Consumer Energy Report is now Energy Trends Insider -- Read More »

Posts tagged “oil production”

By Robert Rapier on Mar 24, 2009 with no responses

The Next Five Years

Peak Lite and the Current Oil Picture A few years ago, after spending a lot of time thinking about peak oil, and then watching the price of oil break out of its historical trading range and head higher, the idea of Peak Lite came to me. Over time the price of oil had bounced between $10 and $30 a barrel, but about 5 years ago it broke from that pattern and started the steady climb that culminated in $147/bbl last summer. I had been having various debates about whether we were or weren’t at the global peak in oil production (I was taking the ‘not yet but soon’ position), but it started to become clear to me that we didn’t… Continue»

By Robert Rapier on Feb 19, 2009 with no responses

Survival Training Pays Off

When I was working in Aberdeen, Scotland in 2007 I had to fly out to oil and gas platforms in the North Sea. Regulations there require that anyone doing so has to undertake survival training in case a helicopter goes down in the sea while transporting people to the platforms. I previously documented my experience with survival training in Surviving Survival Training. There have been a number of deadly crashes in the North Sea, and steps have been taken to mitigate the risk. One is that everyone has to wear a survival suit when they get on the helicopter. This allows them to survive for a long period of time if they find themselves in the frigid North Sea. Part… Continue»

By Robert Rapier on Dec 5, 2008 with no responses

Rank the Top 10 Oil Stories of 2008

As I recover from a backlog of work, one of the stories I plan to write is a post covering the top energy stories of 2008. Around that theme, Platts just put up a request for reader input on the top oil industry stories of 2008. Their poll runs until Christmas: Rank the top 10 oil industry stories of 2008 Below is the way I would rank the Top 10. I had an easy time ranking the top five, but then it was more difficult to sort them out. My top 10 oil industry stories of 2008: Crude prices soar in 1H, WTI tops $147, Brent right behind Prices collapse below $50 in 2H as demand retreats Ethanol’s struggles: VeraSun… Continue»

By Robert Rapier on Oct 29, 2008 with no responses

IEA Report Leaked

Update: IEA Dismayed Over Leaked Report (says final version to be released on November 12th). —————— A much anticipated report from the International Energy Agency (IEA), World Energy Outlook, has been obtained in draft by Financial Times. The headline says it all: World will struggle to meet oil demand Output from the world’s oilfields is declining faster than previously thought, the first authoritative public study of the biggest fields shows. Without extra investment to raise production, the natural annual rate of output decline is 9.1 per cent, the International Energy Agency says in its annual report, the World Energy Outlook, a draft of which has been obtained by the Financial Times. The findings suggest the world will struggle to produce… Continue»

By Robert Rapier on Sep 10, 2008 with no responses

OPEC Defends $100 Oil

I had a feeling we were going to see this pretty soon in response to falling oil prices. It seems that OPEC has grown fond of the idea of oil >$100/bbl. Iran and Venezuela have both been making noise about the need to cut production to defend that price, and today OPEC announced that they would indeed be cutting production by half a million barrels a day: Oil Rises After OPEC President Calls for End to Overproduction Sept. 10 (Bloomberg) — Crude oil jumped in New York as OPEC President Chakib Khelil called on members to stop producing more than the group’s set quota, a move that would reduce supplies by 520,000 barrels a day. The Organization of Petroleum Exporting… Continue»

By Robert Rapier on Aug 22, 2008 with no responses

Shell Goes Deep

After spending most of my week on Coskata (and actually working at my real job) the energy news has piling up on me. While I still need to clean up some loose ends on Coskata, I also need to clear out some of these other stories. I have an informative guest post on ocean thermal energy conversion (an under-rated energy option, in my opinion), CNN says that expensive oil is here to stay (regular readers will know that this is my mantra as well), Christina Laun gives us 100 tips and tools on how to enjoy a greener career – Number 31 may save your life someday – and Shell has gone ultra-deep with their new Perdido platform. I will… Continue»

By Robert Rapier on Jun 11, 2008 with no responses

Energy Export Databrowser

Jonathan Callahan, a Ph.D. chemist who spent 12 years working for NOAA, has created a very useful databrowser for exploring the supply/demand situation in various countries around the world. Based on BP’s 2007 Statistical Review, it provides a quick and easy way to see the trends for whether countries are consuming or producing, importing or exporting crude oil and natural gas. The tool may be found at Energy Export Databrowser. How useful is this tool? It took me about 5 seconds to pull up the following graphic for crude oil trends in the U.S.: The databrowser contains over 80 countries. The strength of the tool is that it groups a lot of valuable information in one place, and makes it… Continue»

By Robert Rapier on Apr 17, 2008 with no responses

Where Our Oil Imports Come From

Following the theme of the previous post on where we get our gasoline imports, below is the list of our Top 10 sources of oil imports for 2007. For 2007, our Top 10 importers of crude oil into the U.S. in million barrels were: 1. Canada 680.533 million barrels2. Saudi Arabia 530.2453. Mexico 514.484. Venezuela 419.8415. Nigeria 394.8566. Angola 181.2157. Iraq 177.0098. Algeria 161.7559. Ecuador 72.13810. Kuwait 64.306 Source: U.S. Crude Imports by Country of Origin If you compare to the list for gasoline imports, Canada is the only country common to both lists (although “OPEC Countries” in total came in at #10). Any surprises on that list? I am surprised to see Ecuador in the Top 10. I would… Continue»

By Robert Rapier on Apr 11, 2008 with no responses

New Crude Plus Condensate Peak

Per the latest International Petroleum Monthly (Excel download), world crude plus condensate production for January was 74,466,000 million bpd. The previous record in May 2005 was 74,298,000 bpd. The number is subject to revision, but I have been firm since 2005 that I did not believe that peak would stand. My feeling remains that we could grow another 3-5 million bpd, but that we will not be able to grow any sort of cushion, hence Peak Lite and continued high prices. If I had to guess – and these are just guesses – I would say 50% probability of peak within 3 years, 70% probability within 5 years, and >90% probability within 10 years.

By Robert Rapier on Mar 9, 2008 with no responses

Slow Squeeze

I have been thinking a lot lately about the impact of $100+ oil prices on the world economy. Like many others, I am trying to work out the probable implications – for the overall economy, for the U.S. economy, for the energy sector, for my personal finances, and for the average person. I believe we have entered an era of permanently higher oil prices, because 1). Supply and demand are in a very tight balance; and 2). OPEC has been very disciplined about keeping a tight reign on supplies. I just don’t see demanding falling enough, nor supply growing enough, to make a major change in the status quo. In the course of doing a little research, I ran across… Continue»