January Oil Supply

Stuart Staniford is a scientist and innovator in the technology industry with advanced degrees in physics and computer science, This post presents the latest data from the Energy Information Administration (EIA), the International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (OPEC) on crude oil and associated liquids production and price as of […]

Saudi Arabia assures India about oil supplies

The Indian Ministry of Petroleum and Natural Gas said a Saudi delegation “assured affirmative consideration” of a request made during meetings in New Delhi for increased oil supplies to compensate for reduced purchases from Iran. “Acknowledging India’s importance as one of the fastest growing markets in the world,” a ministry statement said, “Saudi Arabia expressed […]

Arrival of Peak Oil as an Historic Event, featuring Colin Campbell

Founder of ASPO, the Association for the Study of Peak Oil, Colin Campbell, discusses the substantial changes industrialized societies will face when petroleum production tops out. Produced and directed by Dave Bowden, Oil Education Television, former Executive Director, ASPO-USA. Filmed in Ballydehob, Ireland, Sept. 200

A look at Iran’s role in world oil markets

The tensions over Iran’s nuclear program have pitted the West against the world’s third-biggest oil exporter. Here are details about Iranian oil. – OIL PRODUCTION: Nearly 4 million barrels per day, or 4 percent of the world’s production. – BIGGEST BUYERS: China, Japan, India, Italy, South Korea. – IMPACT: Since tensions with Iran began escalating […]

India asks Saudi Arabia to raise oil supply

India has asked Saudi Arabia to raise oil supplies by 4-5 million tonnes every year as the country is expanding its refinery capacity to meet growing consumption, Oil Minister S. Jaipal Reddy said on Thursday. “It has no relation to any other country, including Iran,” Reddy said, adding that Tehran will supply almost similar volume […]

Energy independence, or impending oil shocks?

Gasoline is back over $4 a gallon here in California and U.S. crude is holding firm over $100 a barrel, even though domestic demand is off more than 8 percent from the 2005 peak on an annual basis, and a whopping 16 percent on a monthly peak-to-trough basis. And that can only mean one thing: […]

Venezuela and the United States: Joined by Black Gold

Venezuela and the United States claim they want to reduce their co-dependence on oil, as supplier and importer, respectively. But their mutually beneficial relationship continues with hardly a hiccup as the years go by, in spite of heated verbal confrontations. “One reason is that it would not be easy for the United States, as a […]

Iraq to Increase Oil Supplies to Asian Countries

Iraq intends to increase oil exports to Asian countries, including South Korea, spokesman for the Iraqi oil ministry Asym Jihad told Trend on Saturday. “At this stage Iraq prefers Asian oil market. The country plans to increase supplies to South Korea,” Jihad said. Earlier during the meeting between Iraqi foreign minister Hoshyar Zebari and South […]

IEA Director: Oil Market Can Cope With Lost Iran Exports

Oil markets could cope with any loss of Iranian oil exports tied to sanctions, including an abrupt cut to the European Union, a top official with the International Energy Agency said Monday. But the consumer watchdog warned the standoff between Iran and the West was bringing the burden of high oil prices on the global […]

How to Get the Most Out of the North Sea

Forty years ago Aberdeen’s harbor was so packed with fishing boats that you could walk from one quay to another across them. The fishing industry has since declined, as it has elsewhere in Britain. The shipyard has shut too. But the harbor is as busy as ever with giant supply tugs, survey vessels and tankers […]

Saudi Arabia Cuts Oil Output

The world’s top oil exporter, Saudi Arabia, appears to have cut both its oil production and export in December, according to the latest update by the Joint Organizations Data Initiative (JODI), an official source of oil production, consumption and export data. The OPEC heavyweight saw production decline by 237,000 barrels per day (bpd) from three-decade […]

No Peak Oil – Why Then is Saudi Aramco Opening Old Wells for Heavy Crude?

Following the Iranian Revolution in 1979 demand of oil from Saudi Arabia fell from ten million barrels per day (bpd) to three million bpd. As a result of the reduced production many small oil wells were closed down, including the Dammam oil field, home to Saudi Arabia’s oldest wells. Sadad al- Husseini, once the executive […]

How reliable are U.S. Department of Energy oil production forecasts?

Recently the U.S. Department of Energy/Energy Information Administration (U.S. DOE/EIA) came out with their preliminary Annual Energy Outlook 2012 (AEO2012) reference case forecast with considerable fanfare. The fanfare was due in large part to the statement: “U.S. production of domestic crude oil in the AEO2012 Reference case increases from 5.5 million barrels per day in […]

Breaking Past the Clichés on Energy Security

Everything you think you know about energy security and energy independence is wrong. All too often you hear that fossil fuels will soon reach their peak, that our consumption of oil causes global insecurity vis-à-vis rogue states and terrorist organizations, and that the United States would benefit tremendously from becoming completely energy independent. Under closer […]

Iraq Aims to Boost Northern Oil Output to 1 Million Barrels a Day

Iraq aims to increase oil production from various fields to more than 1 million barrels per day by the end of 2014, executives from the Northern Oil Co told AFP. “We adopted a plan to increase the production” and export of oil, said Hamid Abdelrizak al-Saadi, company general manager. An executive in the company’s planning […]

Fox News: bad news from Saudi Arabia

In case you haven’t heard the news yet: The House of Saud is screwed and so are we.

Saudi Arabia cannot pump enough oil to keep a lid on prices

Saudi oil reserves “overstated” – Uploaded by AlJazeeraEnglish on Feb 9, 2011

IEA downgrades Saudi’s output capacit

The latest monthly report of the International Energy Agency contained the usual update on oil supply and demand numbers, but it also revealed a striking fact: the maximum production capacity of Saudi Arabia is lower than we thought. In its February report released last week, the Paris-based watchdog reduced its estimate of the kingdom’s maximum […]

Mr. Darcy’s earth shattering results

A flashback to history provides the background we need to understand why there is a technological revolution happening in the oil and gas industry and why peak oil theorists may need to go back to math class. Imagine a Help Wanted poster that reads something like: “Able bodied and fearless worker willing to fill thin […]

Flawed views on peak oil rear their ugly heads again

The debate over peak oil is stalked by zombie ideas that live on, no matter how many times they are stamped upon. The latest significant article warning of declining oil supplies manages to revive not just one but at least six of these false concepts. An article by the oceanographer James Murray and the former […]

Magical thinking: Kunstler and Berman on natural gas euphoria

Cartoon: Otherwords.org In Episode #192 of the Kunstlercast which aired February 2nd, James Howard Kunstler and Duncan Crary have done us all a great favor by interviewing noted petroleum geologist, Arthur Berman. Berman’s popular in the peak oil world. In addition to his day job as a petroleum geologist and consultant, he’s on the board […]

Is there really so much shale gas in the ground?

Shale gas fever has overtaken America, but we have seen this sort of mania before. In 2003 and 2004, a “hydrogen economy” was touted as the Next Big Thing. The United States was poised to run its 240 million cars and trucks on it some day, and wean itself off of oil. California would lead […]

The Fate Of New Truths: Peak Oil Appears On “Nature”

With the publication of a prominent article on “Nature” in January 2012, the concept of “Peak Oil” has made another step forward in the debate on resource depletion. This article has made me rethink of the past ten years of work that I did as a member of ASPO, the association for the study of […]

U.S. Oil Fields Stage “Great Revival,” But No Easing Gas Prices

The United States has long been seen as a nation in its twilight as an oil producer, facing a relentless decline that began when President Richard Nixon was in the White House. He and every president since pledged to halt the U.S. slide into greater dependence on foreign oil, but the trend seemed irreversible—until now. […]

The Oil Production Peak: Consequences and Costs

The production of oil has not increased since 2005, despite an increase in the demand. This phenomenon, called “Peak Oil”, and its consequences on the price of the oil and for our society, are discussed in a report published in Nature in January 2012. Oil and Its Importance for Our Society Petroleum, normally referred to […]

Saudi Aramco, South Korea S-Oil sign long-term supply deal

Saudi Aramco has signed a rare long-term crude oil supply deal with S-Oil of South Korea in an apparent attempt to defray fears in the Asian country about supply losses from Iran. Last month, the European Union’s imposed sanctions (OGJ Online, Jan. 26, 2012). The deal assures S-Oil, in which an Aramco unit is the […]

Alaska Oil Production

Perception versus the reality of peak oil. I asked 10 Americans the question, “How is oil production going up in Alaska?” Nine said they do not know, and one said great. Here is the truth in my personal Chart of the Day.   Alaska produces about 10% of the oil in the US. It once was producing […]

Iraqi Oil Production

It’s been over six months since we checked in on Iraqi oil production.  After going to the trouble of updating the spreadsheet this morning with four different data sources, I see why.  Watching Iraqi oil production grow is like watching paint dry.  It is growing, but very, very slowly.  At this rate it will take […]

Counting barrels of crude

Industry analysts lately have been counting barrels—barrels of refining capacity lost as plants shut down on both sides of the Atlantic; barrels of crude flowing into the US Midwest and their impact on prices for West Texas Intermediate; and barrels of supply that may be lost if the European Union activates its proposed embargo on […]

Argentina to demand oil, gas fields run at full output

Argentina will demand that oil companies in the country operate oil and gas fields at full output, state news agency Telam said on Saturday, a day after the government cut $461 million in annual tax breaks for big fuel firms amid wider austerity. President Cristina Fernandez’ government blames private sector oil companies for the country’s […]

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