Oil Demand at Pre-Pandemic Levels

Bobby Tudor, chairman of Tudor Pickering Holt & Co., expects global oil demand to follow GDP growth in 2021. He speaks with Bloomberg’s Alix Steel and Guy Johnson on “Bloomberg Markets.”

The Invisible oiliness of everything

Preface.  Even a simple object like a pencil requires dozens of actions to make and dozens of objects that took energy to make.  This is why it is unlikely wind, solar, or any other contraption that make electricity, have a positive return of energy, or energy returned on energy invested.  If you look at all […]

Checklist for ERoEI*

In this post, I will diagram that which I have been unable to explain in words.  In particular, the recycle problem receives special attention. The community must be dedicated to the production of energy and only to the production of energy until such time as the individual’s share of the sustainable community dividend can afford […]

The Depletion of Fossil Fuels

Coal, natural gasses and oil are non-renewable sources of energy. They are also known as fossil fuels. A large percentage of these non-renewable sources are globally used as the main energy source that people consumes. Plants, and other decomposing materials such as dead animals and the like are main sources of fossil fuels. They have […]

Peak Oil Never Went Away

Do you remember peak oil? It was all the rage a decade ago. Now, almost no one is talking about it. The funny thing is, the problem never went away. If anything, it’s gotten worse. In this post, I take a deep dive into peak oil. I show you that the peak in the production […]

The Prosperity Hoax

NO ONE DENIES THAT A LARGE number of people worldwide live in drudgerous poverty. But it would appear that we are in the midst of a historic transformation. In recent years, a spate of articles in the anglophone press and academia have suggested that global poverty has entered terminal decline—all thanks to capitalism. Writing for the […]

Oil Prices Are Only Going in One Direction

This was supposed to be a time when things were getting closer to normal for OPEC. A recovery in oil demand after the first wave of the pandemic, coupled with a deep slump in U.S. production, was meant to leave the world needing more of its members’ crude. But it isn’t turning out like that. […]

The narrative problem after peak oil

In the 1970s, the developed states were shaken by oil shortages.  Although largely artificial – the result of OPEC flexing its muscles, and later the Iran-Iraq war – the oil shocks briefly caused people to take seriously the prospect of running out of oil.  The shock was all the more profound because, with the earlier […]

Collapse, you say? Part 3: Inputs and Outputs continued

  Discuss this article at the Kitchen Sink inside the Diner   Kincardine’s breakwall awash in the waves This is the second half of a post that I cut in two because it was just too long (6000+ words). If you haven’t read the first half yet, it would be a good idea to do […]

COVID-19 and energy transition will expedite peak oil demand to 2028

Hind Al Soulia – Riyadh – OSLO — The COVID-19 pandemic and the acceleration of the energy transition have led Rystad Energy to significantly revise its long-term oil demand forecast. The virus is expected to have a lasting impact on global oil demand, which we now see peaking at 102 million barrels per day (bpd) […]

Russia rules out cutting fossil fuel production in next few decades

Russia has no plans to rein in its production of fossil fuels in the coming decades despite the global efforts to shift towards low-carbon energy, according to its energy minister. Alexander Novak told the Guardian that Russia did “not see that we will achieve a peak in [gas] production anytime soon” because the world’s appetite […]

Peak oil is coming – it’s just a question of when

This month marks a historic but largely forgotten moment in the history of the oil sector, and something that is unlikely to ever be repeated if forecasts for the demise of the world’s most valuable fossil fuel prove accurate. Fifty years ago, BP — then known as British Petroleum and majority state-owned — discovered oil off the […]

Capital Economics predicts global oil demand will peak around 2030

Oil prices are predicted to fall for much of the decade because of the Covid-19 crisis, with the peak in oil demand now not expected until 2030, according to a new report by Capital Economics. With countries implementing lockdown measures to bring the coronavirus pandemic under control earlier this year, global demand for fuel dropped […]

Floods, Drought Are Destroying Crops and Sparking Food Inflation

Wild weather is wreaking havoc on crops around the world, sending their prices skyrocketing. On wheat farms in the U.S. and Russia, it’s a drought that’s ruining harvests. The soybean fields of Brazil are bone dry too, touched by little more than the occasional shower. In Vietnam, Malaysia and Indonesia, the problem is the exact […]

A new normal for energy?

COVID-19 has changed the world in many ways and energy hasn’t been excused. In early 2020, there was a perfect storm of excess supply and massive reductions in demand. Since then, the market has become far more balanced and the oil price seems to be tightly bound in a narrow price range. The restrictions on […]

IEA expects global oil consumption to peak by 2030

The era of growth in global oil consumption is coming to an end and will end in the period until 2030, follows from the forecast of the International Energy Agency (IEA) World Energy Outlook 2020 (WEO), received by TASS on Tuesday. “The era of rising global oil demand will come to an end within 10 […]

The Death Of Oil

Summary Energy stocks have taken a beating over the last few weeks. Concerns about a worldwide resurgence of COVID-19 have raised the specter of declining economic activity and the negative potential impact on oil demand. Longer-term two news items last month, one from the governor of California and one from China, probably pushed the sentiment […]

Forget Peak Oil Demand, Supply Crisis Could be Hitting First

In today’s IEA’s annual World Energy Outlook 2020 report, the OECD energy watchdog states that it doesn’t see a peak oil demand before 2040, only a possible oil demand flattening. The energy agency repeats that oil demand is effected by COVID, but all scenarios show that oil demand has not peaked yet. The energy agency […]

IEA: Natural Gas Wil Be Key in Both the Short- and Long-Term

Natural gas will continue to play an important role globally as countries recover from the economic strain caused by the COVID-19 pandemic, according to two recent International Energy Agency reports. The IEA reports provide clear insight on the future of natural gas both in the near-term and longer projections. The World Energy Outlook (WEO) has […]

Zoom and gloom

IN 1973 THE Eldfell volcano, long-dormant, erupted on Heimaey, an island off Iceland. The eruption destroyed about 400 homes, a third of the total (Heimaey’s seaport was saved by pumping seawater into the lava). The Icelandic government compensated the unlucky people who lost their homes, many of whom never returned. But when Emi Nakamura and […]

Heinberg: Has oil peaked?

Last month, the world’s 4th largest oil company—BP—predicted that the world will never again consume as much petroleum as it did last year. So, have we finally hit peak oil? And if so, what does that mean for our economy and our world? There was fierce controversy in the first decade of this century over […]

OPEC Expects Peak Oil Demand in 2040

The world’s appetite for crude oil won’t reach its apex for another two decades, the Organization of the Petroleum Exporting Countries  (OPEC) said Thursday, offering a much more optimistic view of the world’s post-coronavirus demand for oil than many other forecasts. In its annual report on oil’s long-term future, OPEC forecast that global oil demand will […]

Oil Prices Climb 10% In A Week

Oil prices are on course to climb 10 percent this week as Hurricane Delta shuts in over 90 percent of production in the Gulf of Mexico, leading some analysts to claim prices are set for a breakout. Friday, October 9th, 2020 Oil prices have posted strong gains this week, although opened trading on Friday slightly […]

China’s crude oil party is finally winding up, now for hangover

China’s five-month crude oil party was still going strong in September, but is winding down in October, leaving the industry to ponder just how big the hangover is going to be. September imports are estimated by Refinitiv Oil Research to be 11.71 million barrels per day (bpd), the fifth straight month that arrivals have exceeded […]

Peak Oil Demand and the Middle East: Even More Bad News?

It would seem that the Middle East oil producers cannot get enough of bad news these days. The coronavirus pandemic and the collapse in global energy demand in the first quarter of 2020 led to oil prices plunging into the mid-teens as Saudi Arabia launched the oil price war against Russia in early March. Despite […]

Total sees peak oil demand around 2030 in more conservative view than BP

Total (TOT -0.9%) forecasts oil demand growth ending near 2030, as it joins the ranks of oil companies anticipating rapid change for the industry and a peak for the industry in the coming decade. It’s a more conservative outlook than rival BP, which recently projected oil demand could never regain its pre-coronavirus levels. Energy demand […]

The “New” Peak Oil

  I still remember sitting in my chemical engineering heat transfer class in the mid 1980s. Our professor was an older gentleman who wanted to impart some “big picture” wisdom on his class of graduating seniors. He explained M. King Hubbert’s paper on peak oil from almost 30 years earlier. With an almost religious zeal, […]

Forget peak oil: America’s booming oil industry has allowed the US to achieve a type of energy independence

As recently as 2008, Americans were paying high costs for gas and there was handwringing over the need for US “energy independence.” But quietly America has achieved a form of energy independence, with net energy exports eclipsing net imports. The shift was driven primarily by the rise of shale oil extraction, with renewables also playing […]

So, We’re Back To “Peak Oil” Again

During a panel discussion in which I participated recently with three energy experts, the moderator asked us if we agreed with the recent projection by British oil giant BP that oil demand may have already peaked during 2019. Everyone on the panel answered with a firm “no.” From my own perspective, I gave that answer […]

Jet Fuel Finds Once Unthinkable Home

The fuel that powers passenger planes is normally among the most expensive oil products, but in a sign of the times the coronavirus has turned it into a blending component for typically cheaper shipping fuel. Straight-run kerosene, usually processed into jet fuel, is now being used to make very low-sulfur fuel oil for the maritime […]

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