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Shell says its oil production has peaked and will fall every year
Shell says its oil production has peaked and will fall every year Royal Dutch Shell (RDSA) said its oil production and carbon emissions have peaked as it detailed plans to gradually wean itself off fossil fuels. Climate activists said it hadn’t gone far enough. The Anglo-Dutch company said in a statement on Thursday that it expects its oil production to decline by […]
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 […]
The Most Outrageous 2020 Oil Predictions
The Most Outrageous 2020 Oil Predictions As we approach the close of 2020, we’re reminded of one statistical certainty when it comes to oil price predictions. If you set anything other than a range, you will be proven wrong. And even for the forecasters and predictors that do set a range, the likelihood that the […]
The Collapse Of U.S. Shale Oil Production Has Now Begun
The Collapse Of U.S. Shale Oil Production Has Now Begun It’s Official. The collapse of U.S. shale oil production has begun. The mighty Shale Oil BOOM has now finally turned into a BUST. While the pandemic shutdowns sped up the process, the collapse of the U.S. shale industry was going to occur, regardless. According to the […]
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 […]
GREEN ENERGY DOUBLE-TALK BEGINS: First Major Oil Producer Announces Deadline to End Oil Extraction, But There’s A Catch
GREEN ENERGY DOUBLE-TALK BEGINS: First Major Oil Producer Announces Deadline to End Oil Extraction, But There’s A Catch According to the Washington Post article published yesterday, Denmark was the first major oil-producing country to announce a deadline to end oil extraction. While this may sound like a “Victory” for the Green Energy Movement, there’s a […]
Africa Is The Undeniable Final Frontier For Oil
Africa Is The Undeniable Final Frontier For Oil The pandemic has been devastating for the oil industry globally. Explorers suspended drilling, producers, idled wells, Big Oil majors put up assets for sale. But the world continues to need oil, albeit lower amounts of it than a year ago, and it will continue to need it. […]
How much oil left in America? Not much
How much oil left in America? Not much Preface. If you think we have no worries because we can get arctic oil, think again. We can’t because icebergs mow drilling platforms down in the ocean. On land, massive amounts of expensive new drilling rigs, roads, rail lines, platforms, buildings and other infrastructure need to be built, […]
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 […]
“It’s Happening Again” – Traders Store Oil At Sea As Recovery Falters
“It’s Happening Again” – Traders Store Oil At Sea As Recovery Falters Crude prices slid Thursday as the stalled global economic recovery from the virus pandemic triggers a “second wave” of demand fears and sparks renewed interest in floating storage as the oil market flips bearish. Reuters said a “fresh build-up of global oil supplies, pushing traders including Trafigura […]
Private Equity Is Bargain Hunting In Canada’s Oil Patch
Private Equity Is Bargain Hunting In Canada’s Oil Patch After two months of an encouraging—if not half-hearted–rebound, oil prices have gone into reverse gear once again. Futures tied to WTI crude were down a whopping 8% on Monday morning to trade at $36.35/barrel, a level they last touched two months ago as the markets come […]
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 […]
Saudi Arabia Refuses To Learn From Its Two Failed Oil Price Wars
Saudi Arabia Refuses To Learn From Its Two Failed Oil Price Wars Having failed to achieve the slightest semblance of success in the two oil price wars that it started – the first running from 2014 to 2016, and the second running from the beginning of March to effectively the end of April this year […]
