Insight and inspiration in turbulent times.
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.
ASPO’s August Newsletter makes some essential, if bleak, reading. The projected peak date has been moved forward, the collapse of global financial systems and human populations are discussed and much more.
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.
Human nature is such that we tend to wait for a crisis to happen before we react. However, as the current series of articles on the looming energy crisis highlight, we do so at our peril.
Powerdown is a brilliant analysis of the options available to a civilization facing resource depletion, biosphere collapse, and financial insolvency.
Once production peaks then it can’t meet demand and then prices will rise and it will be the equivalent of the oil shock in the 1970s. That will be a huge boost to renewables.
The data I am being told by engineers who have worked on Ghawar suggests that this decade will see it’s peak. As Ghawar goes, so goes the world.
In best-case scenarios, like Exxon Mobil, production is relatively flat. Many more energy companies are pumping less oil than they were a year ago.
The oil majors are quietly panicking because they cannot find sufficient new projects or fields big enough to make a material difference to companies of their size.
