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Oil Down As Glut Fears Return
Oil Down As Glut Fears Return Oil prices fell on Friday as the IEA downgraded its projections for oil demand, dashing hopes that oil markets would rebalance this year. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) …click on the above link to read the rest of the […]
A 4.5-Million-Barrel Per Day Oil Shortage Looms: Wood Mackenzie
A 4.5-Million-Barrel Per Day Oil Shortage Looms: Wood Mackenzie A report by Wood Mackenzie has warned the world may face a daily oil shortage of 4.5 million barrels by 2035. The amount represents around half of the global consumption estimate of the International Energy Agency (IEA) for 2016. In other words, a true crisis is looming—and for the moment, […]
US shale oil peak in 2015
US shale oil peak in 2015 The recent EIA drilling productivity reports show a peaking of shale oil production in the main production regions. https://www.eia.gov/petroleum/drilling/ Fig 1: Bakken production change from old/new wells The 1st panel shows that the number of drilling rigs has dropped sharply but the initial well production per rig has increased from […]
Again and again: supposed evidence for decoupling emissions from growth is not what it seems
Again and again: supposed evidence for decoupling emissions from growth is not what it seems It can be difficult to form a view of what’s really going on in our atmosphere, given the amount of information and of contradictory claims. This piece concerns recent reports on global greenhouse gas (GHG) emissions and levels. On 16th March, […]
Shock Report: Oil Oversupply Exaggerated: Millions of Barrels Go Missing: “Oil Market Could Tighten Substantially”
Shock Report: Oil Oversupply Exaggerated: Millions of Barrels Go Missing: “Oil Market Could Tighten Substantially” You may remember that just two months ago the International Energy Agency warnedthe oil market could “drown in oversupply” in 2016. The outlook for oil, which had tumbled 75% since 2012 and hit a low of $28 per barrel by mid January, was […]
Energy Wars of Attrition: The Irony of Oil Abundance
Energy Wars of Attrition: The Irony of Oil Abundance Three and a half years ago, the International Energy Agency (IEA) triggered headlines around the world by predicting that the United States would overtake Saudi Arabia to become the world’s leading oil producer by 2020 and, together with Canada, would become a net exporter of oil around 2030. Overnight, […]
In Spite Of Oil Price Slump, Canadian Oil Output To Increase
In Spite Of Oil Price Slump, Canadian Oil Output To Increase It was yet another depressing headline congruent with the rest of the bad news bombarding the battered Canadian oilpatch for 15 months. On February 22 Postmedia (National Post, Calgary Herald, Edmonton Journal) carried the headline, “Canadian oil production growth could come to ‘complete standstill,’ IEA […]
Shale Set To Decline Substantially This Year
Shale Set To Decline Substantially This Year U.S. shale has weathered the oil crash better than many expected, but the stubborn persistence of low prices through 2016 could amount to the “straw breaking the camel’s back” for shale production. The International Energy Agency released its Medium Term Oil Market Report on February 22 at the IHS CERA […]
OPEC Will Not Blink First
OPEC Will Not Blink First An OPEC production cut is unlikely until U.S. production declines by about another million barrels per day (mmbpd). OPEC won’t cut because it would accomplish nothing beyond a short-term increase in price. Carefully placed comments by OPEC and Russian oil ministers about the possibility of production cuts achieve almost the […]
Oil Markets Are Balancing Faster Than IEA Would Have Us Believe
Oil Markets Are Balancing Faster Than IEA Would Have Us Believe Fundamentals point toward market balance but pessimism is dragging oil prices down. IEA has apparently succumbed to this negativity but their data suggests that things are getting better, not worse. In a business-as-usual world in which nothing unusual happens, the world will be close […]
No glut in Australian petroleum inventories
No glut in Australian petroleum inventories The Australian Capital’s daily newspaper Canberra Times started the New Year by reprinting an article of the Daily Telegraph referring to an abundance of oil – without checking whether this also applies to Australia, especially after a year of political football games between a Senate committee and energy bureaucrats on one […]
IEA: China might have passed ‘peak coal’ in 2013
IEA: China might have passed ‘peak coal’ in 2013 China possibly saw its coal consumption peak in 2013, according to the International Energy Agency (IEA). The seismic shifts underway in China have global implications for both coal use and emissions. Global coal use fell by 0.9% in 2014, the first fall this century, says the IEA’s […]
IEA: US$ 40 oil means 3 mp/d less oil by 2020
IEA: US$ 40 oil means 3 mp/d less oil by 2020 You want $40 oil? Yes, please. But according to the World Energy Outlook 2015 of the International Energy Agency, recently released in London, that would mean 3 mb/d less US tight (shale) oil by 2020. That’s about 4% of global crude production. Fly less […]
IEA Sees No Oil Price Rebound For Years
IEA Sees No Oil Price Rebound For Years Oil prices are likely to stay below $80 per barrel for another five years, according to a closely watched energy report. The International Energy Agency released its 2015 World Energy Outlook (WEO), with predictions for energy markets out to 2040. Although there are no shortage of caveats, the IEA […]
