Is it time to freak out?

Toilet paper? Have people lost their minds? Of course, I have wondered that many times even without the coronavirus scare, but it’s toilet paper that people are panic buying? I seriously don’t get that, but there is a real threat from Covid-19. The most pressing and important long-term effect beyond the deaths that will occur […]

Saudi Prince MBS Gambles on Oil Markets

Saudi Arabia is now flooding the international market with cheap oil, a move that could hurt Russia’s dominance in the industry and derail its 2020 economic plans. Russia has repeatedly failed or refused to abide by OPEC agreements, prompting the Saudi leadership to crank up oil supplies to unprecedented levels. The current oil supply war […]

A Millenial’s Eye View of the Collapse of Industrial Civilization

A discussion held this week with a true Millenial Generation (Born 1998, Age 21) young man from northern Ontario Canada, who recently became aware the Civilization he lives in is undergoing Collapse. He joined our intrepid Clan of Kollapsniks on the Doomstead Diner after becoming “Collapse Aware” in September of 2019 and happening on George […]

Oil: Blood In The Streets

Arguably one of the wildest months in oil history, it’s hard to imagine that less than a month ago oil prices were almost $55 / barrel Brent, and that less than a year ago, they were approaching $70 / barrel Brent. That drop in stock prices has shattered oil companies. Occidental Petroleum (NYSE: OXY) has […]

Iraqi economic crisis looms as oil prices collapse

Crashing oil prices are likely to put a massive strain on Iraq’s economy, including a severe budget shortfall that could further undermine the government’s ability to respond to myriad crises. If Brent crude remains near $30 per barrel, due to a price war between Russia and Saudi Arabia and the economic fallout from the spread […]

Get Ready For Your Lifestyle To Change Indefinitely Because Of This Coronavirus Pandemic

Fear of the coronavirus is causing shutdowns on a global scale like we have never seen before.  Just about every major sporting event that you can think of has been either canceled or postponed, schools and universities are keeping students away, global tourism is absolutely collapsing, churches are being shuttered, conferences and festivals are being […]

How Saudi Arabia started a global crude price war

Oil prices crashed by as much as 30 per cent after Saudi Arabia fired the first shots in a price war, in crude’s biggest one-day fall since the early 1990s Gulf war. Riyadh’s threat to discount its crude and raise production prompted the price of Brent crude, the international oil marker, to fall to as […]

Prepping for Coronavirus

How the Well-Dressed Diner preps up for a trip to the Food Superstore.

A tipping point for the global economy

The conflict over oil production between Saudi Arabia and Russia this weekend has sent oil prices plummeting and comes on the heels of growing worries about the spread of coronavirus. This marks the first time the global economy has been buffeted by simultaneous supply shocks. The two are related. The conflict among oil producers was […]

US natural gas consumption sets new record

Source: U.S. Energy Information Administration, Natural Gas Monthly Note: Other includes lease and plant fuel consumption, pipeline and distribution use, and vehicle fuel consumption. U.S. natural gas consumption increased by 3% in 2019, reaching a record of 85.0 billion cubic feet per day (Bcf/d), according to the U.S. Energy Information Administration’s (EIA) recently released Natural […]

Huge Red Flag For Oil: Global Economic Growth Could Be Cut In Half

A prolonged and wide-ranging coronavirus outbreak could cut global economic growth to just 1.5 percent this year, half the growth rate expected before the outbreak, and send Japan and the euro area into recession, the Organisation for Economic Cooperation and Development (OECD) said on Monday. A significant drop in global economic growth is very bad […]

Oil Falls to a 3-Year Low on Ongoing OPEC+ Cut Indecision

Brent crude settled below $50 a barrel for the first time since July 2017, as uncertainty loomed over whether Russia would agree to OPEC’s proposal for a large production cut. Futures in London fell 2.2% as OPEC ministers extended their initial proposal for a 1.5 million-barrel-a-day supply reduction to year-end, according to delegates. The reduction […]

“Peak Oil? What Peak Oil?” – Redefining Energy podcast

“Peak Oil? What Peak Oil?”. In Episode 20 of the Redefining Energy podcast, we welcome Callum Macpherson – Head of Commodities at Investec – to discuss Oil, and more specifically how Oil can or cannot be displaced from its various uses: Automobile, Heavy Duty, Shipping, Aviation… Is the world really running out of Oil? Or […]

A $30 Oil Price Is the Real Virus Threat to OPEC

View photos (Bloomberg Opinion) — It’s finally upon us. The week when ministers from the oil producing countries of OPEC and their allies meet to decide on the future of their latest round of output cuts. Having failed to persuade Russia to bring the meeting forward, Saudi Arabia will now hope to convince its biggest […]

US to Sell 12 Million Barrels of Oil as Virus Hits Demand

The U.S. will sell up to 12 million barrels of oil from its emergency government stockpile just as global crude demand takes a hit from the spreading coronavirus. The crude would be delivered to U.S. Gulf Coast pipelines in April and May, adding incremental barrels to an already oversupplied market at a time when oil […]

Will peak oil save Earth’s climate?

  In spite of record increases in solar and wind energy development, human carbon emissions continue to rise because, over the last decade, fossil fuel use has grown ten-times faster than renewable energy use. In spite of good intentions, nothing we have achieved has actually reduced oil, gas, and coal use. Given the slow pace […]

Many signs of peak oil and decline

Preface.  Recently the IEA 2018 World Energy Outlook predicted an oil crunch could happen as soon as 2023.  Oil supermajors are expected to have 10 years of reserve life or more, Shell is down to just 8 years. Political shortages are as big a problem as geological depletion. At least 90% of remaining global oil […]

US Oil Export Story Has Really Just Started

All told, the US could become the largest crude oil exporter within five years. While U.S. crude oil production has soared 160 percent to 13 million b/d in the shale-era since 2008, total demand has remained flat at 19-21 million b/d. In turn, exports of crude and products have been mounting fast. The country’s immense […]

Arabs should welcome a future with less oil wealth

A new report from the International Monetary Fund warns that, by 2034, declining oil demand could gnaw away the $2 trillion in financial wealth amassed by the members of the Gulf Cooperation Council. Unless they act quickly to reform their hydrocarbon-dependent economies, these countries, which collectively account for a fifth of the world’s crude production, […]

IEA Cuts Global Oil Demand Forecast on Coronavirus

The International Energy Agency (IEA) has cut its oil demand growth forecast for the year as the coronavirus outbreak in China continues to take a toll on the global economy. NGI

A New Peak Oil

Only a few decades ago, top economists were fretting over the possibility of running out of oil. Now, a new peak oil is fast approaching: peak demand. Global oil demand is slowing, and industry analysts project global demand to plateau and fall within the next decade and a half. For the U.S., oil dependence has […]

Gold price and oil price both rise

The gold price has gained steadily over the past two days, although a push above Monday’s high is still yet to occur. If the price can clear $1580 then the way is clear to target $1590 and the late-January peak. Trendline support from the 5 February low would see $1570 as possible support, with a […]

Global Oil Demand Growth Is Evaporating

The coronavirus epidemic in China has triggered restrictions in the country’s public transport and air travel, both at a domestic and an international level, reducing demand for oil, which has lost about a fifth of its value since the start of the year. What does that mean for the world’s 2020 oil demand? Assessing the […]

Post Petroleum: What Comes Next for Oil Companies After Crude Reserves Run Short?

The idea that humanity should switch from fossil fuels to renewable sources of energy is not new, as it was predicted decades ago that the resources will become far more difficult to obtain at some point; however, so far these fears have failed to materialise. Despite the continuing development of oil-extraction technologies, the trend for […]

Oil prices to $30? An early notice for GCC countries to heed IMF warning

Are we going through an oil market crash again, four years after a glut-induced one? Oil prices fell back again on Friday, with WTI declining to $50 and Brent dipping below $55 A pandemic and a whole host of scenarios could play out in tandem to drive the oil price down below $30 per barrel […]

Surveillance Capitalism at the Limits to Economic Growth

For Shoshana Zuboff, to be human involves using one’s will to shape one’s own future. In this respect she draws on the philosopher Hannah Arendt. Arendt analysed the totalitarianism of Nazi Germany and saw the frustration of the will of each person to shape their future as crucial to her analysis of totalitarianism. For Arendt […]

China to Lower 2020 Economic Growth Expectations On Coronavirus Outbreak

It would be challenging for China to falsify 2020 GDP figures between 6% to 6.5% amid economic fallout from the coronavirus outbreak. The Communist Party of China had come to grips of a decelerating economy, even before the deadly virus broke out. Officials blamed the slowdown on the trade war last year, and now they’re […]

Where Did The Prosperity Go?

What’s the root cause for the disappearance of widespread prosperity in our modern world? Last week’s post discussed low-wage work as the “new normal” for American workers. This is surely not the vision of resurgent prosperity that drew voters to “Make America Great Again” at the polls, despite overblown promises from the guy who won. […]

The Price of Oil: How Demand is Becoming a Major Factor

In an efficient market, the forces of demand and supply control prices. This has always been the case for nearly every market you could think of. But not for the oil and gas market. In oil and gas, investors always looked at supply to gauge the likely direction of oil prices in the coming days, […]

Citi sees oil plunging as much as $18 on Coronavirus fears

Public health officials still haven’t been able to determine what kind of impact the coronavirus will have globally and it’s clear by how they’re trading that investors are struggling to do the same. On Monday, the U.S. markets bounced after a downside swing in January eliminated the Dow Jones Industrial Average’s 2020 gains. Gold also […]

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