{"id":12717,"date":"2015-09-28T06:25:59","date_gmt":"2015-09-28T11:25:59","guid":{"rendered":"http:\/\/olduvai.ca\/?p=12717"},"modified":"2015-09-28T06:25:59","modified_gmt":"2015-09-28T11:25:59","slug":"will-declines-in-u-s-and-canadian-oil-production-lead-to-a-global-decline","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=12717","title":{"rendered":"Will declines in U.S. and Canadian oil production lead to a global decline?"},"content":{"rendered":"

Will declines in U.S. and Canadian oil production lead to a global decline?<\/a><\/h3>\n
\u00a0At the beginning of this year I noted that\u00a0all of the growth in world oil production<\/a>* since 2005 has come from two countries: the United States and Canada. And, I suggested that since the growth in production in those two countries came from high-cost deposits–tight oil<\/a>\u00a0in the United States and\u00a0tar sands<\/a>\u00a0in Canada–that the precipitous drop in oil prices would lead to declines in production in both countries.<\/div>\n
\n

I concluded that unless another area of the world suddenly started growing its oil production significantly that those declines would probably result in a worldwide decline in oil production.<\/p>\n

Well, declines in the both the United States and Canada have arrived. It will be several months before we can know with any certainty whether those declines will translate into a persistent global decline. But this much we do know:<\/p>\n

The\u00a0International Energy Agency<\/a>, a consortium of 29 countries tasked with tracking worldwide energy trends, said\u00a0in its latest report<\/a>\u00a0that global oil production fell 600,000 barrels per day in July–and here’s the important part–“mainly on lower non-OPEC output.” That’s a reference to falling U.S. and Canadian production. One month does not make a trend. But the report notes that non-OPEC supply is expected to contract in 2016.<\/p>\n

The report said that further declines in U.S. production are expected.\u00a0Weekly estimates from the U.S. Energy Information Administration (EIA)<\/a>, the statistical arm of the U.S. Department of Energy, bear this out. The EIA put U.S. production at 9.1 million barrels per day (mbpd) for the week ending September 18; that’s down from 9.6 mbpd in early June.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n

 <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Will declines in U.S. and Canadian oil production lead to a global decline? \u00a0At the beginning of this year I noted that\u00a0all of the growth in world oil production* since 2005 has come from two countries: the United States and Canada. And, I suggested that since the growth in production in those two countries came […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[103,416,433,4752,1775,595,4523,600,617,4967,723,827],"class_list":["post-12717","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-canada","tag-iea","tag-international-energy-agency","tag-kurt-cobb","tag-oil-price-collapse","tag-oil-production","tag-oil-sands","tag-opec","tag-peak-oil","tag-resource-insights","tag-shale-oil","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12717"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12717\/revisions"}],"predecessor-version":[{"id":12718,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12717\/revisions\/12718"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}