{"id":17785,"date":"2016-02-14T17:47:07","date_gmt":"2016-02-14T22:47:07","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17785"},"modified":"2016-02-14T17:47:07","modified_gmt":"2016-02-14T22:47:07","slug":"world-outside-us-and-canada-doesnt-produce-more-crude-oil-than-in-2005","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17785","title":{"rendered":"World outside US and Canada doesn\u2019t produce more crude oil than in 2005"},"content":{"rendered":"

World outside US and Canada doesn\u2019t produce more crude oil than in 2005<\/a><\/h3>\n
\n

After a delay of several months the US Energy Information Administration has published the latest\u00a0international energy statistics<\/a>\u00a0for October 2015<\/p>\n

This is an opportunity to update crude oil graphs
\nhttp:\/\/crudeoilpeak.info\/latest-graphs<\/a><\/p>\n

\"\"<\/a><\/p>\n

Fig 1: World\u2019s incremental crude oil production<\/p>\n

How Fig 1 is created: for each country, the minimum production in the period Jan 2001 (original IPS start month) to October 2015 is taken (=base production) and deducted from the country\u2019s total production, giving the incremental production which is then stacked in a way that allows to interpret which changes occurred. The stacking order is:<\/p>\n

(a)\u00a0\u00a0\u00a0 Base production
\n(b)\u00a0\u00a0 Countries with growing production
\n(c)\u00a0\u00a0\u00a0 Countries with flat, peaking or declining production
\n(d)\u00a0\u00a0 OPEC and Middle East countries
\n(e)\u00a0\u00a0\u00a0 Canada (mainly tar sands)
\n(f)\u00a0\u00a0\u00a0 United States (mainly shale oil)<\/p>\n

The numbers denote following events:<\/p>\n

(1)\u00a0\u00a0 Venezuela strike
\n(2)\u00a0\u00a0 Iraq peak oil war
\n(3)\u00a0\u00a0 Saudi production declines
\n(4)\u00a0\u00a0 High demand for China Olympic Games
\n(5)\u00a0\u00a0 Iran sanctions introduced
\n(6)\u00a0\u00a0 Iraq reaches pre-war production level
\n(7)\u00a0\u00a0 US shale oil boom takes off<\/p>\n

The red horizontal line is the maximum crude oil production level in May 2005 (the\u00a0Katrina year<\/a>). We can see that almost all additional oil produced now above that level is US shale oil. In other words: without US shale oil (which required cheap money from quantitative easing), the world would be in a deep oil crisis.<\/p>\n

The grey line shows the September 2005 production level outside the US and Canada. The graph shows that the October 2015 production level is only slightly higher than in 2005, possibly within the accuracy of statistics.<\/p>\n

We can therefore confidently say that growth of the world economy managed to make itself completely dependent on unconventional oil from the US and Canada.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

World outside US and Canada doesn\u2019t produce more crude oil than in 2005 After a delay of several months the US Energy Information Administration has published the latest\u00a0international energy statistics\u00a0for October 2015 This is an opportunity to update crude oil graphs http:\/\/crudeoilpeak.info\/latest-graphs Fig 1: World\u2019s incremental crude oil production How Fig 1 is created: for […]<\/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":[103,12386,6292,251,267,6660,281,6063,595,600,827],"class_list":["post-17785","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-canada","tag-crude-oil-analysis","tag-crude-oil-peak","tag-eia","tag-energy-information-administration","tag-energy-statistics","tag-europe","tag-global","tag-oil-production","tag-opec","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17785","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=17785"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17785\/revisions"}],"predecessor-version":[{"id":17786,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17785\/revisions\/17786"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}