Peak Oil is You

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News from January 2020

The Energy Transition, Stupid

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Johan Sverdrup is projected produce less than 1 kg of CO2 per barrel. The world average is estimated at 18 kg. (Photo: Ole Jørgen Bratland / Equinor) “Fit at 50”, “life begins at 70” and “the swinging 60s” were all slogans chosen to reflect oil price market sentiment in 2017, 2018 and 2019, respectively. This […]

Iraq becomes Iran-US battleground

After US-led mission helped to largely banish Islamic State from Iraq in 2018, the country has fast become a battleground for power in the region Growing oil production should be a major win for oil-weary Iraq. But the country’s increasingly lucrative share of global crude output has served to sharpen the appetites of Iran, the […]

US farms are getting even bigger

As the 2018 harvest approached, North Dakota farmer Mike Appert had a problem – too many soybeans and nowhere to put them. Selling was a bad option. Prices were near decade lows as U.S. President Donald Trump’s trade war with China weighed heavily on the market. Temporary storage would only buy him a little bit […]

After a Decade of Fracking, Billions of Dollars Lost and a Climate in Crisis

As 2020 begins, the impacts of climate change have become increasingly clear around the world. The new year started amid devastating wildfires, tied to the worst droughts Australia has experienced in hundreds of years, which encircled much of the continent. So far, 29 people have been reported dead. A University of Sydney professor estimated the number of animals killed likely tops one billion. Today’s climate […]

Russia Warns Market That Its Oil Production Could Drop

Russia may not be able to maintain the level of its oil production in the future due to the current taxation system on the oil industry, Russian Energy Minister Alexander Novak said on Wednesday. Currently, Russia produces around 11.2 million barrels per day (bpd) of crude oil and condensate. The energy ministry sees risks in […]

It Is Easy to Overreact to the Chinese Coronavirus

Recently, a new coronavirus has been causing many illnesses and deaths. The virus first became active in Wuhan, China, but it has already spread to the rest of China. Scattered cases have been identified around the rest of the world as well. There are two important questions that are already being encountered: How much of […]

Kunstler: Canary Trap

What is the canary’s purpose in life? Why, to sing, of course — at least from the human’s point-of-view. What is the canary trap? Why, to catch humans who are singing like canaries. The latest occult dish served up by Democratic Party spirit cookers in the impeachment ritual is the release of “bombshell” news leaked […]

The Age of Climate Authoritarianism Is Upon Us

In 2010, the writer Mike Davis imagined a “not improbable scenario” in which mitigation “would be tacitly abandoned… in favor of accelerated investment in selective adaptation for Earth’s first-class passengers.” His prediction may prove prescient. “The goal would be the creation of green and gated oases of permanent affluence on an otherwise stricken planet,” he […]

Why we should be wary of blaming ‘overpopulation’ for the climate crisis

The annual World Economic Forum in Davos brought together representatives from government and business to deliberate how to solve the worsening climate and ecological crisis. The meeting came just as devastating bush fires were abating in Australia. These fires are thought to have killed up to one billion animals and generated a new wave of […]

TEPCO Proposes 44-Year Plan To Decommission Fukushima No. 2 Nuclear Plant

About a decade ago, a powerful earthquake triggered a 15-meter tsunami that disabled the power supply and cooling of three reactors at the Fukushima Daiichi nuclear power plant. The accident led to nuclear cores of three reactors to meltdown, causing widespread radiation release, along with the evacuation of thousands of people within a 30-kilometer radius. Tokyo Electric […]

Alarm Over Virus Pushing Down Oil

Oil extended declines from the lowest close in seven weeks on speculation China’s coronavirus outbreak may dent demand as the market tackles a glut of global crude supplies. Futures lost 1.7% in New York as Chinese officials halted travel from Wuhan, the city at the epicenter of the outbreak. U.S. industry data signaled American crude […]

Ignore the Fake Climate Debate

Beyond the headlines and social media, where Greta Thunberg, Donald Trump and the online armies of climate “alarmists” and “deniers” do battle, there is a real climate debate bubbling along in scientific journals, conferences and, occasionally, even in the halls of Congress. It gets a lot less attention than the boisterous and fake debate that […]

Dethroning King Coal – How a Once Dominant Fuel Source is Falling Rapidly from Favour

Electricity fuelled by coal is experiencing a record decline. 2019 is expected to show the biggest fall yet, after decades of increases. An accelerated move away from coal is imperative to achieve the goals of the Paris agreement. Coal currently accounts for 38.5% of the global power mix and generates 46% of global CO2 emissions. But, the […]

US Extends Clampdown on Iran

The U.S. sanctioned four companies that it says have traded hundreds of millions of dollars worth of Iranian petroleum and petrochemicals in its latest effort to clamp down on the Islamic Republic’s revenue sources. The Treasury Department penalized Triliance Petrochemical Co. Ltd., Sage Energy HK Limited, Peakview Industry Co. Limited, and Beneathco DMCC for dealings […]

OPEC, IEA or EIA Completely Wrong in 2020 Oil Market Analysis

Somebody big has got their analysis of the 2020 oil market flat wrong. That’s the bottom line from a comparison of supply-and-demand forecasts provided by OPEC, the International Energy Agency in Paris, and the U.S. Energy Information Administration. The Organization of Petroleum Exporting Countries agreed in December to deepen output curbs until the end of […]

‘A sector in disarray’: Oil majors live beyond their means on investor payouts, study finds

Photo: Daniel Acker / Bloomberg A Chevron drilling operation in Texas. A think tank that favors renewable energy released results of a study that it says shows oil companies are “a sector in disarray.” The largest oil and gas companies for years have lived beyond their means and paid more money to investors than they […]

Largest Oil Fields in the World

1/ NICOLAS ASFOURI/AFP // Getty Images Largest oil fields in the world Growing climate concerns and commitments to clean energy have done little to curb worldwide oil demand, which in the third quarter of 2019 increased by 1.1 million barrels per day. Experts expect peak oil usage in 2036, with 70% of daily oil usage […]

Welcome to ‘Peak Decade,’ From Globalization to Central Banks

. Amid the Alpine peaks of the Swiss resort of Davos in the week ahead, politicians, investors and executives will be busy debating whether we are witnessing peaks in key drivers of the world economy. From oil demand, car production and the proportion of young people as a share of the population, to less-measurable themes […]

Oil Is The Only Way Back Up For Venezuela

There’s only one path to rebuilding Venezuela, and it’s paved with oil. For the time being, that path leads nowhere. The key to controlling everything now lies with the National Assembly, the only body with the power to hand out oil licenses—and Maduro’s recent scheme to retake control of the country’s oil may just have […]

On the Climate Road to Serfdom

The political world is saying “no” to policies that make energy less available, more expensive, less reliable, and more intrusive. Hyperbole of peak demand is going the way of Peak Oil as the hydrocarbon production boom creates its own demand. Little wonder that compared to 1988 when global warming became a political issue, U.S. fossil-fuel […]

40% of Countries in the World to Experience Civil Unrest in 2020

Nearly 40% of countries across the globe will see some form of civil unrest or riots in 2020, according to a new study. Political analyst firm Verisk Maplecroft predicts that 75 out of the world’s 195 countries will see some form of social disorder this year. That’s an increase on the 47 countries, about a […]

Dance Until the Music Stops

Credit: Several seconds, FlickrCC This is the view from Kennedy airport 18,000 years ago: a two-mile high wall of ice (called the Laurentide Ice Sheet) extends across Canada and the northern part of the U.S. If you look south towards Jamaica Bay, there is only frozen tundra for as far as the eye can see. […]

Oil Glut Overshadows Geopolitical Risk In 2020

The risk of oil supply disruptions from around the world has diminished, and rising non-OPEC production provides a “solid base from which to react to any escalation in geopolitical tension.” In its January Oil Market Report, the International Energy Agency (IEA) said that there is plenty of oil sloshing around, despite the U.S. and Iran […]

China’s Largest Utility Company Warns “Growth To Decelerate Sharply Through 2024”

Ahead of tonight’s key China data dump, State Grid, China’s largest utility company, has warned the rate of economic growth in the country could plunge to 4% within the next four years, according to internal forecasts, first seen by the Financial Times. The state-owned utility has turned bearish on the Chinese economy. It forecasts a […]

Saudi Arabia Carried Out Record Number Of Executions In 2019

Saudi Arabia’s shortage of executioners didn’t stop the kingdom from carrying out a record number of death sentences in 2019, according to the non-profit Reprieve, which monitors how KSA handles capital punishment. According to figures provided to ABC News, KSA executed 184 people last year, including 90 foreign nationals. The most common crime committed by […]

IEA Says Iraq Oil Supplies Vulnerable

Oil supplies from Iraq, the Middle East’s second-biggest producer, are “potentially vulnerable” amid rising political risks in the country and the broader region, the International Energy Agency warned. Crude prices briefly soared to a three-month high above $70 a barrel last week as tensions between the U.S. and Iran erupted in neighboring Iraq, where America […]

Oil Update

Summary The facts remain that Production/Consumption has seen consistent growth since 2011 with only minor variation of 1.74% +/-0.013%. The data presented shows the US developing a Refined Product Export business since 2003 which has grown ~13% annually. The history from 2003 includes the speculative “Peak Oil” 2010-2014 period representing WTI over $100/BBL only to […]

OPEC December 2019 Oil Production Data

All OPEC data for the charts below are from the OPEC Monthly Oil Market Report https://momr.opec.org/pdf-download/ OPEC crude oil production continued to slide in December. OPEC production was down 161,000 barrels per day in December but that was after November production had been revised upward by 54,000 barrels per day. Angola had the largest […]

Global oil demand hits 1.26MBD — S&P Platts

Global oil demand growth is accelerating to 1.26 million barrels per day (MMB/D) in 2020, up from 0.95 MMB/D growth in 2019, with growth expected in all regions except Western Europe and Japan, S&P Global Platts, the leading independent provider of information, analysis and benchmark prices for commodities and energy markets, stated in their 2020 […]

The Future of the Oil Company

When it comes to the future sustainability (excuse the pun) of oil companies, there are two trains of thought, one of which is that they should ‘stick to their knitting’ and just focus on what they are good at, which is extracting oil and gas out of the ground, refining those fossil fuels and delivering […]

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