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News from April 2019

IEA: Saudi Oil Production Falls To Two-Year Low

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Saudi Arabia’s crude oil production slumped to the lowest in two years as the Kingdom doubled down on efforts to boost prices, the International Energy Agency said in the new edition of its Oil Market Report. The country’s rate of compliance with the OPEC+ production cut agreement reached 153 percent, the IEA said, adding that […]

Norway refuses to drill for billions of barrels of oil in Arctic, leaving ‘whole industry surprised and disappointed’

The largest party in Norway’s parliament has delivered a significant blow to the country’s huge oil industry after withdrawing support for explorative drilling off the Lofoten islands in the Arctic, which are considered a natural wonder. The move, by the opposition Labour party, creates a large parliamentary majority against oil exploration in the sensitive offshore area, illustrating growing opposition to the […]

Trump Signs Executive Orders to Boost Oil, Gas Industry

The orders make it harder for states to block pipelines and other energy projects. President Donald Trump arrived in Texas on Wednesday to host election fundraisers in two counties that were pro-Democrat Hillary Clinton in 2016. In between the events, he made an appearance at the International Union of Operating Engineers International Training and Education […]

Peak Ghawar: A Peak Oiler’s Nightmare

Alternate title: No… “The biggest Saudi oil field is [NOT] fading faster than anyone guessed”… Part Trois: Why Peak Oil Is Irrelevant and the Perpetually Refilling Abiotic Oil Field Is Abject Nonsense Guest reservoir geology by David Middleton Saudi Aramco’s recent bond prospectus has generated a lot of media buzz, particularly regarding the production from […]

OPEC March Data and Saudi Report

The below OPEC charts were taken from data in the OPEC Monthly Oil Market Report. All data is through March 2019 and is in thousand barrels per day. There was another big decline in OPEC production in March, down 534,000 barrels per day. The decline was mostly Saudi Arabia, Venezuela, and Iraq. Iran, Libya and […]

The Geopolitics Of Oil In The Trump Era

The United States have become the leading world producer of hydrocarbons. As from now, they are using their dominant position exclusively to maximise their profits, and do not hesitate to eliminate their major rivals in oil production, plunging their citizens into misery. Although in the past, access to Middle East oil was a vital necessity […]

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 […]

The real catastrophe is move to eliminate fossil-fuel energy

We are witnessing the biggest scam in human history. The hysteria over catastrophic man-made climate change is projected to cost up to $200 trillion over the next 100 years. The most optimistic predictions say that after spending all that money we will slow the effects of man-made global warming by about four years. While most […]

Trump May Limit State Power Over Pipelines

Developers have been trying for six years to build a 124-mile natural gas pipeline from Pennsylvania to New York. Despite winning a federal approval in 2014, the project is still no closer to reality. Enter President Donald Trump, who on Wednesday is poised to issue an executive order to promote projects like the long-stalled Constitution […]

Aramco’s True Breakeven Price

Saudi Aramco, the national oil company of Saudi Arabia, is by far the largest oil company in the world. The company produces around 13 percent of the world’s oil, but its business operations have been notoriously opaque for decades. It has often been stated that the company has plenty of low-cost legacy wells that drop […]

To Peak or Not to Peak? That is the question.

A lot has been written about Peak Oil recently – perhaps more in comments than in WUWT articles themselves – and the “Not to Peak”-ers seem to be in the ascendancy. In other words, the opinions that “Peak Oil” is a fantasy and/or oil production will keep increasing for a century or more seem to […]

Jay Hanson Dies in Diving Accident

Last week Nate Hagens informed me of some sad news and offered a brief reflection: Friends, I was informed by Jay Hanson’s wife today that he died unexpectedly on a diving trip in Indonesia. Many of us were greatly influenced by Jay’s thinking and writing over the years and the many listservs and websites he […]

Norway Is Falling Out of Love with Oil

Western Europe’s biggest petroleum producer is falling out of love with oil. To the dismay of the nation’s powerful oil industry and its worker unions, the opposition Labor Party over the weekend decided to withdraw its support for oil exploration offshore the sensitive Lofoten islands in Norway’s Arctic, creating a solid majority in parliament to […]

The Insect Apocalypse Is Coming: Here Are Five Lessons We Must Learn

Scientists estimate that populations of ladybugs in the United States and Canada have declined by 14 percent between 1987 and 2006. Insects are undergoing a massive decline and that spells trouble for humanity.Pixabay In a new report, scientists warn of a precipitous drop in the world’s insect population. We need to pay close attention, as […]

The Ultimate Pivot: Saudi Betrayal Of The Petrodollar

Saudi Arabia has gone nuclear, threatening the petrodollar. Or has it? The report from Zerohedge via Reuters that Saudi Arabia is angry with the U.S. for considering a bill exposing OPEC to U.S. antitrust law is a trial balloon. The chances of the U.S. bill known as NOPEC coming into force are slim and Saudi Arabia would […]

The Skeleton In The Electric Car Closet

The number of electric vehicles is increasing rapidly, but at great human cost. You probably have not heard anything other than praise for electric cars in the mainstream media. They are sexy and environmentally friendly too, we are told. The first may be true, but not the latter. Batteries are not good for the environment, and their […]

We Can’t Stop Drilling for Oil, BP Says

You’ve seen the news headlines about global warming and how carbon-based fuels like oil are a huge piece of the problem. That’s not hyperbole. That’s scientific fact. If environmentalists had their way, we would stop using older energy sources today and rely entirely on renewables like solar and wind power. That’s a great dream, but […]

Endgame 2019: Democracy Of Genocide

In the documentary, Jones lays out the proof that a nefarious global combine of super-elites have plotted the downfall and culling of humanity for decades. In particular, the elites devised a scheme centered around carbon taxation engineered to dominate the conscientious minds of the average human whereby humanity is convinced to give up its freedom […]

Why Oil Prices Rallied 30% This Year

Oil prices gained around 30 percent in the first quarter this year, with both WTI and Brent posting their best quarterly performance in a decade—since the second quarter of 2009. At the start of the second quarter of 2019, WTI Crude had already topped $60 last week and has been trading above that level in […]

Remember Peak Oil? It’s back!

© Back in 1950, everyone thought the oil would last forever. / Hulton Archive/Getty images It seems that the biggest Saudi field is losing its punch. Years ago we used to talk a lot about peak oil, the prediction made by M. King Hubbert that the easy oil was going to run out, that it […]

Michael Lynch: Declining Production At Saudi Arabia’s Largest Oil Field Is Not Cause For Concern

Saudi Aramco has now released its IPO Base Prospectus and the reaction has been varied and often confused. The headline was its $111 billion in profit, which many appropriately pointed out is not so much profit but rent. (See explanation below.) Second, the cost per barrel, put at $x, surprised many as seeming rather low. […]

What Saudi Aramco’s Bond Prospectus Reveals About Its Oil Reserves

On Sunday night, the Saudi Arabian national oil company, Saudi Aramco, released its bond prospectus ahead of roadshows in New York and London. The company recently agreed to purchase Saudi petrochemicals company SABIC for $69 billion and is selling $30 billion in bonds for the down payment on this purchase. The bond prospectus reveals new […]

Venezuela Oil Output Is Said to Drop by Half

Power failures that plunged Venezuela into darkness for much of March also briefly slashed the country’s crude production by half, according to people familiar with the situation. Rolling blackouts across much of the country that started on March 7 paralyzed most of the country’s oil wells and rigs, which have slowly come back online. Oil […]

Aramco’s Ghawar field had 58 bln barrels of oil equivalent

Saudi Aramco’s Ghawar field, the largest oilfield in the world, had 58 billion barrels of oil equivalent in combined reserves at the end of 2018, and 48.3 billion in liquid reserves, the company said in its bond prospectus on Monday. Aramco, the world’s largest oil producing company, said it expected international crude oil prices to […]

The World Economy Is A Pyramid Scheme

The world economy is based on ever-increasing population, said Nobel laureate Steven Chu, a scheme that economists don’t talk about and that governments won’t face, a scheme that makes sustainability impossible and that is likely to eventually fail. “The world needs a new model of how to generate a rising standard of living that’s not dependent […]

Saudi Arabia threatens to ditch dollar oil trades to stop ‘NOPEC’

Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said. FILE PHOTO: An oil tanker is being loaded at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia […]

California’s Oil Industry Collapses Despite Shale Boom

Not that long ago, California was the second most vital U.S. oil producing state. Since peaking in 1985, however, output has plunged almost 60 percent to 460,000 barrels per day (bpd). This collapse is made even more discouraging by the fact that total U.S. crude oil production has been soaring to record heights, up 140 […]

Adrift In An Airship

The collective confusions we’ve been exploring since I returned from January’s break form a tangled web, and no one loose end leads straight to the heart of it. It so happens that in recent months I’ve had the chance to explore it from yet another angle, by way of the research I’ve been doing for […]

The Future of Growth

By Dr. Milton Saier and Art Elphick, guest writers. [Photo by Flickr user Images Money via Creative Commons license] Recent articles call for higher birthrates to spur economic growth. But upon observing the human impact on our resources and environment, many scientists consider even current economic and population growth rates unsustainable. Our world has just […]

Saudi Arabia’s biggest oil field is fading faster than anyone guessed

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 An oil field in Saudi Arabia. The Saudis say some of its reserves — about a fifth of the total — have been drilled so systematically […]

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