[Tuike]

Saudi Arabia to slash oil production again as OPEC+ extends supply curbs -cnn
“The Kingdom [of Saudi Arabia] will implement an additional voluntary cut in its production of crude oil, amounting to one million barrels per day, starting in July for a month that can be extended,” the state-owned Saudi Press Agency said Sunday.

I read elsewhere, KSA produces 10 million barrels of oil per month, so one million is signifigant.

[AdamB]

$this->bbcode_second_pass_quote('Tuike', '[')url=https://edition.cnn.com/2023/06/04/energy/opec-saudi-arabia-russia-cuts/index.html]Saudi Arabia to slash oil production again as OPEC+ extends supply curbs -cnn[/url]
“The Kingdom [of Saudi Arabia] will implement an additional voluntary cut in its production of crude oil, amounting to one million barrels per day, starting in July for a month that can be extended,” the state-owned Saudi Press Agency said Sunday.

I read elsewhere, KSA produces 10 million barrels of oil per month, so one million is signifigant.

[AdamB]

A modern sober and current peak oil discussion than the hair on fire nonsense of yesteryear.

Today we deep dive fracking and shale, the energy source that put Peak Oil concerns on the back burner for a decade and a half. According to recent analysis by Goehring and Rozencwajg Shale field production is showing signs of sliding down the backside of Hubbert’s curve.

https://www.youtube.com/watch?v=iHzWGnbI9nw

A page from their research commentary/market blog.

Hubbert's Peak is Here
06/02/2023
Topics: Oil
Share:
The only source of growth over the past decade, the shales, are now beginning to show signs of exhaustion.

In 2019 we detailed our neural network and explained why the Permian Basin would peak later in the decade. In retrospect, we were too conservative.

Productivity in the Permian fell last year for the first time in history.

Our newest commentary, Hubbert’s Peak is Here, looks at what is driving lower productivity in the shales, and why recent trends could predict field exhaustion across the shales.

Download our Q1 2023 commentary for insight into:

- Why the Permian may peak later this year
- Why we remain bullish on natural gas
- Trends that could spell the end of the US dollar as a global reserve currency
- Where commodity markets go from here

[jato0072]

Global Peak Oil may still be in the future. This would explain, in part, why we still have economic growth, even if it is anemic.




Over the last 10 years, OPEC appears to be struggling. Non-OPEC is clearly increasing.




I remember some people at the OIl Drum calling for a bumpy Plateau. It appears to have arrived. The million dollar question is; when does the decline set in? It is looking to be sometime after 2030 absent WW3 or some other catastrophic event.

[AdamB]

$this->bbcode_second_pass_quote('jato0072', '
')I remember some people at the OIl Drum calling for a bumpy Plateau. It appears to have arrived.

[theluckycountry]

$this->bbcode_second_pass_quote('jato0072', '
')Global Peak Oil may still be in the future. This would explain, in part, why we still have economic growth, even if it is anemic.

[ralfy]

Also, as pointed out years ago, world oil production per capita peaked in 1979.

[theluckycountry]

Sounds about right, world energy consumption per capita peaked around that time as well. I read that when Saudi Arabian oil was discovered, back in the 1930's I believe, they calculated that it would power the world for an additional 1000 years. All based of course on the fact very little oil was being used at the time. Fast forward 70 years and the world's population had exploded and everyone wanted a couple of cars, mountains of plastic, tires made from oil, etc, etc, etc.

Imagine having tires made from the rubber tree like back in the day, that rubber lasts forever nearly. I have rubber here from the 1950's and it's just a supple as the day it was made into cords (old phone handset cords). I also have 5 year old rubber that has stiffened and cracked, useless. That's what the average person is oblivious to, the fact that the products made today are mostly garbage. Still, if the WEF has it's way they will own nothing and be happy. I think Stalin would have said that back in the day lol. You will be happy, or you will go to the Gulag! Under his dictatorship you weren't even allowed to own a shovel.

[AdamB]

$this->bbcode_second_pass_quote('ralfy', 'A')lso, as pointed out years ago, world oil production per capita peaked in 1979.

[theluckycountry]

$this->bbcode_second_pass_quote('', 'T')he standard Prius Prime gets 127 MPGe

[AdamB]

$this->bbcode_second_pass_quote('theluckycountry', '')$this->bbcode_second_pass_quote('', 'T')he standard Prius Prime gets 127 MPGe

[Tuike]

Saudi Arabia and Russia curb oil supply again to try to boost prices -cnn

Saudi Arabia — the world’s biggest exporter of crude oil — said it would extend a cut of 1 million barrels a day in its oil production at least until the end of August. The cut, which took effect on Saturday, was initially planned to last for the month of July in an attempt to shore up oil prices.

Russia’s Deputy Prime Minister Alexander Novak said that his country would voluntarily cut supplies by 500,000 barrels per day in August by cutting exports. Reuters reported, citing Novak’s office, that Russia would reduce production by that amount, deepening a cut of the same size Moscow implemented in March.

[jato0072]

Demand destruction due to global recession?

[jawagord]

$this->bbcode_second_pass_quote('AdamB', '')$this->bbcode_second_pass_quote('theluckycountry', '')$this->bbcode_second_pass_quote('', 'T')he standard Prius Prime gets 127 MPGe

[Plantagenet]

$this->bbcode_second_pass_quote('Tuike', '[')url=https://edition.cnn.com/2023/07/03/energy/saudi-arabia-oil-production-cut/index.html]Saudi Arabia and Russia curb oil supply again to try to boost prices -cnn[/url]

Saudi Arabia — the world’s biggest exporter of crude oil — said it would extend a cut of 1 million barrels a day in its oil production at least until the end of August. The cut, which took effect on Saturday, was initially planned to last for the month of July in an attempt to shore up oil prices.

Russia’s Deputy Prime Minister Alexander Novak said that his country would voluntarily cut supplies by 500,000 barrels per day in August by cutting exports. Reuters reported, citing Novak’s office, that Russia would reduce production by that amount, deepening a cut of the same size Moscow implemented in March.

[jato0072]

$this->bbcode_second_pass_quote('', 'A')nd there is no end in sight to Biden's drawdown of the SPR.

[AdamB]

$this->bbcode_second_pass_quote('jawagord', '')$this->bbcode_second_pass_quote('', '
')Electric vehicle sales accelerate to record highs in New Zealand

[theluckycountry]

$this->bbcode_second_pass_quote('jato0072', 'D')emand destruction due to global recession?

[theluckycountry]

$this->bbcode_second_pass_quote('jawagord', '
')Electric and hybrid cars make up a fraction of New Zealand’s overall car fleet, and the rebate scheme is a good start but not the entire solution to the country’s transport woes, one analyst said.

“We have one of the oldest and dirtiest car fleets anywhere in the developed world,” said Craig Renney, chief economist for the New Zealand Council of Trade Unions. “We need an integrated approach to this problem, which also includes decarbonising our public transport fleet.”

[AdamB]

$this->bbcode_second_pass_quote('theluckycountry', '
')A lot of wealthy people have emigrated to NZ.