Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on November 24, 2016
10 Countries that Are Running Out of Oil
These 10 countries that are running out of oil will face serious problems down the road unless new reserves are found and tapped into.
For a while now, you can scarcely hear the term peak oil, which was widely used in the past to describe the end of the cheap oil era. For a while, it seemed that we are running out of oil, with the price exceeding $100 per barrel. But then United States shoal revolution got into the high gear, and prices came tumbling down, falling for a while below $40 threshold. For many oil producers, this is hardly enough to keep operating, and for many oil producing countries, especially those in OPEC, low oil prices are creating havoc in governments’ budgets. Still, any call for decreased production in order to bump up the price within the organization has been met with a resolute no from Saudi Arabia, a key player on the market. Determined to force US shoal oil producers into extinction by flooding the market with their oil, Riyadh is confident that it can weather the storm of fiscal deficit. Other countries aren’t that eager to test their limits, especially Russia, but there’s little they can do.
huyangshu/Shutterstock.com
Current low prices are driving the consumption through the roof, and countries like China and India are yet to reach their peak consumption. Both of these countries are still using far less oil per capita than Western countries, but the gap is getting smaller every year. With their limited reserves and production, they are heavily dependent on imported oil and will be even more so in the future. The current paradox of increased demand and falling prices can’t hold for much longer, and when the market corrects itself, there will be some serious consequences, especially for countries that are running out of oil.
In order to create this list, we used data from OPEC 2016 Annual Statistical Bulletin. For each country on the list, we supplied production, proven reserves, estimated time frame when they will run out of oil and imports. Interestingly enough, even some of the countries that produce the most oil are at risk of running out of it.
10. Brazil
Production (1,000 b/d): 2,437.3
Proven reserves (millions of barrels): 16,184
Years of production left at current level: 18 years
2015 import of crude oil (1,000 b/d): 251.7
2015 import of petroleum products (1,000 b/d): 556.6
We kick off with Brazil. South America’s largest economy needs a lot of oil to fuel its growth. Fortunately for Brazil, there’s plenty of domestic oil production to meet the demand. They do import plenty of refined fuel and even some crude oil, but overall production far outpaces the imports.
maradon 333/Shutterstock.com
9. China
Production (1,000 b/d): 4,273.7
Proven reserves (millions of barrels): 25,132
Years of production left at current level: 16 years
2015 import of crude oil (1,000 b/d): 6,730.9
2015 import of petroleum products (1,000 b/d): 1,150.9
China is slowly stepping into the role the United States played in the 1970s and 1980s, that of a glutinous oil-hungry behemoth bent on getting its oil wherever and however possible. With its domestic production peaking in 2015 and on a decline and record high crude oil imports, China is facing a strategic problem of oil dependency, one that will not be easy to solve. The recent warming up of Sino-Russian relations is aimed as a part of the solution, among other things, like an attempt to curb the American influence.
8. Malaysia
Production (1,000 b/d): 665.0
Proven reserves (millions of barrels): 3,750
Years of production left at current level: 14 years
2015 import of crude oil (1,000 b/d): –
2015 import of petroleum products (1,000 b/d): –
The first of only three countries on our list that doesn’t import either crude oil or petroleum products. Malaysia’s oil production is sufficient for domestic needs, with plenty remaining for exports, but when those wells dry up, some adjustment will be needed for the transition to imported oil.
7. Angola
Production (1,000 b/d): 1,767.1
Proven reserves (millions of barrels): 9,524
Years of production left at current level: 14 years
2015 import of crude oil (1,000 b/d): –
2015 import of petroleum products (1,000 b/d): 134.5
Angola’s economy is heavily dependent on oil production. In 2004, 80% of the government’s budget came from oil production taxes. In the same year, the oil industry was responsible for 45% of country’s GDP. While Angola’s oil reserves are plentiful, they aren’t infinite, and some hard steps will be needed to reduce country’s dependence on the oil industry.
QiuJu Song/Shuterrstock.com
6. Indonesia
Production (1,000 b/d): 690.1
Proven reserves (millions of barrels): 3,230
Years of production left at current level: 12 years
2015 import of crude oil (1,000 b/d): 374.4
2015 import of petroleum products (1,000 b/d): 506.0
Indonesia has been one of the larger oil exporters back in the 1980s, but have since then turned into a net importer, due to increased domestic consumption. It does have a significant potential for increased production, with many unexplored oil basins around the country.
marchello74 / shutterstock.com
5. Mexico
Production (1,000 b/d): 2,266.8
Proven reserves (millions of barrels): 9,711
Years of production left at current level: 11 years
2015 import of crude oil (1,000 b/d): –
2015 import of petroleum products (1,000 b/d): 712.9
Mexico’s oil production is in decline and the country produced 200,000 barrels per day less in 2015 than it did in 2011. The current level of 2.2 million barrels is a far cry from 2006’s 3.7 million barrels and status of world’s seventh largest oil producer. In order to maintain productivity in one of the largest oil fields in the world, Pemex has been injecting nitrogen into the giant Cantarell Field. This massive operation was consuming half of the world’s nitrogen production at one point. The results were impressive but short-lived. The decline in oil production is causing severe fiscal problems for the Mexican government, which will require some creative thinking to solve.
Corepics VOF/Shutterstock.com
4. United States
Production (1,000 b/d): 9,430.8
Proven reserves (millions of barrels): 36,385
Years of production left at current level: 10 years
2015 import of crude oil (1,000 b/d): 7,351.0
2015 import of petroleum products (1,000 b/d): 2,050.0
The United States oil reserves are a somewhat controversial topic. The proven reserves of some 36 billion barrels are the highest in United States history. However, in their Statistical Review of World Energy published in June 2016, BP claims that the figure is actually 55 billion. To complicate things further, there are large reserves of oil and natural gas in Outer Continental Shelf, estimated between 66.6 and 115.1 billion barrels, which are currently off limits to oil companies due to US legislation. When all of this is put together, United States have the largest oil reserves in the world, easily surpassing those of Saudi Arabia and Russia and have no business being among the top 10 countries that are running out of oil. However, we decided to go with the OPEC and US Energy Information Administration numbers, since they represent the only proven amount.
3. Norway
Production (1,000 b/d): 1,567.4
Proven reserves (millions of barrels): 5,139
Years of production left at current level: 8 years
2015 import of crude oil (1,000 b/d): –
2015 import of petroleum products (1,000 b/d): –
The third place on our list of 10 countries that are running out of oil goes to Norway. The smallest country on the list exports 8 times more oil and natural gas than it consumes. Unlike the other countries, Norway is actively preparing for the day when their oil runs out, investing a large part of oil income into a fund colloquially known as The Oil Fund. The fund is the largest stock owner in Europe and currently, owns 1% of all global commodities.
Zorandim/Shutterstock.com
2. United Kingdom
Production (1,000 b/d): 879.7
Proven reserves (millions of barrels): 2,755
Years of production left at current level: 8 years
2015 import of crude oil (1,000 b/d): 856.2
2015 import of petroleum products (1,000 b/d): 652.4
After a short stagnation period between 2012 and 2014, United Kingdom’s oil production seems to be ramping up again. OPEC estimates that production in 2015 has been increased by more than 13% compared to 2014. With the expected start of exploitation of Mariner oilfield in 2018, the figure should remain stable, despite the depletion of oil fields currently in use. However, UK’s problems aren’t geological, but rather political. With the unexpected vote on Brexit, there are renewed clamoring for Scottish independence, which could bring up the issue of ownership of North Sea oil fields.
1. Colombia
Production (1,000 b/d): 1,005.6
Proven reserves (millions of barrels): 2,308
Years of production left at current level: 6 years
2015 import of crude oil (1,000 b/d): –
2015 import of petroleum products (1,000 b/d): –
Another country on our list that doesn’t import oil is Colombia. Oil exports play a significant role in country’s fiscal policy, accounting for some 20% of all exports. Almost all of the exported oil goes to the United States. As the peace deal between the government and FARC has been signed, a substantial space for increased production has been opened. Country’s rural region, previously off limit to explorers, could also hold many potential oil fields, which would hopefully increase Colombia’s energy stability. With years of production left at the current level estimated at six, Colombia is on top of this list of 10 countries that are running out of oil.
62 Comments on "10 Countries that Are Running Out of Oil"
Truth Has A Liiberal Bias on Thu, 24th Nov 2016 10:31 pm
Malaysia has been a net oil importer since 2011.
http://mazamascience.com/OilExport/
This article was written by an idiot.
James Tipper on Thu, 24th Nov 2016 10:33 pm
“10 countries that are running out of oii”
All oil-producing countries are running out of oil. People use these semantics to trick themselves into thinking, “Well this country is running out, but this area/region/country has PLENTY of oil.” False, it’s a global equation now.
Next article that should be written:
List of Planets that are running out of oil:
1) Earth
Done, written, perfect.
Truth Has A Liiberal Bias on Thu, 24th Nov 2016 10:37 pm
The only net oil exporters on this list are Angola, Norway, Mexico, and Columbia. Mexico will be an oil importer fairly soon.
Anonymous on Thu, 24th Nov 2016 11:52 pm
“Determined to force US shoal oil producers into extinction by flooding the market with their oil”….
ROFL! I thought this bullshit had been retired, evidently not. If that truly was the case, the uS would have militarily occupied ‘saudi’ Arabia by now and had the ringleaders of this supposed ‘plot’, murdered. Remember this is the same uS that illegally invaded and occupied Iraq and Afghanistan for far less (two nations that didn’t actually ‘do’ anything to the uS).
If the ‘sauds’ were conspiring to wreck the uS ‘shale’ industry. Two things would have occurred long ago. Everyone in knesset, jew york, london, and oh, yea, congress and the senate would have known and been screaming blue murder about it 24/7.
This is of course, hasn’t happened.
Second, these same pols in the mentioned locations, would have mobilized public opinion, and all military, and covert forces at their disposal to topple the ‘saud’ gov’t-and quickly.
This is course, hasn’t happened either.
How the ‘sauds’ on the one hand, are supposed to be waging un-restricted economic warfare against the Jewnited states AND on the other hand, are the recipient of record uS military sales contracts, as well as plentiful direct uS support for its proxy war in Yemen at the same time, is never really explored by this shit piece is it?
James Tipper on Fri, 25th Nov 2016 12:06 am
These articles remind me of shuffling the deck chairs on the Titanic. By looking at the smaller picture, people are able to ignore the larger one.
“How can you say we’re going to peak soon, there’s plenty of oil, we produce more oil now than ever before.” Not so shocking ignorance about not knowing what the word “peak” means. It means top, when we peak, we will be producing at the highest point ever, sort of like the U.S. in 1970.
Imagine if someone said, “How can you say the Titanic will sink? This thing was built to be an inflatable raft after all(which is true by the way)? Besides look at all the happy people dancing, listening to music, and moving their deck chairs about. There’s no way it will sink.” Well unfortunately for those people, it did.
People who don’t assume the absolute worst are going to be the most hit by a rude awakening. Not to mention the tens of millions in this country and every Western country (and several non-Western ones) living a hand-to-mouth existence on the government dole.
I can’t imagine what would happen if food stamps were shut off for 2 weeks in this country, probably mass riots and non-stop attacks. And that’s being optimistic. But even those Americans who are more resourceful, will be hard-pressed to keep their job or find one that pays enough. Then we’ll see some real fucking shit.
Until then these dopes in energy industry will keep popping out incorrect and fanciful articles. Ho-hum!
doomphd on Fri, 25th Nov 2016 12:25 am
I want to say somthing positive about this article: the article has some nice photographs of scenes in the oil patches in various countries.
Go Speed Racer on Fri, 25th Nov 2016 2:38 am
It seems like a good article. I can’t write one
anywhere near that good.
When the oil wells stop producing Jesus will
step out of his greyhound bus, the one converted
into a mobile prayer center.
He will wave his hands at the silent stopped beam pumps, and they will all start producing again,
We will kiss his sandals, and his bus tires in gratitude.
peakyeast on Fri, 25th Nov 2016 5:50 am
@James: The question is if the oil will still be a global commodity once it gets really tight. Nations security and livelighood is based on it and nations has gone to war for much much less good reasons than creating their personal access to oil at others expense.
Marcelo Facatutti on Fri, 25th Nov 2016 6:16 am
This sitte should not publish cowards “anonymous” comments, at least not the stupid ones.
Duane Weaver on Fri, 25th Nov 2016 6:32 am
There is plenty of oil it just hasn’t been located yet. Securing rights to the land and exploring for oil is incredible expensive. No reasonable oil company needs more than 10 to 15 years of reserves. Why spend money today to locate oil that you can sell for more than 15 years? Just because the oil hasn’t been located and proven to exist doesn’t mean it isn’t there.
makati1 on Fri, 25th Nov 2016 6:38 am
Marcelo, and who is to determine which are stupid? You? Me? The site manager?
Perhaps your comment would qualify as stupid? It definitely qualifies as against free speech. Censorship is so anti-democratic.
Careful what you wish for.
makati1 on Fri, 25th Nov 2016 6:40 am
Duane, have you had a reality check lately? The “easy oil” has ALL been found decades ago. And it is now gone. Yes, there are tens of billions of barrels in the ground and there they will stay for eternity for so many simple reasons, I will not bother to enumerate.
Michael T Morris on Fri, 25th Nov 2016 6:52 am
Nice pic of Guanabara Bay, Sugar Loaf Mountain,
Corcovado, and Rio de Janeiro, Brazil for #6 Indonesia.
Davy on Fri, 25th Nov 2016 6:58 am
Makati, I think Marcelo is commenting against extremism in a common sense way in regards to balance and curtesy to other board members. We all have our emotional attachments most are mature enough to limit them. Your failure to see that describes you very well.
James Gonsauls on Fri, 25th Nov 2016 7:19 am
it’s not called shoal oil in the US IT’S CALLED SHALE OIL!!!! LEARN HOW TO SPELL !!!!!
Lew Weingarth on Fri, 25th Nov 2016 7:20 am
These numbers are probably wrong, or maybe it’s better to say they are a really educated and well researched – SWAG (Scientific Wild Ass Guess). My point is that discoveries continue, EOR improves, and demand is as predictable as a tumbleweed in a tornado. Great article, but I’d only bet on this data holding 2 or 3 years. Again, great article, but never bet the farm on any oil related fact long term. After all, we have been about to run out of oil my entire career, and it’s actually been true, then we find more.
D Ol on Fri, 25th Nov 2016 7:22 am
Most of these countries have not bothered to drill offshore wells yet. The easy oil onshore is running out, but there are still exploration sites offshore!
Douglas Buckland on Fri, 25th Nov 2016 7:22 am
That is ‘shale’ oil, not ‘shoal’ oil…..didn’t anyone proofread this?
Davi on Fri, 25th Nov 2016 7:25 am
The world is awash in oil, a recent huge discovery in the US is proof that there is still plenty of untapped resource to come.
Canada has so much oil that it will be many generations before we even start to talk about running out.
This peak oil thing has been bandied around since the 1970s, we have more now than ever.
Nothing but fear mongering by a-holes with nothing better to do.
Piss off.
The Ancient on Fri, 25th Nov 2016 7:28 am
Awful lot of low intelligence knuckledraggers here with their short sighted rants. They probably think the microwave oven is magic; they do not realize that by ‘low’ could mean running dry in 50 or 100 years.
Lew Weingarth on Fri, 25th Nov 2016 7:29 am
Interesting comment on the Titanic. I’ve worked at Harland and Wolff and seen the drawings. Harland and Wolff proposed a safe design that wouldn’t have sank. The White Star upper management went apoplectic, why it cost 15 cents more to build!!!! and canceled the safety features. The biggest problem with the oil patch is upper management. However, oil patch profits are set entirely by supply/demand and have almost nothing do to with upper management. There is no negative feedback mechanism to incentivize talent. The great CEOs are by accident, as are the lousy ones, but it’s what we have. The fact that we are a dying industry – well that’s true – but ALL industries are dying. As a good friend says, good health is simply the slowest way to die. The same is true of oil. Like traders in saber tooth tiger teeth, eventually we will be gone.
D Ol on Fri, 25th Nov 2016 7:32 am
The company that I retired from drilled an oil discovery offshore California, but was not allowed to bring it ashore because of the dumb environmentalists. So they have to import all their gasoline and natural gas from the states who want that tax revenue! Talk about dumb.
JN2 on Fri, 25th Nov 2016 7:40 am
doomphd >>I want to say something positive about this article: the article has some nice photographs of scenes in the oil patches in various countries.<<
LOL. Thanks! Made my day 🙂
Evergreen on Fri, 25th Nov 2016 7:47 am
This article seems to fail to mention or include the recent monster oil and gas discovery in W Texas. Seems if true and I believe it to be the US would drop off of this short list. Additionally, Colombia, has vast area that are yet to be explored in difficult access areas
Elwood Billshot on Fri, 25th Nov 2016 7:53 am
I stand in wonder ! The lengths to which some will go to deny a simple fact. Oil is a finite resource, it will not last forever. To emphatically state there are undiscovered, untapped resources that will support mankind for generations to come is not only foolish but self serving beyond reason. So….you who deny that oil is quickly reaching its end….who do you serve?
Possibly you can explain why Peak Oil would go to the effort to publish information that is less than an accurate assessment?
Who and in what manner could this benefit anyone?
Surely you don’t expect anyone to believe this information is put up just for grins?
David R. Allender on Fri, 25th Nov 2016 7:54 am
It is bound to happen. Why are not nations trying to find an alternative fuel to use. I remember when Bush Jr. was in office a man drove his car around the country using hydrogen. The president being a member of a family envolved deeply in oil, of course said that it will be something to think about down the road in twenty/thirty years. Problem with that kind of thinking shows just how short-sighted he was. He was thinking of today, not tomorrow. We need to provide for tomorrow so we do not come up short. That was about ten years ago. Ha anybody heard anything about checking out hydrogen as a fuel for cars lately? I haven’t and I know why; the oil companies are going to wait till they are just about out of oil before they get off their backside and do something. They are not worried about anything, as long as the money keeps rolling in.
Elwood Billshot on Fri, 25th Nov 2016 8:09 am
Actually David, Toyota has a hydrogen hybrid in the works as we speak. But you are absolutely right about the oil companies, through mainstream media suppressing the information.
Southwest_PA on Fri, 25th Nov 2016 8:16 am
Evergreen, “the recent monster oil and gas discovery in W Texas” is not that. Nothing was discovered. It’s a decades-old shale play that some folks at USGS estimated to contain 20 billion barrels. That was a bigger number than past estimates, and other people’s estimates. But it was not a discovery.
kris agrawal on Fri, 25th Nov 2016 8:22 am
india has already run out of oil and the Rupees to buy with
Cloggie on Fri, 25th Nov 2016 8:38 am
A lot of “irregulars” posting…
onlooker on Fri, 25th Nov 2016 8:42 am
A lot of “irregulars” posting…–
Maybe coordinated concerted effort
gedimick on Fri, 25th Nov 2016 8:56 am
Well first we maybe all be running out of Shoal Oil not for sure about this hydrocarbon. Is this whale oil? Or Off Shore Oil, or could it be Shale Oil? Beats the Pudding Out of me.
Ton D on Fri, 25th Nov 2016 9:01 am
So are we purposely trying to use up all of the worlds oil reserves as quickly as possible? It makes me feel like there is some other commodity, or agenda, that holds more importance.
shortonoil on Fri, 25th Nov 2016 9:02 am
Gold mines usually don’t run out of gold, and tin mines usually don’t run out of tin, but they are often shut down. They close their doors and go out of business. That is because the quality of the ore remaining fell too low for them to be worked economically. The 2000 WEO (World Energy Outlook) placed liquid hydrocarbon resources at as much as 4,300 Gb. The world in the last 158 years has extracted less than 1,700. “Running “Out is an oxymoron. Going out of business isn’t!
Gold mines, tin mines and oil wells are operated to make a profit. Investor put up money, and expect a return on their investment. If they don’t get it the business is sold, or scrapped out. It is that return that determines if an operation is continued, or shut in. It has absolutely nothing to do with the quantity of resource that remains in the ground?
The Bell Weather of the petroleum industry, EXXON, has seen its ROA (return on assets) decline by 65% in the last four years. It has fallen from 13.45% to 4.8%. The decline for the return on its assets went down right along with the price of oil; which fell from $94.05 in 2012 to $48.67 in 2015. If it follows that trend its ROA will hit zero at about $30. During the first 10 months of 2016 the price of WTI averaged $39.40. At an ROA of zero its investors will see no benefit from their investment; except perhaps for the companies scrap value.
As we have been saying for the last three years, the long term trend for the price of oil is down:
http://www.thehillsgroup.org/depletion2_022.htm
The quality of the resource (measured by its ability to deliver energy) has fallen low enough that its ROA is rapidly approaching zero. The 158 year history of the commercial industrial oil age has been spearheaded by a quest for the very best that could be found. What remained was of lower quality. That resulted in lower production wells, higher levels of contaminates, much higher or much lower viscosity, and ever increasing water cut. The overall reserve has declined in quality.
We project that there is absolutely no possibility of the world running out of oil in the foreseeable future. The possibility of investors (whom ever they are) running out of patience is a totally different matter!
http://www.thehillsgroup.org/
onlooker on Fri, 25th Nov 2016 9:15 am
And unlike other resources Oil literally runs the Economy. Thus making its scarcity a matter of economic life and death. To make things worse accessing energy requires energy
ron on Fri, 25th Nov 2016 9:16 am
Americans never pick up a pencil and don’t know how. Thus, the article clearly uses projections based on current numbers – not on increased populations or increased consumption. If increased consumption is factored in, then all the time tables shorten significantly. Moreover, none of the countries dwindle to zero in one year. They slowly dwindle each year, requiring more imports every year, thereby reducing the reserves of several other countries not listed in the top 10.
Thus, their LINEAR projections to zero reserves are very incorrect and must be shortened. All hell will break out long long before they run dry. You can’t even remotely imagine the national or global turmoil just 5 or 10 years from now.
We’ve all HAD our century of fun in the sun. Nothing big enough or in time can overcome the global implosions ahead in OUR lifetime, not the next generation. YOU will wish you hadn’t lived to see it.
Brenda Markham on Fri, 25th Nov 2016 9:21 am
this is all the more reason we have to get away from oil and put money toward renewable energy. we’re destroying ourselves and our planet with ongoing fossil fuel use.
shortonoil on Fri, 25th Nov 2016 9:21 am
“A lot of “irregulars” posting…–
Maybe coordinated concerted effort”
It looks like another bot attack. Expect a lot of that over the next couple of years as the situation crystallizes into its obvious conclusion. There is $53 trillion in assets riding on the public NOT being aware of what is occurring! They will be fighting tooth and nail for every minute that they can continue this charade!
onlooker on Fri, 25th Nov 2016 9:30 am
“They will be fighting tooth and nail for every minute that they can continue this charade!” So true the entire gamut of the reality of our pushing up to limits to growth has been hid under the rug. The masses knowing would not change the trajectory only speed up the unraveling.
Steve on Fri, 25th Nov 2016 9:36 am
I realize that I will be laughed at for sharing this but, the country in the Middle East that has had no oil will soon make a major find. Which is why they will all come to a place called Meggido in the end!
Dean Furnia on Fri, 25th Nov 2016 9:41 am
Forget the peak oil theory. Go with the abionic oil theory. It makes more sense and you will sleep better.
Northwest Resident on Fri, 25th Nov 2016 9:52 am
“A lot of “irregulars” posting…–
I just logged on and opened Yahoo. This article is top of the page link on Yahoo. That explains it.
Mikey Boy on Fri, 25th Nov 2016 9:52 am
We were supposed to run out of oil in the 70s around the same time the new ice age was going to hit. The solar and wind power industry must be behind this fantasy. ‘m surprised it didn’t have a Tesla ad somewhere in the article!
Northwest Resident on Fri, 25th Nov 2016 10:03 am
The big question is, how many countries are running out of economically extractable oil. To get the correct answer, count up all the countries in the world that are producing oil — that’s the number.
Truth is, almost ALL countries have already run out of economically extractable oil. The massive and ongoing debt accumulation over the last thirty years has in fact been a gargantuan subsidy to the oil/energy industry, because without that debt to keep the economy inflated, the number of people who could afford to pay for oil at the REAL production price would have put them all out of business a long time ago. The “fracking miracle” would never have happened.
We are truly at the end of the age of oil. Like shortonoil posts above, we burned everything up that we could make a buck on in the last 158 years. What’s left is nothing but the bitter dregs. This current version of advanced industrial civilization has bankrupted itself, big time. TPTB may have a little bit left on the last credit card, but it won’t be long now until we all have to face up to mathematical reality.
Lars on Fri, 25th Nov 2016 3:35 pm
Hmm, about the semantics here, “running out of” is probably a bit misplaced. ALL oil producers are slowly running out of oil, but even those with a low production/reserve ratio will probably produce oil for many decades to come so they`re not running out of oil anytime soon.
Btw. reserves for Norway at 5,139 bill. barrels are outdated. They are now around 8000 bill. after the discovery of the large Johan Sverdrup field and several smaller fields.
makati1 on Fri, 25th Nov 2016 9:11 pm
Short, yep! I could not access PO for hours this AM. (It is Saturday AM here in the Ps.)
peakyeast on Fri, 25th Nov 2016 9:15 pm
@mak: Same here. Po.com down for 10 hours.
Middleeasternexpat on Fri, 25th Nov 2016 9:20 pm
For all you folks worrying about the US running out of oil, let me put your fears to rest. I worked in the energy industry all my life. There are vast reserves of oil off the east coast of the US, off the east and west coasts of Florida, deep in the Gulf of Mexico, the Marcellus and Donavon shales in the eastern US, the Rocky Mountains, the west coast of the US in particular California and both onshore and offshore Alaska. Lets us not forget that we have huge coal reserves that can be converted into gasoline and diesel plus bio-diesel. Enough said
antaris on Fri, 25th Nov 2016 9:36 pm
Middle, my wife’s cousin says the same shit and after listening to him for 10 minutes you realize he should be on meds or maybe he hasn’t been taking them. You like him?
Apneaman on Fri, 25th Nov 2016 9:48 pm
Middleeasternexlax, well since you say you worked in the energy industry then the matter is settled. Time to close down peakoil.com. exlax has spoken.