ pact, and cracks in the U.S. shale business […]
Peak Oil? Drivers—and Voters—Could Delay It for Years
Peak Oil? Drivers—and Voters—Could Delay It for Years Investors and politicians have made their views clear about oil’s uncertain future. Consumers, not so much. Drivers traverse the 405 freeway at night in California. The fate of the oil industry depends as much, or more, on consumers as it does on politicians and policymakers. PHOTO: PATRICK T. […]
The Real Crisis For Oil Is Yet To Come
The Real Crisis For Oil Is Yet To Come Italian energy major, Eni, described 2020 as a “year of war”, regarding the energy crisis experienced in the face of a global pandemic. But it may be too soon to see the issues faced last year as a thing of the past. Eni is committing to lower the […]
IHS Markit: Oil Demand Won’t Fully Recover Until 2022
IHS Markit: Oil Demand Won’t Fully Recover Until 2022 Global oil demand will likely take another year or so to return to pre-pandemic levels—by late 2021 or early 2022, energy expert and IHS Markit vice chairman Daniel Yergin told Al Arabiya English in a video interview on Monday. Yergin’s expectations for oil demand are roughly […]
The Oil Refinery Crisis Will Worsen This Winter
The Oil Refinery Crisis Will Worsen This Winter It was only to be expected that many of the world’s refiners would be pinched between low demand for finished products and rising inventories as the pandemic lockdowns continue to stifle activity. But the warm December that is expected this year is also threatening finished products demand. And […]
U.S. crude output to decline more than previously forecast in 2020 -EIA
U.S. crude output to decline more than previously forecast in 2020 -EIA NEW YORK (Reuters) -U.S. crude oil production is expected to fall by 910,000 barrels per day (bpd) in 2020 to 11.34 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a steeper decline than its previous forecast for a drop of […]
What Oil’s Troubles Mean to the Rest of Us
What Oil’s Troubles Mean to the Rest of Us To the extent that stock prices reflect expectations of future value, investors don’t like the prospects for oil, and oil’s demise signals muted prospects for economic growth. Exxon-Mobil (XOM) was removed from the Dow Jones Industrial Average this past August, ending a run that began when […]
Has oil peaked?
Has oil peaked? 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 […]
Analysis: World has already passed ‘peak oil’, BP figures reveal
Analysis: World has already passed ‘peak oil’, BP figures reveal The world has already passed “peak oil” demand, according to Carbon Brief analysis of the latest energy outlook from oil major BP. The 2020 edition of the annual outlook reveals – albeit indirectly – that global oil demand will not regain the levels seen last year. It adds that demand could […]
The Debt Crisis Is Mounting For Oil Economies
The Debt Crisis Is Mounting For Oil Economies Dubai. Abu Dhabi. Bahrain. And, of course, Saudi Arabia. The two emirates this year issued debt for the first time in years. So did Bahrain. Saudi Arabia stepped up its debt issuance. The moves are typical for the oil-dependent Gulf economies. When the going is good, the […]
The End of Oil is Near, or Maybe Not
The End of Oil is Near, or Maybe Not 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 […]
Today’s Energy Predicament – A Look at Some Charts
Today’s Energy Predicament – A Look at Some Charts Today’s energy predicament is a strange situation that most modelers have never really considered. Let me explain some of the issues I see, using some charts. [1] It is probably not possible to reduce current energy consumption by 80% or more without dramatically reducing population. A glance […]
North Dakota blues: The legacy of fracking
North Dakota blues: The legacy of fracking When oil drillers descended on North Dakota en masse a decade ago, state officials and residents generally welcomed them with open arms. A new form of hydraulic fracturing, or “fracking” for short, would allow an estimated 3 to 4 billion barrels of so-called shale oil to be extracted […]
CHART OF THE WEEK: The Surprising Drop In U.S. Crude Oil Production
CHART OF THE WEEK: The Surprising Drop In U.S. Crude Oil Production U.S. crude oil production experienced a surprising drop last week, even though domestic demand for oil and petroleum products increased. This came as a surprise to some energy analysts. Furthermore, the IEA, International Energy Agency came out with a forecast for global oil demand […]
