Insight and inspiration in turbulent times.
Experts point to the doubling of the pace of global demand in the past year, little spare production capacity, continuing terrorist attacks in the Middle East, and a controversial presidential referendum on Aug. 15 in Venezuela, the world’s No. 5 oil producer.
The hope that new technology will increase these production stocks is largely an illusion as its main effect is to deplete the field faster.
Oil will be the driving factor for military intervention in Sudan.
Oil will be the driving factor for military intervention in Sudan. Oddly enough, the oil concession in southern Darfur is currently in the hands of the China National Petroleum Company. China is Sudan’s biggest foreign investor.
Spike in Crude rates a structural phenomenon. Current crisis due to combination of limited resources, increasing demand, driven mostly by China and India
We know oil prices are at a record high. Production has peaked. No major new fields are being discovered. We are running out of oil, except in the Middle East and parts of Africa.
The Venezuelan government say they reserve the right to suspend oil shipments to the USA in case of an eventual conflict or aggression.
Sixty per cent of Saudi production comes from the ‘King of Kings’ field. If this starts to decline, production has peaked.
While much of the world is concerned about whether Saudi Arabia can deliver on its promise to produce an extra 1 million barrels of oil a day, far more attention should be given to OPEC and non-OPEC member countries whose production continues to fall.
The declining oil production of Indonesia and Oman are greater than Saudi Arabias promised increases. Patterns of accelerated decline do not bode well for other old, aggressively worked, fields.
Leading energy analyst believes Saudi Arabia’s crude oil supply near peak; calls for greater global reserve transparency to anticipate ‘cataclysm’
By the time this is being read, currently available oil production capacity all around the world will be producing flat out. How sustainable this proves to be remains to be seen.
