The Medium Term Oil Market Report of the International Energy Agency (IEA, Paris), published in June 2014, contains a graph which implies that US crude production will start to peak in 2016. Few took notice although the world is continuously occupied with oil and energy related conflicts and wars in Ukraine, Libya and Iraq. So far, oil prices increased only shortly when fights flared up. Apparently oil markets are at ease while the US tight oil “revolution” is underway. But for how long?
Analysis of crude types
Signal Hill Oil Field from Pacific Pathways Magazine – Fall 1948 teaser image via Jasperdo/flickr. Creative Commons No Derivs 2.0 license.