Peak Oil is You

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News from December 2022

Suddenly Everyone Is Hunting for Alternatives to the US Dollar

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Tired of a too-strong and newly weaponized greenback, some of the world’s biggest economies are exploring ways to circumvent the US currency. Smaller nations, including at least a dozen in Asia, are also experimenting with de-dollarization. And corporates around the world are selling an unprecedented portion of their debt in local currencies, wary of further […]

Gazprom Exports at Lowest This Century

Gazprom PJSC’s exports to its key foreign markets almost halved in 2022 — reaching the lowest since at least the start of the century — as flows to Europe were slashed following the invasion of Ukraine. The Russian gas giant sent 100.9 billion cubic meters of the fuel to countries outside the former Soviet Union […]

Can Civilization Survive? These Studies Might Tell Us

The world’s shift away from its current reliance on fossil fuels will be the biggest, most expensive, and most complex technical project ever attempted by humans. If it fails, that might mean the end of industrial civilization. For it to succeed, enormous amounts of investment and effort, along with some shared sacrifice, will be required. […]

China Is Trying to End America’s Petrodollar Monopoly

President Xi Jinping of China ended his diplomatic charm offensive in Saudi Arabia last week with a promise to buy more oil and gas from Gulf Arab states, while also publicly calling for energy trade to be settled in Chinese yuan for the first time. The bold call, if realized, would have major implications for […]

EU Agrees To the World’s Largest Carbon Border Tax

European Union governments have reached a deal on the world’s first major carbon border tax, as part of an overhaul of the bloc’s flagship carbon market that aims to make its economy carbon-neutral by 2050. EU ministers finalized details of the Carbon Border Adjustment Mechanism early Sunday after reaching a provisional agreement earlier on in […]

The Era Of Cheap Oil Has Come To An End

The recent crude price slump may not be indicative for what is to come in oil markets according to several investment bank analysts. OPEC has not consistently produced more than 30 million bpd since 2015-2018. Structural underinvestment in new oil supply may lead to structurally higher prices. In its latest monthly report, OPEC revealed it had yet […]

Nuclear Fusion Power for the People

The goal of fusion research should be to provide power at very low cost with limited proliferation risk (“Hold the Fusion Hype,” Review & Outlook, Dec. 14). The recent results at the National Ignition Facility (NIF) were a scientific triumph—the first experiments to achieve theoretical energy break-even in the lab. With the goal in mind, […]

One-Fourth Of Iran’s Energy Wasted During Production

A high-ranking member of Iranian parliament says that currently almost one fourth of the energy produced in the country is being wasted. Malek Shariati, the spokesman for the parliament energy committee said Sunday that 23% of the energy produced in Iran is lost due technical gaps. The latest report by the World Bank shows that […]

It’s the elephant in the room: can we grow the economy without destroying nature?

There’s a silence at the heart of our economic statistics. Every quarter, the Australian Bureau of Statistics (ABS) publishes a number that shows how much economic activity has taken place in Australia recently. We’ve all been conditioned to think it’s a good thing if that number goes up a little each time. But what was the environmental cost of that […]

US buying 3M barrels of oil to start replenishing reserves

The Biden administration said Friday it is buying 3 million barrels of oil to begin to replenish U.S. strategic reserves that officials drained earlier this year in a bid to stop gasoline prices from rising amid production cuts by OPEC and a ban on Russian oil imports. President Joe Biden withdrew 180 million barrels from […]

Qatar peak oil and gas (update Aug 2022 data)

This is an update to a post of December 2018 Fig 1: Qatar crude & condensate, NGPLs and other liquids Data are from the Energy Information Administration (starting in 1993) https://www.eia.gov/international/data/world/petroleum-and-other-liquids/annual-petroleum-and-other-liquids-production Fig 2: Qatar annual oil production, consumption from various sources The 2 crude peaks represent 2 production cycles as can also be seen when […]

Europe’s $1 trillion energy bill only marks start of the crisis

Europe got hit by roughly $1 trillion from surging energy costs in the fallout of Russia’s war in Ukraine, and the deepest crisis in decades is only getting started. After this winter, the region will have to refill gas reserves with little to no deliveries from Russia, intensifying competition for tankers of the fuel. Even […]

We Need Growth, Not A Recession

Generations Y and Z, your time has come to step up to the plate and take responsibility for the biggest growth opportunity in human history. Unfortunately, it starts with facing global challenges that are causing a lot of anxiety. Carbon emissions still haven’t peaked, and we are on track to a catastrophic 2.7° C of […]

US scientists boost clean power hopes with fusion energy breakthrough

US government scientists have made a breakthrough in the pursuit of limitless, zero-carbon power by achieving a net energy gain in a fusion reaction for the first time, according to three people with knowledge of preliminary results from a recent experiment. Physicists have since the 1950s sought to harness the fusion reaction that powers the […]

George Monbiot: The US is a rogue state leading the world towards ecological collapse

There are two extraordinary facts about the convention on biological diversity, whose members are meeting in Montreal now to discuss the global ecological crisis. The first is that, of the world’s 198 states, 196 are party to it. The second is the identity of those that aren’t. Take a guess. North Korea? Russia? Wrong. Both […]

Wrapping up the Energy Crisis Year of 2022

This has undoubtedly been a year where the Energy Transition has felt, more often than not, thrown into reverse. In Germany, coal mines have been reopened, and nuclear power stations scheduled to be decommissioned been given an extended lease of life. Nearly all EU countries, very dependent on Russian oil and gas, have been […]

Russia May Cut Oil Output in Response to G-7 Price Cap

Russia may cut its oil production in response to the G-7 cap on the price of its crude, President Vladimir Putin said. A decision on Moscow’s response will be announced in a presidential decree within the next several days, Putin told reporters in comments broadcast on state Rossiya 24 TV, providing no further details. “I’m […]

August Non-OPEC Oil Production Increases

Below are a number of Crude plus Condensate (C + C) production charts, usually shortened to “oil”, for Non-OPEC countries. The charts are created from data provided by the EIA’s International Energy Statistics and are updated to August 2022. This is the latest and most detailed world oil production information available. Information from other sources such as OPEC, the STEO […]

Bare Cupboards

“Hundreds of millions will starve over the course of the next decade.” Stanford professor Paul R. Ehrlich said that when discussing the world’s growing population in his book, The Population Bomb. That was in 1968, and the world population was just a bit more than 3.5 billion. The United States had about 200.4 million people […]

China Is Snapping Up Russia Oil

Oil refiners in China have started to snap up Russian crude cargoes after a short hiatus, citing sharply lower prices due to ample unsold supplies. Chinese private processors, or teapots, purchased several cargoes of Russian ESPO crude for December-January arrival, said traders who asked not to be identified. The shipments traded at wider discounts to global […]

Russia Won’t Accept $60 Price Cap on Its Oil

Russia will not accept the $60 per barrel price cap for its crude oil agreed upon by the European Union, the state news agency Tass reported, citing Kremlin spokesman Dmitry Peskov. It was the Kremlin’s first reaction after European diplomats decided on the threshold on Russian oil Friday evening following lengthy negotiations. The cap will […]

U.S. oil production’s post-pandemic rebound set to slow

U.S. production of crude oil and condensates increased to 12.3 million barrels per day (bpd) in September, the highest since the first wave of the coronavirus pandemic in March 2020. Production rose by 289,000 bpd from the previous month, with contributions from the Lower 48 states (+208,000 bpd), federal waters in the Gulf of Mexico […]

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