Total Canadian oil production up 8 percent

33 Comments on "Total Canadian oil production up 8 percent"

Perk Earl on Thu, 12th Feb 2015 3:09 am 



I know the following is off topic, however it needed to be posted somewhere, in which this chief economist on CNBC explains that all this talk of the economy accelerating is wrong – when you go to the link below click on debt rattle then on the video. Great stuff! He says the economy for the last five years continues to move along at about 2% growth.

http://www.theautomaticearth.com/2015/02/debt-rattle-february-11-2015/

• Truth to Power: This Man Will Never Be Invited Back On CNBC (Zero Hedge)

While Steve had a number of hard to hear quotes for the CNBC anchors – such as: “There is no acceleration in underlying economic activity,” and “There’s this wrong concept that I keep on hearing about in the financial press about the acceleration in economic growth… It’s not happening!” A stunned Simon Hobbs rebuffs, “That’s a long list of non-ideal situations we find ourselves in,” to which Ricchiuto snaps back “and we can keep on going!”

“After a string of dismal data on durable goods, retail spending, and inventories, we get a good jobs number and everyone saying the economy’s good – it’s not good! It was Sara Eisen that had the quote of the brief clip… (which has unbelievably been edited out since we posted it seems at around the 1:40 mark) when faced Steve’s barrage of facts about the real economy, replied: “but the key is that’s not what The Fed is telling us.” Summing up the unbelievable ‘faith’ (misplaced beyond all reputational loss) that so many have in the central planners of the world.

Dredd on Thu, 12th Feb 2015 5:36 am 



Whoopie! Pollution up 8%! Woo hoo!

Eight percent more disease, disaster, and death! Word!

Gotta luv barbarian civilization.

Davy on Thu, 12th Feb 2015 6:34 am 



I saw that Perk, the truth bubbles up even among the “Den of Thievery” on Wall Street.

shortonoil on Thu, 12th Feb 2015 8:02 am 



In a late January report, NEB noted the decline in global crude oil prices was in part a reflection of the increase in U.S. oil production. That lead to strains on Canadian oil output, which is expensive to produce.

They still seem to miss that elephant sitting in the chair next to them. Oil prices are down not only because the quantity of oil produced is up, but also because the quality of oil produced is down. When oil becomes less valuable to the consumer, they buy less of it. It doesn’t take a Ph.D in economics to figure that out!

http://www.thehillsgroup.org/depletion2_022.htm

The industry has tried to replace high quality conventional with road tar, and high test camel pea to discover that the economy wasn’t buying it. It slowed down. It wants everyone to believe that nature made all oil equal, as if it was constitutionally mandated. Nature made a little very good quality oil, and a lot of junk. She seems to have done that with everything from trees to CNBC news anchors.

Depletion is continuing its relentless march forward, but the industry keeps hoping that it can produce more, and more low quality oil, and that no one will notice. The FED tried to help, and produced more, and more low quality paper to cover the whole mess up with. The world’s economy has now been reduced to “junk” which is being used to produce more oil that no one wants to buy.

They had better start paying attention to that elephant. They are going to need it to help pull them out of this mess!

http://www.thehillsgroup.org/

Plantagenet on Thu, 12th Feb 2015 9:08 am 



Good to hear that Canadian oil production hasn’t peaked yet

paulo1 on Thu, 12th Feb 2015 9:13 am 



Yes it is, Plant. We agree on that one. Of course, we live in cold countries, don’t we?

For those that complain vociferously about Canadian production, I have one question? What’s in your cereal this morning?

Until they run combines on batts and diesel tractors on ethanol, let along make them without petroleum, we use oil everyday and all day in one way or another.

apneaman on Thu, 12th Feb 2015 10:06 am 



What’s in your cereal this morning? High fructose corn syrupy, Rat Shit, Glyphosate-AKA-Round up, etc…

In essence – toxic grains.

https://nourishingourchildren.wordpress.com/2014/09/03/whats-really-in-the-cereal-bowl/

bobinget on Thu, 12th Feb 2015 11:08 am 



US shale oil boom masks declining global supply
Mark Lewis

When rig count fall feeds through to output, prices should rally
the surge in US shale oil production over the past five years has been truly phenomenal, but the notion that it was ushering in a new age of global oil abundance was always overdone and is looking more exaggerated by the day.

One need only look at the trend in the number of rigs drilling for oil in the US — as published weekly in the benchmark Baker Hughes survey — to see that the shale oil industry is now in severe crisis. The rig count is a leading indicator of US supply, and given the dramatic cutbacks in capital expenditure announced by shale oil operators in the past couple of months in response to tanking oil prices, it is one of the most closely watched indicators in world oil markets at the moment.

The US rig count has been on a downward trend since peaking in early October at 1,609, but the past two weeks have seen a spectacular acceleration of this trend. Following the record drop of 94 units for the week ending January 30, the latest data released on February 6 showed a further decline of 83 units.

The rig count is now down by 469 units (29 per cent) since October, and at its lowest level since December 2011. Moreover, of the 469 rigs dropped, more than half (265) are horizontal drilling rigs, the most productive kind. The scale of the drop since early January in particular is spectacular, with 342 of the 469 rigs dropped since October 10 coming off in the past five weeks alone. In all of the historical Baker Hughes data stretching back to July 1987 there is no precedent for a drop of this severity.

The reason this matters is that US shale oil has been the main driver of global supply growth in the past few years. It has increased by 4.1m barrels per day in the past six years to reach 4.7m b/d in 2014 from only 0.6m b/d in 2008. Indeed, without US shale oil, global crude oil output would have been lower in 2014 than it was in 2005.

Based on the preliminary 2014 supply data provided by the US Energy Information Administration in its most recent Short Term Energy Outlook, the total world crude oil supply increased by 3.5m b/d over 2005-14, rising to 77.3m b/d from 73.8m b/d. However, if we strip out the impact of rising production from US shale oil, the global crude oil supply actually declined by around 1m b/d over this period, to 72.6m b/d from 73.5m b/d.

In turn, this means the outlook for continuing growth in global crude oil output in the next few years depends crucially on the outlook for continuing growth in US shale oil production. And that is a problem as the decline rates of shale oil wells are much higher than for conventional oil wells, which means a large number of new wells must be drilled every year simply to offset natural decline. This drilling treadmill gives rise to a capex treadmill, whereby constant infusions of new capital are required to enable the drilling to continue.

The implications of shale oil’s treadmill dynamics have until now been largely overlooked by the market, but are well understood by Saudi Arabia. Ultimately it is the Saudi policy to maintain production in the face of a supply glut estimated at 1.5m-2m b/d that has caused the 50 per cent drop in oil prices in recent months and thereby prompted the sharp drop in the US rig count.

The Saudis and their Gulf Opec allies realise that the high cost nature of shale oil production requires high prices to keep the drilling treadmill in motion. They calculate that a period of much lower prices will expose the fundamental vulnerability of the shale oil model, thereby prompting a reappraisal.

And that is arguably what is now beginning to happen, with Brent, the international benchmark, up 20 per cent since the catalyst provided by the rig-count data of January 30. After such a rapid bounce there is probably not much further price upside in the short term, as the current oversupply remains large and US shale oil production will probably continue to grow for the next three to four months given the price hedges in place and the backlog of wells still waiting to be completed.

However, once the impact of a dramatically lower rig count starts feeding through into shale oil supply from the middle of the year, prices should start to rally on a more sustained basis, with Brent likely to be back at $75 a barrel by year-end. The shale model simply does not work without high prices, and the market is starting to understand that.

Mark C. Lewis is senior energy and sustainability analyst at Kepler Cheuvreux

bobinget on Thu, 12th Feb 2015 11:28 am 



WE are leaving the ‘era of oil, entering a period of
cheap fuel stock for fuel cells, electric assist vehicles, cleaner burning DOMESTIC natural gas.

NATURAL GAS means we can finally— Bring our Troops Home…

Republicans passed Keystone XL yesterday.
Canada no longer really needs Keystone, the US certainly doesn’t.

We Need Canadian fresh water and
natural gas on America’s West coast.

We will NEED easy access to Canada for climate
refugees from Central and South America and the US. Best keep great trade relations in tact.

Offer water and NG pipelines to replace crude oil transportation.

paulo1 on Thu, 12th Feb 2015 12:13 pm 



Bobinget,

Make sure you relay that sentiment to the US negotiators for the NA softwood lumber agreement. They put a tariff on us off and on for over 20 years trying to protect their uncompetive lumber industry.

From Wiki:
“British Columbia, the major Canadian exporter of softwood lumber to the United States, was most affected, reporting losses of 9,494 direct and indirect jobs between 2004 and 2009.[1]”

They are talking about upping the import duty…again. By the way, bulk exports of water from Canada is illegal and will in all liklihood continue to be illegal as the Conservatives on the edge of getting the boot this coming fall. Liberals and/or NDP wouldn’t do it. (Conservatives would sell their grandmothers for hide and tallow if they could cash out…from what I see.)

We have some hard feelings on this side of the border as you can imagine. I don’t think too many refugees will be welcome, and as for NG it will be sold at world prices, or at least at what the market will bear.

Tme for making nice is long overdue.

regards..

Perk Earl on Thu, 12th Feb 2015 12:17 pm 



Yeah, Davy, ZH got it right I think that CNBC won’t be inviting that guy back. Don’t want to seek truth or veer away from cheerleading.

apneaman on Thu, 12th Feb 2015 5:18 pm 



Alberta oilsands firms announce job losses, red ink

http://www.ctvnews.ca/business/alberta-oilsands-firms-announce-job-losses-red-ink-1.2233527

Genworth warns of rising losses on mortgages from oil-sensitive Alberta

http://www.theglobeandmail.com/report-on-business/economy/genworth-warns-of-rising-losses-on-mortgages-from-oil-sensitive-alberta/article22942576/

Next budget will include 9 per cent spending cut: Alberta Finance Minister

http://www.theglobeandmail.com/news/alberta/nine-per-cent-spending-cut-coming-in-next-budget-alberta-finance-minister/article22936222/

bobinget on Thu, 12th Feb 2015 6:02 pm 



As yet unverified war news:

“ISIS fighters seized most of Ramadi – where 300 US Marines are stationed training Iraqi Forces. ”
12.02.15 | 22:23 Uhr | 65 mal gelesen | So gefunden auf thegatewaypundit.com
ISIS SEIZES RAMADI CITY – 300 US Marines Trapped at Base – Contact With Base Lost

ISIS fighters seized most of Ramadi – where 300 US Marines are stationed training Iraqi Forces. Al-Asad base is near the city – where 300 Marines are stationed. The US Marines at Al-Asad airbase has been under frequent attack since … Continue reading ? weiterlesen …

Nachricht von yahoo.com: Islamic State fighters seize western Iraqi town – officials. Islamic State insurgents took control on Thursday of most of the western Iraqi town of al-Baghdadi, threatening an air base where U.S. Marines are training Iraqi troops, officials said. Al-Baghdadi, about 85 km (50 miles) northwest of Ramadi in Anbar province, had been besieged for months by the radical Sunni Islamist militants who captured vast swathes of northern and western Iraq last year. “Ninety percent of al-Baghdadi district has fallen under the control of the insurgents,” district weiterlesen …

apneaman on Thu, 12th Feb 2015 6:34 pm 



Canadian special forces exchange fire with ISIS extremists for a fourth time

http://www.ctvnews.ca/canada/canadian-special-forces-exchange-fire-with-isis-extremists-for-a-fourth-time-1.2233666

apneaman on Thu, 12th Feb 2015 6:36 pm 



ISIS fighters seize western Iraqi town

http://english.alarabiya.net/en/News/middle-east/2015/02/13/ISIS-fighters-seize-western-Iraqi-town-.html

GregT on Thu, 12th Feb 2015 6:44 pm 



apnea,

From your Cad forces link:

Capt. Paul Forget, a spokesman for the country’s joint operations command, refused to provide details Thursday on the latest episode, citing operational security. But Forget did say it was similar to three previous gun battles in which Canadian troops returned fire while visiting the front line during a planning exercise.

They just happened to be “visiting the front line” when gun battles broke out? Four times in a row?

Honestly. Who makes this shit up?

rockman on Fri, 13th Feb 2015 6:36 am 



As Yogi said: – “Déjà vu all over again: The U.S. military advisory effort in Vietnam had a modest beginning in September 1950, when the United States Military Assistance Advisory Group (MAAG), Vietnam, was established in Saigon. Its mission was to supervise the issuance and employment of $10 million of military equipment to support French legionnaires in their effort to combat Viet Minh forces. By 1953 the amount of U.S. military aid had jumped to over $350 million and was used to replace the badly worn World War II vintage equipment that France, still suffering economically from the devastation of that war, was still using. By the 1960’s elements of the U.S. Army Special Forces and Echo 31 went to South Vietnam as military advisors to train and assist the South Vietnamese Army (ARVN) for impending actions against the North Vietnamese People’s Army of Vietnam (PAVN). United States Marines also filled a significant role as advisors to Vietnamese forces.

As I’ve said before I think the US should have intervened in Vietnam. We just picked the wrong side: today Vietnam could have been our strongest ally in Asia. Besides I much prefer pho to vichyssoise. LOL.

Davy on Fri, 13th Feb 2015 7:01 am 



Folks if you would read about special forces they are all active covertly, overtly, and training missions. You can be sure the Russians are doing special ops in Ukraine. Please anti-Americans we know how bad the US is why be a Mak with a retort?

Apneaman on Fri, 13th Feb 2015 11:06 am 



Global Oil Layoffs Exceed 100,000

http://www.bloomberg.com/news/articles/2015-02-12/oil-layoffs-top-100-000-as-job-pilgrims-dreams-shatter

Apneaman on Fri, 13th Feb 2015 11:26 am 



The US was once allied with the Russians to defeat the Nazi’s. Now they have allied themselves with Nazi’s to fight the Russians. Kind of pissing on the graves of any and all American soldiers who served in the European theater in WWII.

NYT Whites Out Ukraine’s Brown Shirts
February 11, 2015

Exclusive: The New York Times has been more biased on the Ukraine crisis – endlessly promoting State Department propaganda – than when it published false Iraqi WMD stories last decade. Case in point: a story from Mariupol hailing the Azov battalion without noting its neo-Nazi fighters, writes Robert Parry.

https://consortiumnews.com/2015/02/11/nyt-whites-out-ukraines-brown-shirts/

Apneaman on Fri, 13th Feb 2015 11:28 am 



Same thing goes for Canada too. All five eye’s nations for that matter.

Apneaman on Fri, 13th Feb 2015 11:39 am 



This is from RT so it must be un-true.

Maduro: Venezuela has foiled coup directed ‘from Washington’

http://rt.com/news/232023-maduro-coup-us-defeat/

America would never get involved in anything so nefarious.

35 countries where the U.S. has supported fascists, drug lords and terrorists
As the situation in Ukraine continues to fester, a handy history guide — from A (Argentina) to Z (Zaire)

http://www.salon.com/2014/03/08/35_countries_the_u_s_has_backed_international_crime_partner/

OK Davy, this is your cue to come in with your Fox News “Fair and Balanced” spiel and remind us all how some country at some period in history, once did a similarly nasty thing and therefore we should all pretend that it’s not all that important and these things happen and that’s just the way it is and we should just call it a wash, since the Roman’s did bad things too and stuff.

GregT on Fri, 13th Feb 2015 11:47 am 



“You can be sure the Russians are doing special ops in Ukraine.”

That would be my best guess as well Davy, even though there has been zero evidence provided to support that claim. Given the surveillance that US forces have in the region, one should really be questioning why that would be the case. The same can be said for flight MH17. The Russians released their radar and satellite imagery, the Americans released low resolution images from Digital Globe. European, Ukrainian, and US radar data mysteriously vanished into thin air.

You can probably also be very sure that US forces would be carrying out special ops in Canada, if the Russians overthrew the Canadian government and ignited a civil war on the US border. Actually, if that were the case, I’m fairly sure that we would already be embroiled in WW3 by now. The Russians, on the other hand, have shown incredible restraint. Lets just hope that the Europeans can continue to keep Washington at bay.

Davy on Fri, 13th Feb 2015 12:05 pm 



Typical AA retort Fox News fair and balanced. Love it AP got anything else original?

See you guys deflect any admission of your poster girls being involved with mischiefs. The standard anti American retort is how bad the Americans are. There is never any admission that after you have a morning dump your bathroom around that toilet stinks. Mine does and I am here to say that is the smell of poop. I wish others here acknowledged there side stink.

The anti Americans here want you to cut your ear off as a sign of sincerity that you are acknowledging the sins of the U.S. but they themselves have no reciprocity for the sins of others. That my friends is not balance nor fairness.

Davy on Fri, 13th Feb 2015 12:12 pm 



AP, RT, is on my morning MSM news list. Is that good or bad per your filters?

Apneaman on Fri, 13th Feb 2015 1:17 pm 



You have to read between the lines, just like with our western MSM propaganda. I already know you know how to do that, Davy. Us common folk, for better or worse, are getting dragged into it as per usual. To tell the truth, I’m just as worried about an accident/mistake happening as an intentional act of war. We have been lucky it hasn’t already happened. In fact you could almost say it’s been a miracle. One of my favorite shows did an episode on one of the closer calls-maybe the closest ever. I doubt we will ever know about all of them.

Secrets of the Dead: The Man Who Saved the World.

This film explores the dramatic and little-known events that unfolded inside a nuclear-armed Soviet submarine during the Cuban Missile Crisis. While politicians sought a solution to the stand-off, Vasili Arkhipov, an officer aboard the submarine, refused to fire a nuclear torpedo, thus averting disaster.

https://www.youtube.com/watch?v=4VPY2SgyG5w

Apneaman on Fri, 13th Feb 2015 1:24 pm 



Anti Americanism, not anti American.

Davy on Fri, 13th Feb 2015 1:26 pm 



Yea AP, really the world should consider everyday a blessing because of the Cuban missile crisis near miss.

BTW, bought the Tech-NO-fix book you recommended. Good read

GregT on Fri, 13th Feb 2015 1:32 pm 



” I wish others here acknowledged there side stink.”

My government is also supporting Neo-naziism, genocide, and ethnic cleansing in Eastern Ukraine. I am in full acknowledgement that my side stinks.

Davy on Fri, 13th Feb 2015 1:57 pm 



Alright, Greg we better drop the subject of we will be guilty of a Planter glut obsession. I have been told I am obsessive as you all can probably deduce.

The up side of obsessions is a stickler for detail. The Doomstead is very detailed here on the farm.

Apneaman on Fri, 13th Feb 2015 2:17 pm 



While were at the confessional, I guess this as good as time as any to admit to kicking the neighbors cat and stealing that foreign kid’s sack Halloween candy back in the 1970s. Sorry Fluffy, Sorry Ahmed.

GregT on Fri, 13th Feb 2015 2:57 pm 



Would love to see some pictures Davy. What do you have in the way of livestock? Pets?

Davy on Fri, 13th Feb 2015 4:29 pm 



Greg, I will work on a photo-bucket with some pics of the farm.