OPEC update
EIA's short term energy outlook
Peak Oil
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MythOfProgress
- Posts: 140
- Joined: Mon Mar 28, 2022 7:42 am
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MythOfProgress
- Posts: 140
- Joined: Mon Mar 28, 2022 7:42 am
Re: Peak Oil
Global inflation fears as oil price rises towards $100 a barrel
Sun 17 Sep 2023 12.02 BST
Oil prices are on track to reach $100 a barrel this month for the first time in 2023 after surging by almost 30% since June, after Russian and Saudi Arabian production cuts and rising demand from China.
Brent crude, the oil price benchmark, rose to a 10-month high last week of almost $94 a barrel, up from $72 a barrel at its lowest point in June – heading for its biggest quarterly increase since Russia’s invasion of Ukraine.
The lighter US crude, West Texas Intermediate, has climbed from $67 a barrel to $90 a barrel over the same period. Both benchmarks were up by about 4% on the week.
Petrol and diesel prices in the UK have begun to rise modestly, adding 10p to the cost of a litre since June. The motoring organisation RAC said the average price of unleaded fuel was £1.52 a litre on Friday, up from £1.43 in June.
In the US, where tax makes up a smaller proportion of the price at the pumps, gasoline has jumped by more than 10% to $3.90 (£3.15) a gallon (3.8 litres).
https://www.theguardian.com/business/20 ... 0-a-barrel
Sun 17 Sep 2023 12.02 BST
Oil prices are on track to reach $100 a barrel this month for the first time in 2023 after surging by almost 30% since June, after Russian and Saudi Arabian production cuts and rising demand from China.
Brent crude, the oil price benchmark, rose to a 10-month high last week of almost $94 a barrel, up from $72 a barrel at its lowest point in June – heading for its biggest quarterly increase since Russia’s invasion of Ukraine.
The lighter US crude, West Texas Intermediate, has climbed from $67 a barrel to $90 a barrel over the same period. Both benchmarks were up by about 4% on the week.
Petrol and diesel prices in the UK have begun to rise modestly, adding 10p to the cost of a litre since June. The motoring organisation RAC said the average price of unleaded fuel was £1.52 a litre on Friday, up from £1.43 in June.
In the US, where tax makes up a smaller proportion of the price at the pumps, gasoline has jumped by more than 10% to $3.90 (£3.15) a gallon (3.8 litres).
https://www.theguardian.com/business/20 ... 0-a-barrel
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Powers
- Posts: 1183
- Joined: Fri Apr 07, 2023 7:32 pm
- Location: a.k.a Lurking, Member, Lorem Ipsum, ..., --- and ººº.
Re: Peak Oil
^^^ Things like this make me think that population drops will not be that much of a problem. Sure it will not be a good thing but not that bad either.
Re: Peak Oil
It is not just a decline in population that is reducing demand. It is also the increase in use of non-carbon-based fuels that serve as alternatives to fossil fuels.
This is at the core of a lot of political disputes. For example, Biden is willing to encourage use of renewables, while Trump wants to see an increase in both the supply and the demand for fossil fuels.
While policy impacts may be marginal, they are still important. They can make the difference between a slight increase in demand and a slight decrease in demand. To the extent leaders like Biden succeed, we may indeed see a demand related decline (with a lot of help from market driven development of renewables).
This is at the core of a lot of political disputes. For example, Biden is willing to encourage use of renewables, while Trump wants to see an increase in both the supply and the demand for fossil fuels.
While policy impacts may be marginal, they are still important. They can make the difference between a slight increase in demand and a slight decrease in demand. To the extent leaders like Biden succeed, we may indeed see a demand related decline (with a lot of help from market driven development of renewables).
Don't mourn, organize.
-Joe Hill
-Joe Hill
Re: Peak Oil
Led by New U.S Projects, World Set to Quadruple Oil and Gas Production by 2030
by Oliver Milman
April 4, 2024
Introduction:
caltrek's comment: I am not sure how these projections of higher levels of production square with projections of lowered demand.
by Oliver Milman
April 4, 2024
Introduction:
Read more here: https://thebulletin.org/2024/04/world- ... -heading(Bulletin of Atomic Scientists) The world’s fossil-fuel producers are on track to nearly quadruple the amount of extracted oil and gas from newly approved projects by the end of this decade, with the US leading the way in a surge of activity that threatens to blow apart agreed climate goals, a new report has found.
There can be no new oil and gas infrastructure if the planet is to avoid careering past 1.5C (2.7F) of global heating, above pre-industrial times, the International Energy Agency (IEA) has previously stated. Breaching this warming threshold, agreed to by governments in the Paris climate agreement, will see ever worsening effects such as heatwaves, floods, drought and more, scientists have warned.
But since the IEA’s declaration in 2021, countries and major fossil fuel companies have forged ahead with a glut of new oil and gas activity. At least 20bn barrels of oil equivalent of new oil and gas has been discovered for future drilling since this point, according to the new report by Global Energy Monitor, a San Francisco-based NGO.
Last year, at least 20 oil and gas fields were readied and approved for extraction following discovery, sanctioning the removal of 8bn barrels of oil equivalent. By the end of this decade, the report found, the fossil-fuel industry aims to sanction nearly four times this amount – 31bn barrels of oil equivalent – across 64 additional new oil and gas fields.
The US, which has produced more crude oil than any country has ever done in history for the past six years in a row, led the way in new oil and gas projects in 2022 and 2023, the report found. Guyana was second, with countries in the Americas accounting for 40% of all new oil sanctioned in the past two years.
caltrek's comment: I am not sure how these projections of higher levels of production square with projections of lowered demand.
Don't mourn, organize.
-Joe Hill
-Joe Hill
Re: Peak Oil
CNPC: China Reaches Refined Oil Demand Peak
Dec 13, 2024, 1:30 PM CST
China, the world’s heavyweight oil consumer, has officially hit its peak. According to CNPC’s Economics & Technology Research Institute, the country’s refined oil consumption maxed out in 2023 at 399 million metric tons (roughly 8 million barrels per day) and is set to decline by 1.3% in 2024.
For an economy that’s been a relentless driver of global oil demand for decades, this news is striking.
As for the reasons behind the shift, they can be chalked up in part to electric vehicles, which are taking over Chinese roads. By 2035, half of the country’s car fleet is expected to be EVs, so some are predicting.
This, combined with a rise in alternative fuels for trucks, is expected to slash demand for gasoline and diesel by as much as 50% from 2023 levels--if CNPC predictions ring true.
https://oilprice.com/Latest-Energy-News ... -Peak.html
Dec 13, 2024, 1:30 PM CST
China, the world’s heavyweight oil consumer, has officially hit its peak. According to CNPC’s Economics & Technology Research Institute, the country’s refined oil consumption maxed out in 2023 at 399 million metric tons (roughly 8 million barrels per day) and is set to decline by 1.3% in 2024.
For an economy that’s been a relentless driver of global oil demand for decades, this news is striking.
As for the reasons behind the shift, they can be chalked up in part to electric vehicles, which are taking over Chinese roads. By 2035, half of the country’s car fleet is expected to be EVs, so some are predicting.
This, combined with a rise in alternative fuels for trucks, is expected to slash demand for gasoline and diesel by as much as 50% from 2023 levels--if CNPC predictions ring true.
https://oilprice.com/Latest-Energy-News ... -Peak.html