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. Figure from the OPEC Monthly Oil Market Report for August 2019 showing world and OPEC oil production by […]

Kunstler: A View from the Brink

Welcome to the world where things don’t add up. For instance, some people did some things to the Saudi Arabian oil refinery at Abqaiq over the weekend. Like, sent over a salvo of cruise missiles and armed drone aircraft to blow it up. They did a pretty good job of disabling the works. It is […]

Iraq denies its territory was used to launch attack on Saudi oil facilities

Iraq denied on Sunday that its territory had been used to carry out attacks on oil facilities in Saudi Arabia, referring to an incident that knocked out more that half the Kingdom’s output. A Baghdad government statement denied “media reports that (Iraqi) territory was used to attack Saudi oil installations using drones,” vowing to punish […]

Attacks in Saudi Arabia Are a Test of How Much the World Still Needs Its Oil

How dependent is the world on Saudi Arabian oil? That’s one of the many questions global oil markets are asking on Monday, after Saturday’s attacks on the Abqaiq oil refinery and the Khurais oilfield, the heart of the Kingdom’s crude production. The attacks highlight not just the rising tensions in the region, but serve as […]

Peak Oil Uncertainty: Crude’s Record-Setting Jump Roils Global Markets—and the Worst May Be Yet to Come

Crude oil prices soared and markets fell on Monday, and now there’s talk of what seemed impossible just last week—oil prices topping $75 a barrel. Nobody knows for sure how bad the prospect of suddenly expensive crude could get for a global economy that was already sputtering. That’s the upshot from this weekend’s drone attack […]

Oil Prices Jump Most on Record After Saudi Arabia Strike

Oil posted its biggest ever intraday jump, briefly surging above $71 a barrel after a strike on a Saudi Arabian oil facility removed about 5% of global supplies and raised the specter of more destabilization in the region. In an extraordinary start to trading on Monday, London’s Brent futures leaped almost $12 in the seconds […]

Saudis Race to Restore Oil Output After Aramco Attacks

Saudi Arabia is racing to restore oil production after a brazen drone strike on a key Aramco facility slashed its output by half, or about 5% of world supply, an assault that the U.S. has blamed on Iran. State energy producer Saudi Aramco lost about 5.7 million barrels per day of output after 10 unmanned […]

Saudi Shuts Down Half Its Oil Output After Drone Strikes

Saturday’s attack on a critical Saudi oil facility will almost certainly rock the world energy market in the short term, but it also carries disturbing long-term implications. Ever since the dual 1970s oil crises, energy security officials have fretted about a deliberate strike on one of the critical choke points of energy production and transport. […]

This Is Not the Sixth Extinction. It’s the First Extermination Event.

From the “insect apocalypse” to the “biological annihilation” of 60 percent of all wild animals in the past 50 years, life is careening across every planetary boundary that might stop it from experiencing a “Great Dying” once more. But the atrocity unfolding in the Amazon, and across the Earth, has no geological analogue — to […]

Caitlin Johnstone: American Privilege

American liberals and progressives talk a bit about white privilege, male privilege, straight privilege etc, but one thing I never hear them talk about is American privilege: the ability their nationality gives them to have a relationship with this world that the rest of us do not have. American privilege is reassuring yourself that there […]

Cheap Renewables Could Make 90% of Proposed Gas Power Plants — and Many Pipelines — Obsolete by 2035

There’s one big reason that analysts say America’s electrical power should soon run on clean energy sources like wind and solar rather than fossil fuels like coal and natural gas: your power bill. A lot has changed when it comes to power generation in the past 16 years. In 2003, if you flipped on a light […]

Houthis claim drone attack on Saudi oil plant

A military spokesman for Yemen’s Houthi rebels has claimed a drone attack on two major oil installations in Saudi Arabia. Yahia Sarie made the announcement Saturday in a televised address carried by the Houthi’s Al-Masirah satellite news channel. He said the Houthis sent 10 drones to attack an oil processing facility in Buqyaq and the […]

Yergin: Expect Extreme Volatility In Oil Markets

Rising pipeline takeaway capacity in the Permian and global oil demand growth at its weakest in a decade are set to lead to more volatility in oil prices in the near term, a prominent energy expert said, joining a growing number of analysts who see prices further depressed by slowing economies and crude demand. “The […]

Gas to Become Primary Energy Source in 2026

DNV GL sees global gas demand overtaking demand for oil in 2026 to become the world’s primary energy source. That’s according to the company’s latest Energy Transition Outlook report, which predicts that global oil demand will peak in the mid-2020s and gas demand will keep rising to 2033. Gas demand is then anticipated to plateau […]

How can we feed the world without overwhelming the planet?

Sustainable Development Goal (SDG) 2 calls for ending hunger, achieving food security and improved nutrition, and promoting sustainable agriculture. The environmental challenges posed by agriculture are however massive, and many fear that they will only become more pressing as we try to meet the growing need for food worldwide. IIASA researchers and colleagues from Japan […]

T. Boone Pickens, a Texas oil tycoon who led legendary corporate raids, dies at 91

T. Boone Pickens, a shrewd, publicity-savvy Texas oil tycoon who helped usher in the era of hostile takeovers and corporate “greenmail” in the 1980s, and who later became an influential voice on environmentally sound energy policy, died Sept. 11 at his home in Dallas. He was 91. His death was announced by his spokesman Jay […]

OPEC Cuts 2020 Oil Demand Forecast

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude. In a monthly report, the Organization of the Petroleum Exporting Countries said oil demand worldwide would expand […]

Review: Growth by Vaclav Smil

Vaclav Smil’s latest book explores growth in nature and society. It examines the rules and patterns of growth in four key domains, those of the living world; human energy consumption; human artifacts; and human populations, societies and economies. The author is a passionate advocate of quantitative analysis, and thus Growth is filled with numbers, graphs […]

Oil plummets as Trump signals thaw in Iranian sanctions deadlock

Oil dropped to a one-week low as U.S. President Donald Trump considered easing sanctions on Iran that severely restricted the OPEC member’s ability to export crude. Futures declined more than 2% in New York and London on Wednesday. Trump is preparing to meet with Iranian President Hassan Rouhani later this month, according to people familiar […]

Renat Muslimov: “Oil, in fact, is endless. It is a renewable energy source”

“Oil, in fact, is endless. It is a renewable energy source,” says Adviser to the Tatarstan President on issues of the exploration of oil and gas fields Renat Muslimov, who commented on the results of the Tatarstan Petrochemical Forum to Realnoe Vremya. However, the expert warns against excessive optimism: the industry needs new technologies, and […]

U.S. says it is concerned about China’s purchases of Iranian oil

The United States is “very concerned” about China’s purchases of Iranian oil, Dan Brouillette, deputy secretary of the U.S. Department of Energy, said on Monday. “We are very concerned about the purchases that the Chinese people have made, the government in particular,” he said on the sidelines of an energy conference in the United Arab […]

Is Saudi Oil Policy Changing Before Our Eyes?

Making sense of the internal politics of Saudi Arabia has never been easy because of the kingdom’s closed power structure. But major changes have taken place at the top of the Saudi energy industry in recent days, and they will likely have an impact both on Saudi Arabia’s near-term oil policy and how the OPEC kingpin […]

How To Defeat The Empire

One of the biggest and most consistent challenges of my young career so far has been finding ways to talk about solutions to our predicament in a way that people will truly hear. I talk about these solutions constantly, and some readers definitely get it, but others will see me going on and on about […]

Kurt Cobb: Oil prices and the coming financial ‘Ice Age’

Albert Edwards turned bearish on stocks back in 1996—well, not exactly bearish, but cautious. He recommended to clients that they overweight long-term, high-quality bonds and therefore underweight stocks in their portfolios. It turns out that clients who followed his advice fared not quite as well as those 100 percent invested in stocks but also took […]

Crude Oil: Up And Down And Going Nowhere

Summary Trading in a range. A tightly coiled spring. The trade war holds the key. Oil-related equities lag the market. UCO and SCO continue to offer an opportunity to grind profits. I do much more than just articles at Hecht Commodity Report: Members get access to model portfolios, regular updates, a chat room, and more. […]

Real World Economics: What Dorian tells us about risk and scale

Countries, states or cities are not “scale-neutral” from many economic aspects. By this we mean that per capita costs of certain government services may either fall or rise as the physical size or population of the jurisdiction increases. This may make a difference in the best way for governments to cope with risk, whether it […]

The forgotten environmental catastrophe; the loss of arable land

For a change I am going to start with the bad news. I am not a gloomy person. But if what I am about to say doesn’t scare the crap out of you I won’t have done my job. Global warming isn’t the only environmental catastrophe we are facing. The Earth is running out of […]

No, Shale’s Not Dying, It’s Just Maturing

Recent headlines heralding the death of the U.S. shale boom are greatly exaggerated. But the fever pitch pace of shale development and U.S. production growth is slowing and it’s difficult to envision the sector returning to the same heights reached over the past two years. A slowdown was inevitable. Annual production growth of 1.5 million to 2 […]

Iran uses advanced centrifuges, threatens higher enrichment

Iran on Saturday said it now uses arrays of advanced centrifuges prohibited by its 2015 nuclear deal and can enrich uranium “much more beyond” current levels to weapons-grade material, taking a third step away from the accord while warning Europe has little time to offer it new terms. While insisting Iran doesn’t seek a nuclear […]

Greens: Save the planet, screw the people

When an environmentalist says he or she wants to “save the planet” be sure to ask: “For whom?” Because often it seems like they’re not doing it for people at all. The anti-people nature of environmentalism is sometimes just a matter of minor inconvenience, as when environmentalist policies force upon us flickering light bulbs, weak […]

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