Prices by themselves are not helpful in understanding why the energy crisis has emerged and how it is likely to develop. Richard Heinberg gives an overview that emphasizes systemic causal connections and feedbacks.
“Global oil inventories are falling because of OPEC and non-OPEC production cuts, but the road to market balance will be long.” –Arthur Berman, Consulting Geologist
In a joint post Art Berman and Matt Mushalik analyzed US crude oil inventories as reported by the EIA.
A recent vacation afforded me the opportunity to read The Oracle of Oil, Mason Inman’s excellent new biography of Marion King Hubbert.
The latest EIA drilling productivity report (11th April 2016) shows US shale oil production continuing to decline in Bakken, Eagle Ford and Niobrara while the Permian has flattened out.
A weekly roundup of peak oil news, including: -Oil and the Global Economy -Middle East and North Africa -China -Russia -Briefs
Many have heard of peak oil, but few seem to understand what it really means, and fewer still know much of anything about the father of the idea, M. King Hubbert.
It has been a volatile week for oil with prices settling Wednesday at $38.32 in New York and $39.85 in London. Some traders still seem to be fascinated by the upcoming meeting in Doha on April 17th to “freeze prices.”
A mid-week update. Oil prices continued to fall on Monday of this week, pushing Brent prices to lows not seen since 2004 and West Texas Intermediate to below $34 a barrel for the first time since 2009.
You want $40 oil? Yes, please. But according to the World Energy Outlook 2015 of the International Energy Agency, recently released in London, that would mean 3 mb/d less US tight (shale) oil by 2020.
After nearly 30 years of inaction, will 2015 be seen as the year that the “war on climate change” started in earnest?
If oil prices remain low Iraq will not get out of its current budget deficit. That will worsen all other problems this country is already suffering from.