(Conversation recorded on October 5th, 2023)
On this episode, Art Berman returns to give a broad update on the state of global oil – from BRICS+ and shale oil to the Strategic Petroleum Reserve and oil investment. As Art says, ‘oil is the economy’ and understanding the complex dynamics of the oil market provides insight into the entire economic system. How do geological luck and foreign policy create the global stage for oil markets? What is the Strategic Petroleum Reserve, have we been misusing it, and does it matter in comparison to larger energy policy blunders? What are the current dynamics affecting oil prices and how will this affect the long term out-look of oil availability?
Please note: this episode was recorded prior to the Israel/Palestine events of last weekend.
About Arthur Berman
Arthur E. Berman is a petroleum geologist with 36 years of oil and gas industry experience. He is an expert on U.S. shale plays and is currently consulting for several E&P companies and capital groups in the energy sector.
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Show Notes & Links to Learn More
09:38 – Petrodollar
09:51 – BRICS
13:10 – Oil price volatility
15:57 – NAFTA
21:25 – Trump and Saudi Arabia
26:34 – US energy independence
27:35 – Europe Shale Oil
32:50 – Stratified Oceans
33:30 – Cyanobacteria
35:01 – Permian oil availability
35:55 – Oil investment shortage
41:26 – US Oil Decline Rate
43:15 – Strategic Petroleum Reserve
1:10:22 – SPR Drawdown
1:11:06 – US Oil exports