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Tag Archives: oil production
USA Oil Production
USA Oil Production The Real Reason Why US Oil Production Has Peaked Raymond James recently estimated that over the last three years the U.S. decline rate for oil has doubled from 1.6 to 3.2 million barrels per day. The drilled but uncompleted well inventory (“DUC”) is back to normal, so the number of wells being […]
2005-2018 Conventional crude production on a bumpy plateau – with a little help from Iraq
2005-2018 Conventional crude production on a bumpy plateau – with a little help from Iraq This post is an update of a graph done in 2015: When adding the new data for 2015-2018 it was discovered that the 1980-2014 data had been changed – mainly increased by up to 1.24 mb/d in 2014 as shown […]
Debunking ‘Lower Oil Supply Will Raise Prices’
Debunking ‘Lower Oil Supply Will Raise Prices’ We often hear the statement, “When oil supply is lower, oil prices will rise because of scarcity.” Now, we are getting to see firsthand whether oil prices really do rise, as oil supplies become more scarce. Figure 1 shows that world oil supply hit a peak in November 2018 […]
THE UNITED STATES A NET OIL EXPORTER?? The Dirty Little Secret
THE UNITED STATES A NET OIL EXPORTER?? The Dirty Little Secret The United States became a net oil exporter for the first time in 75 years, or so they say. While the U.S. may indeed be exporting more petroleum than it imports from time to time, there’s a dirty little secret behind the data. And […]
TROUBLE AT THE BAKKEN: Oil Production Finally Peaking?
TROUBLE AT THE BAKKEN: Oil Production Finally Peaking? Is the mighty Bakken Shale Oil Field finally peaking? Well, according to the data from the folks at the North Dakota Department of Mineral Resources, oil production in the Bakken has been flat for the past six months. And, to make matters worse, production has been flat […]
Alkylation Unit At Largest East Coast Refinery “Completely Destroyed” After Inferno, Restart Unclear
Alkylation Unit At Largest East Coast Refinery “Completely Destroyed” After Inferno, Restart Unclear Following the explosion and subsequent inferno at Philadelphia Energy Solutions’ oil refinery last week, its alkylation unit has been “completely destroyed”. After fire tore through the east coast’s largest refinery, workers are now getting a chance to finally assess some damage that will hamper […]
THE END OF THE OIL GIANTS: And What It Means
THE END OF THE OIL GIANTS: And What It Means Recently, Saudi Aramco, the world largest oil exporter, has acknowledged that Ghawar, the world largest oil field, is in decline. The news went mostly unnoticed except in the specialised media. OK, so the Saudi have a bit of bother, so what? In fact, this piece […]
Australian Fuel Security Review ignores peak oil in China 2015 (part 3)
Australian Fuel Security Review ignores peak oil in China 2015 (part 3) Australia increased its internal oil dependency & vulnerability Let’s summarize what we covered in part 1 and 2 Australian oil production peaked in the year 2000 while oil consumption is going up relentlessly 3 Australian refineries closed, resulting in fuel imports dramatically increasing, […]
Australian Fuel Security Review ignores peak oil in China 2015 (part 1)
Australian Fuel Security Review ignores peak oil in China 2015 (part 1) Just a week before a Federal election was called the Australian Minister for Energy, Markus Taylor, released an interim report on fuel security on 4th April 2019 for public consultation (hereinafter called “Review”). The announcement of the report release was done without great fanfare, […]
Smart Money Is Piling Into Oil
Smart Money Is Piling Into Oil Oil prices jumped to five-month highs this week, pushed higher by a bullish cocktail of supply outages, geopolitical unrest and a sputtering shale sector. The most recent factor is the sudden eruption of the long simmering feud in Libya between rival factions. The attack on Tripoli by the Libyan […]
Platts Survey: OPEC Oil Production Down To More Than 4-Year Low
Platts Survey: OPEC Oil Production Down To More Than 4-Year Low Over-delivering Saudi Arabia and blackouts in Venezuela helped push OPEC’s crude oil production down by 570,000 bpd from February to 30.23 million bpd in March—the lowest production from the cartel in more than four years, according to the monthly S&P Global Platts survey published on Friday. […]
Reuters: OPEC’s Oil Production Drops To Lowest Since 2015
Reuters: OPEC’s Oil Production Drops To Lowest Since 2015 OPEC’s oil production in March 2019 fell to its lowest level since February 2015, as Saudi Arabia cut more than it had pledged under the output cut deal and Venezuela continued to struggle amid U.S. sanctions and a major blackout, the monthly Reuters survey showed on Monday. The […]
NEXT OIL DOMINO TO FALL? Mexico Becomes A Net Oil Importer
NEXT OIL DOMINO TO FALL? Mexico Becomes A Net Oil Importer While Mexico suffered the bloodiest year of violent deaths in 2018, even bigger trouble may be ahead for the embattled country. For the first time in more than 50 years, Mexico has become a net importer of oil. This is undoubtedly bad news for […]
