With world in energy shock, Saudi oil cushion gets very thin

When French President Emmanuel Macron whispered in Joe Biden’s ear last month that top global oil exporter Saudi Arabia has very little additional capacity to increase output, the U.S. President looked surprised. Biden is due to land in Riyadh later this month, and he will likely hear the same sobering message – don’t count much […]

Hydrocarbon Myths Dispelled

We are experiencing the full range of energy comments in the U.S. these days, some true and others completely void of any facts to support their assertion. In this article, we will look at common hydrocarbon myths being circulated to explain why oil prices are up, “Big Oil” is fixing prices at elevated levels, and […]

Russia’s Crude Oil Shipments to Crucial Asian Markets Falter

Russia’s seaborne crude exports in the seven days to July 1 rebounded from the previous week’s plunge, but shipments to Asia are slipping, even as flows are diverted to the country’s Black Sea terminal to cut the voyage distance to India. Aggregate crude flows from Russian ports were up week-on-week by 23%, recovering most of the […]

Russian gas flows to Europe below demand

Russian gas flows to Europe fell short of demand on Friday, coinciding with an early heatwave gripping its south and boosting benchmark prices already lifted by concerns the continent may struggle to build up storage in time for winter. Italy and Slovakia reported receiving less than half of the usual volumes through the Nordstream 1 […]

Gulf of Mexico update

Through 2021 the federal waters of the northern Gulf of Mexico (OCS) have cumulative production of 23.4 Bbo and 193 Tcf.  The deepwater (water depths > 1000’ as defined by BOEM) has produced 10.2 Bbo and 23.5 Tcf while the shelf has produced 13.2 Bbo and 169.5 Tcf.  From a BOE standpoint, the GOM has […]

Iran confirms seizure of 2 Greek oil tankers in Persian Gulf

Iran’s paramilitary Revolutionary Guard seized two Greek oil tankers Friday in helicopter-launched raids in the Persian Gulf, officials said. The action appeared to be retaliation for Athens’ assistance in the U.S. seizure of crude oil from an Iranian-flagged tanker this week in the Mediterranean Sea over violating Washington’s crushing sanctions on the Islamic Republic. The […]

Russian Oil Producers Start Using Tankers the World Did Not Want

Russian oil producers are starting to book up an increasing number of tankers owned by the nation’s state tanker company, boosting demand for a fleet that fell from international favor after the invasion of Ukraine. Rosneft PJSC and Gazprom Neft PJSC, two state-run oil producers, both booked large numbers of tankers owned by Sovcomflot PJSC […]

Biden Scraps Offshore Oil Auctions

The Biden administration is scrapping planned auctions of drilling rights in the Gulf of Mexico and Alaska’s Cook Inlet — a move that deepens uncertainty over the future of the US government’s offshore oil leasing program. The Interior Department said in an emailed statement it “will not move forward” with two Gulf lease auctions that […]

Russia estimates its oil output could fall as much as 17% this year

Russia’s oil output could decline by as much as 17%, Reuters reported Wednesday. The Kremlin is facing its biggest slump in crude production since the early 1990s. Russia is facing its biggest slump in oil production since the finals days of the Soviet Union, as Western sanctions continue to batter the economy. The Kremlin sees […]

Is Global Oil Production Growing Fast Enough?

Media outlets tend to make it sound as if all our economic problems are temporary problems, related to Russia’s invasion of Ukraine. In fact, world crude oil production has been falling behind needed levels since 2019. This problem, by itself, encourages the world economy to contract in unexpected ways, including in the form of economic […]

Decline In World Conventional Oil Output And Peak Oil

Summary World Conventional Oil output peaked at a centered twelve-month average (CTMA) of 74193 kb/d in July 2016. The general trend for non-OPEC conventional oil has been an annual decline rate of about 48 kb/d over this period, and for OPEC, output has increased at an annual rate of 171 kb/d over the same period. […]

‘Drill, Baby, Drill!’

The world’s energy picture is changing almost daily, and everyone seems to have a solution for the high price of natural gas and gasoline. Drilling for new oil is the solution, our senior U. S. senator said. He didn’t exactly say “Drill, Baby, Drill,” as Sarah Palin famously did during the 2008 Vice Presidential debate, […]

Experts say IEA’s pumping of 120mn barrels of oil has limited, short-term impact

Experts and specialists say the International Energy Agency (IEA)’s announcement of a new pumping of oil from emergency reserves of about 120 million barrels to boost energy supplies and calm prices will have a limited and short-term effect. HE the Second Deputy Prime Minister and former minister of energy and industry Abdullah bin Hamad al-Attiyah […]

Is Today’s Energy Shortage Worse Than The 1970s Oil Crisis?

When Middle Eastern oil producers declared an oil embargo on exports to the U.S. in 1973, oil prices soared and the U.S. experienced significant fuel shortages. Today’s energy crisis, which includes not only oil but also natural gas and coal, could be even worse than the infamous oil crisis of the 1970s. The current energy […]

Gazprom Halts Gas Shipments To Europe Via Critical Pipeline

After European nations imported the most gas from Russian sources yesterday in months, scrambling to stock up on supplies as Russian President Vladimir Putin’s deadline to either pay for gas in rubles (or be cut off) came and went, Russian gas giant Gazprom has officially halted all deliveries to Europe via the Yamal-Europe pipeline, a […]

Putin Says Gas Exports to Be Halted If Payments Not Made in Rubles

Russia will halt gas supplies to buyers from ‘unfriendly’ states unless they switch to payments in rubles from April 1, President Vladimir Putin said, the latest strike in a struggle with Europe over energy sales. To buy Russian gas, they need to open ruble accounts in Russian banks,” Putin told officials in a televised speech […]

Russian Oil Sales Going Underground

Away from the public eye. That’s where Russian crude is going as buyers tread carefully in their dealings with the pariah producer. The market is waiting to see if Russian firms such as Surgutneftegas PJSC proceed with monthly sell tenders for ESPO crude this week. The offers are unlikely to attract any bids, oil traders […]

Will the Russian Invasion Accelerate Peak Oil?

It was 1973 when a war between Israel and a coalition of Arab states led Saudi Arabia and other oil producers to impose an embargo on crude shipments to the United States. Oil prices soared, and the way the world consumed energy changed. France built a fleet of nuclear power plants. Japan did, too; it […]

Ecuador’s private heavy crude pipeline bursts in Amazon region

Ecuador’s privately held heavy crude pipeline burst on Friday and technical staff are at the scene working to contain the damage, crude transport company OCP Ecuador said. The incident happened in the so-called Piedra Fina zone, an area in Ecuador’s Amazon where regressive erosion caused the OCP pipeline and the state-owned SOTE pipeline to halt […]

Oil Production Capacity For Dummies

There has been a lot of attention given to the question of whether or not various OPEC+ countries will be able to meet their allowed production targets as the year progresses, given that some—such as Angola and Nigeria—are already well below their allowed levels. This is a major factor behind predictions that oil prices will […]

EIA expects U.S. fossil fuel production to reach new highs in 2023

Source: U.S. Energy Information Administration, Monthly Energy Review and Short-Term Energy Outlook (STEO) After declining in 2020, the combined production of U.S. fossil fuels (including natural gas, crude oil, and coal) increased by 2% in 2021 to 77.14 quadrillion British thermal units. Based on forecasts in our latest Short-Term Energy Outlook (STEO), we expect U.S. […]

Have You Seen 200 Million Barrels of Oil Anywhere?

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The International Energy Agency is trying to figure out where 200 million barrels of oil went. The adviser to energy-consuming nations said on Wednesday that observable global oil inventories plunged by more than 600 million barrels last year. That would be fine were it not for the fact — based on its estimates of supply […]

US becomes world’s top exporter of liquified natural gas

According to ICIS LNG’s ship tracking data, the United States is currently the world’s leading exporter of liquefied natural gas, as shipment demand in the United States is skyrocketing due to the energy crisis in Europe and the shortage in China. LNG exports from the United States exceeded 7.7 million tonnes in December. The United […]

USA Loans Oil to Exxon Again

Exxon Mobil Corp. was granted another oil loan from the U.S. strategic reserves under President Joe Biden’s effort to ease pain at the gasoline pump. Exxon was awarded 2 million barrels as part of the crude-exchange program announced in November after gasoline prices touched a seven-year high. The latest grant brings the total awarded to […]

Mexico to Stop Exporting Oil in 2023 in Self-Sufficiency Quest

Mexico plans to end crude oil exports in 2023 as part of a strategy by the nationalist government of Andres Manuel Lopez Obrador to reach self-sufficiency in the domestic fuels market. Petroleos Mexicanos, the Mexican state-owned producer known as Pemex, will reduce crude oil exports to 435,000 barrels a day in 2022 before phasing out […]

Saudi Arabia’s Exports Surge in October on Higher Oil Prices

Saudi Arabia’s exports soared in October as the world’s biggest oil exporter benefited from higher crude prices. The value of exports jumped to 106.2 billion riyals ($28 billion) from 55.9 billion riyals a year ago, according to the kingdom’s General Authority for Statistics. The share of oil in total exports rose to 77.6% in October […]

Exxon Reports Blaze at Major U.S. Oil Refinery

Exxon Mobil Corp. is working to extinguish a fire at its Baytown facility in Texas, the fourth-largest refinery in the U.S. Four people have been injured in the fire that occurred at about 1 a.m. local time, according to Exxon. Gasoline’s premium to West Texas Intermediate crude rose as much as 6.1% on the New […]

World Economy Entering Period Of Oil Scarcity, Halliburton CEO Says

Halliburton CEO and president Jeff Miller made waves this week by predicting that the world is due for a period of oil scarcity in comments at the World Petroleum Congress in Houston, Texas. “I think that for the first time in a long time, we will see a buyer looking for a barrel of oil, […]

Doomberg: There’s Not Enough Oil

“Nobody goes there anymore. It’s too crowded.” – Yogi Berra We have a small confession to make. Discovery Channel’s Gold Rush is one of our favorite television shows. For those that don’t know, a television is a thing that looks remarkably like a computer monitor, but instead of simply watching whatever you feel like whenever […]

Canadian oil output set to peak in 2032

Oil output from Canada, the world’s fourth-largest producer, is set to climb over the next decade to peak at 5.8 million barrels per day (bpd) in 2032, the Canada Energy Regulator (CER) said on Thursday. The country’s oil production, seen at 5 million bpd in 2021, is likely to remain resilient despite relatively low oil […]

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