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Monday, 17 June 2019
"Surging U.S. supply as well as gains from Brazil, Canada and Norway would contribute to an increase in non-OPEC supply of 1.9 million bpd this year and 2.3 million bpd in 2020"
LONDON (Reuters) - The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency (IEA) said on Friday, although stimulus packages and developing countries should boost growth going into 2020.
The Paris-based IEA, which coordinates the energy policies of industrial nations, revised down its 2019 demand growth estimate by 100,000 barrels to 1.2 million barrels per day (bpd), but said it would climb to 1.4 million bpd for 2020.
“The main focus is on oil demand as economic sentiment weakens ... The consequences for oil demand are becoming apparent,” the IEA said in its monthly oil report.
“The worsening trade outlook (is) a common theme across all regions”, it added.
The oil demand growth forecast assumes the maintenance of U.S. and Chinese tariffs imposed on goods in 2018, but the IEA said it had not factored in further U.S. tariffs announced in May.
TRADE WAR ESCALATES!
Monday, 10 June 2019
Monday, 27 May 2019
"the nation is experiencing hyperinflation projected to reach a mind-boggling 10 million percent this year, is grappling with food and medical shortages and has lost about 10 percent of its population to migration in the past few years.'
Venezuela plunges into darkness amid widespread outage
Monday, 20 May 2019
Wednesday, 15 May 2019
"Saudi Arabia dropped another 45,000 barrels per day in April"
OPEC April Production Data
The data below was taken from the OPEC Monthly Oil Market Report. All data is through April 2019 and is in thousand barrels per day. The data is crude only, that is it does not include condensate.
Total OPEC production hardly moved in April, down a mere 3,000 barrels per day.
THE FUTURE OF OIL
Monday, 13 May 2019
Tuesday, 7 May 2019
Monday, 6 May 2019
"We can’t know exactly what is ahead, but it is clear that moving away from fossil fuels will be far more destructive of our current economy than nearly everyone expects"
The true feasibility of moving away from fossil fuels
One of the great misconceptions of our time is the belief that we can move away from fossil fuels if we make suitable choices on fuels. In one view, we can make the transition to a low-energy economy powered by wind, water, and solar. In other versions, we might include some other energy sources, such as biofuels or nuclear, but the story is not very different.
The problem is the same regardless of what lower bound a person chooses: our economy is way too dependent on consuming an amount of energy that grows with each added human participant in the economy. This added energy is necessary because each person needs food, transportation, housing, and clothing, all of which are dependent upon energy consumption. The economy operates under the laws of physics, and history shows disturbing outcomes if energy consumption per capita declines.
There are a number of issues:
- The impact of alternative energy sources is smaller than commonly believed.
- When countries have reduced their energy consumption per capita by significant amounts, the results have been very unsatisfactory.
- Energy consumption plays a bigger role in our lives than most of us imagine.
- It seems likely that fossil fuels will leave us before we can leave them.
- The timing of when fossil fuels will leave us seems to depend on when central banks lose their ability to stimulate the economy through lower interest rates.
- If fossil fuels leave us, the result could be the collapse of financial systems and governments.
- Read More
NOT AN EASY TRANSITION
Sunday, 28 April 2019
"about a fifth of the total -- had been drilled so systematically over nearly a century that more than 40 percent of their oil has been already extracted, a considerable figure for an industry that usually struggles to recover more than half the barrels in place underground."
The biggest Saudi oil field is fading faster than anyone guessed
It was a state secret and the source of a kingdom’s riches. It was so important that U.S. military planners once debated how to seize it by force. For oil traders, it was a source of endless speculation.
Now the market finally knows: Ghawar in Saudi Arabia, the world’s largest conventional oil field, can produce a lot less than almost anyone believed.
When Saudi Aramco on Monday published its first ever profit figures since its nationalization nearly 40 years ago, it also lifted the veil of secrecy around its mega oil fields. The company’s bond prospectus revealed that Ghawar is able to pump a maximum of 3.8 million barrels a day -- well below the more than 5 million that had become conventional wisdom in the market.
"As Saudi’s largest field, a surprisingly low production capacity figure from Ghawar is the stand-out of the report," said Virendra Chauhan, head of upstream at consultant Energy Aspects Ltd. in Singapore.
WHAT IS SAUDI ARAMCO?
Sunday, 21 April 2019
World Energy Consumption Since 1820 in Charts
Figure 1 (above) shows the huge increase in world energy consumption that has taken place in roughly the last 200 years. This rise in energy consumption is primarily from increased fossil fuel use. Below is the population increase.
With energy consumption rising as rapidly as shown in Figure 1, it is hard to see what is happening when viewed at the level of the individual. To get a different view, Figure 3 shows average consumption per person, using world population estimates by Angus Maddison.
On a per capita basis, there is a huge spurt of growth between World War II and 1970. There is also a small spurt about the time of World War I, and a new spurt in growth recently, as a result of growing coal usage in Asia.
POPULATION GROWTH IS UNSUSTAINABLE
- ▼ June (2)
- ► May (6)
- ► 2016 (260)
- ► 2015 (19)