What the agreement said Fig 1: Production table from OPEC’s press release referred to as “agreement table” “1. In the fulfilment of the implementation of the Algiers Accord, 171st Ministerial Conference has…
Royal Dutch Shell’s upstream earnings peaked 2008, now in the red
Shell’s upstream earnings1) were in the red since the 1st quarter of 2015 according to first half 2016 reports. Earnings peaked at US$ 6 bn in the 2nd quarter of 2008 and…
U.S. Storage Filling Up with Unaccounted-For Oil
This is a joint post with Art Berman, a geological consultant based in Houston, Texas, and may be seen also on his website http://www.artberman.com/ U.S. crude oil storage is filling up with unaccounted-for…
Australian public broadcaster a true believer in US shale oil supremacy
In yesterday’s 7 pm news ABC TV business presenter Alan Kohler got carried away with the news that the US drilling rig count increased by 2 rigs in the last week: Fig…
Incremental crude production update August 2016
OPEC Fig 1: OPEC’s incremental crude oil production Incremental production for each country is the production above the minimum production for the period Jan 2000 – May 2016 (the latest data available…
China’s oil peak 45 years after the US peak
Fig 1: Oil crisis in China like in 2005? No. By order: Free roads for G20 in Hangzhou https://www.theguardian.com/world/2016/aug/31/china-hangzhou-propaganda-facelift-g20-summit Strategically published only days before the G20 summit the Wall Street Journal had…
Oil reserves and resources as function of oil price
BP Statistical Review: proved reserves not so proven We start with what most people will do, the BP Statistical Review (latest version June 2016). The review’s Excel file contains a work sheet…
Prime Minister Malcolm Turnbull’s exciting energy security in Australia
A miracle happened 1 minute to 12. Two journos asked energy security questions at last week’s National Press Club in which Australia’s Prime Minister Malcolm Turnbull was given a last opportunity before…
80 % of Australian budget deficit comes from lower company tax revenue after GFC (part 3)
In this part on the budget 2016 series we have a look at the federal revenue: Fig 32: Time series of federal tax revenue Income tax was growing strongly at 6% pa…
Peak Oil in Asia and oil import trends (part 2)
We pick up the question from part 1: Fig 11: Homework for governments Let’s have a look where all the net imports into Asia have come from in the past: Fig 12:…