EIA expects natural gas production and exports to continue increasing in most scenarios

Source: U.S. Energy Information Administration, Annual Energy Outlook 2020 According to projections published in the U.S. Energy Information Administration’s (EIA) Annual Energy Outlook 2020 (AEO2020), total dry natural gas production in the United States will continue to increase until 2050 in most of the AEO2020 cases, primarily to support growing U.S. exports of natural gas […]

The Shale Oil Bubble Accounted For 99% Of US Oil Production Growth Since 2007

Without the unprofitable and unconventional shale oil supply, U.S. oil production would still be below 5 million barrels per day. While we can applaud the shale industry for allowing the American Leech & Spend Surban Economy to continue for another decade, I wouldn’t count on it lasting another ten years. If we are lucky, we […]

Peak Shale Will Send Oil Prices Sky High

Much of the cheap oil has been produced, and the oil industry is increasingly relying on costly reserves. While the world is awash in supply right now, the market may begin to tighten up in the next few years, forcing prices higher. But the global economy will begin to sputter as a result of higher […]

Peak Permian Oil Production May Arrive Much Sooner Than Expected

In mid-January, Adam Waterous, who operates the private equity firm Waterous Energy Fund, made a prediction about the crown jewel of the U.S. shale oil industry, the Permian shale play that straddles Texas and New Mexico. “We think we are at or near peak Permian,” Waterous told Bloomberg. “The North American oil market has been grossly […]

The Energy Transition, Stupid

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 […]

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 […]

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 […]

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 […]

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 […]

Saudi Aramco Chairman: Oil Industry Should Think In Decades

Energy transitions “take decades, even centuries” to complete, the chairman of the world’s largest oil company, Saudi Aramco, said at a conference on Monday, adding that the industry should continue to think in decades. Because complete energy transformations take such a long time to complete, the oil industry should continue to think in decades, Aramco’s […]

US oil production hits estimated record 13 million barrels per day

U.S. crude oil production rose to an estimated record-high of 13 million barrels per day last week as the nation’s energy growth crossed a new threshold, according to a weekly report from the U.S. Energy Department. The increase production comes as the nation’s stockpiles of commercial crude oil fell by 2.5 million barrels last week, […]

2020 Will Be A Crucial Year For Oil

It’s the start of a new year and a new decade, and the oil market is as unpredictable as ever. Will OPEC+ extend its cuts? Will U.S. shale finally grind to a halt? Is this the “year of the electric vehicle”? Here are 10 stories to watch in 2020. Shale debt, shale slowdown. The debt-fueled […]

U.S. Oil Production Is Competing Against Decline

Summary U.S. oil output continued to increase in October 2019. Production reached a new high of 12,655 kb/d. The output of all tight oil basins was 8,165 kb/d in November and increased by 95 kb/d from 8,070 kb/d in October. 95% of the projected January output is required to offset the decline from all of […]

The decade that blew up energy predictions

America’s energy sources, like booming oil and crumbling coal, have defied projections and historical precedents over the last decade. Why it matters: It shows how change can happen rapidly and unexpectedly, even in an industry known to move gradually and predictably. With a new decade upon us, let’s look back at the last one’s biggest, […]

Why oil refining is a critical part of the energy industry

It does not have the glamour of wildcatting in distant frontiers, nor the customer visibility of petrol stations, but oil refining is a critical part of the industry. It turns the gloopy black crude oil into the carefully tailored products, from petrol, diesel and jet fuel, to lubricants and feedstocks. A key part of Middle […]

How Clean Is Natural Gas?

When former Energy Secretary Ernest Moniz said in 2013 that the natural gas boom was helping America fight climate change, not everyone was convinced, with methane leaks cited as cause for concern. As it turns out, those concerns might be warranted, according to new research that takes a lot of the green out of our […]

Monetizing US Shale Deposits

On today’s doubleheader episode of Double Down, Max Keiser and Stacy Herbert talk to Chris Cook about the 2020 energy outlook. As  Saudi Arabia takes 1.5% of Saudi Aramco public, DOUBLE DOWN asks former energy market regulator, Chris Cook, whether or not this is the sign of peak oil. He says that, in fact, it […]

The Worrying Truth About Russia’s Oil Industry

The widespread adaptation of the combustion engine at the start of the 20th century propelled oil into becoming the world’s most important commodity. Resource-rich countries such as Russia were the beneficiaries of the new global energy order. Its predecessors, the Soviet Union and Imperial Russia, were already among the first and most important producers of […]

Episode 22: Stop Flaring Natural Gas

by Simon Lack Download file | Play in new window | Duration: 00:07:23 Subscribe: iTunes | Google Play | Spotify In this week’s podcast, Simon Lack explains why flaring of natural gas needs to stop

Africa To Supply Big Chunk Of Global Natural Gas By 2025?

Africa could provide as much a fifth of global demand for liquefied natural gas by 2025, up from 10% in 2018, due to huge investments in the sector and some recent major discoveries. The African Energy Chamber, a group of energy and mining companies in Africa, reported recently massive discoveries in Mozambique, Tanzania, Senegal and […]

Robert Rapier: America Is Not Yet A Net Crude Oil Exporter

Of all the developments to come out of the shale oil boom in the U.S., the idea that the U.S. could actually achieve energy independence seemed one of the most unlikely. After all, in late 2005 weekly net imports of crude oil and petroleum products had hit an all-time high above 14 million barrels per […]

Is US Oil Production Growth Slowing?

Summary There continues to be much speculation and information pointing to a potential slowing of US oil production. However, the latest production data from the EIA continues to point higher, albeit at a slower rate. Production of LTO continues to increase, while the number of rigs operating in the LTO basins continues to decrease. One […]

Momentous Change in US Crude Oil Market, with Global Impact

US exports of crude oil and petroleum products – this includes gasoline, diesel, jet fuel, naphtha, and many others – exceeded imports in September by 89,000 barrels a day, the EIA reported today, and so the US became a “net exporter” of crude oil and petroleum products for the first time on a monthly basis […]

Eastern Europe Is Turning Into An Energy Battleground

Bulgaria has agreed to allow NATO to use its Black Sea port for naval coordination efforts as tensions rise between the Western military alliance and Russia. The agreement was reached following a meeting between U.S. President Donald Trump and Bulgarian Prime Minister Boyko Borisov at the White House on November 25. NATO has bolstered its […]

US Gulf Set for Record 2020 With Oil Production

The U.S. Gulf of Mexico is positioned for another year of record oil production in 2020, according to Rystad Energy. The U.S. Gulf of Mexico is positioned for another year of record oil production in 2020, according to Norway-based energy research firm Rystad Energy. Deepwater projects will anchor the supply growth. The Gulf of Mexico’s […]

300 Million Barrels of Oil or Bust

Iran learned a very important lesson last week. It’s a lesson that Venezuela has painfully come to realize over the last 10 years. The oil you have underground is useless unless you can extract it. Until you get that resource out of the ground and into the pipeline, you might as well forget about it. […]

The Peak Oil Plateau Is Close

Summary Oil demand growth is flattening rapidly. Peak oil demand is likely to happen in the next five to 10 years. Borrowing has become very difficult, production is limited to cash flow. Oil prices are likely to rise in the intermediate term. Higher oil prices will spur the adoption of EVs and alternative energy. This […]

Keystone Pipeline leaks 383,000 gallons of oil into wetlands in second big spill over two years

A leak in the Keystone Pipeline has released an estimated 383,000 gallons of oil – about the size of an Olympic swimming pool – into the North Dakota wetlands. The leak is the second leak in two years in the 2,600 mile long pipeline, which carries oil from Alberta, Canada, all the way down to […]

North Slope oil production declined in September and October, cutting into state petroleum earnings

The trend of gradually declining output is expected to continue until several new projects now in development come on line. Fiord West, a satellite within the Alpine field, is expected to begin production in late 2020 with peak output estimated at 20,000 barrels per day, ConocoPhillips’ Lowman said. However, substantial new production is seen in […]

Shale Oil Pioneers Say the Boom is Ending

The days of relentless production growth from U.S. shale oil fields are ending, potentially aiding OPEC’s years-long effort to drain a worldwide supply glut, according to industry pioneers Scott Sheffield and Mark Papa. Investor calls for shale producers to shut down rigs and stop burning through cash are being heeded, Pioneer Natural Resources Co. Chief Executive Officer […]

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