According to data recently published in BP’s 2016 Statistical Review Asian oil production remained at around 8.3 mb/d for 4 years now. Fig 1: Asian oil production We see the dominance of…
Australian budget 2016 underestimates role of oil (part 2)
In part 1 we found that Treasury did not really explain why global growth is slower than expected given the oil price drop. We looked at some parameters like employment, incomes, investments,…
Australian budget 2016 underestimates role of oil part 1
Let’s see how the Budget 2016 deals with oil. http://www.budget.gov.au/2016-17/content/ The most important statement on oil in budget paper 1is summarised in the chapter “Economic Outlook” Box 5 Lower oil prices to…
Australian Public Broadcaster ABC unable to look at oil statistics
Four times in as many months did ABC publish inaccurate statements about US shale oil. A glut of mis-information. This is unacceptable because it leads to wrong policy decisions and has ultimately…
US shale oil peak in 2015
The recent EIA drilling productivity reports show a peaking of shale oil production in the main production regions. https://www.eia.gov/petroleum/drilling/ Fig 1: Bakken production change from old/new wells The 1st panel shows that…
No ticket to ride at Sydney train station
Imagine you are a stressed Sydney motorist and you have finally decided to leave your car at home and take a train to the city. You arrive at a major station like…
Peak oil in the South China Sea (part 1)
The recent deployment of missile launchers and jet fighters on Woody Island of the Paracel islands have put the spotlight on the South China Sea (SCS). Fig 1: The 200 mile Economic Exclusion Zone…
World outside US and Canada doesn’t produce more crude oil than in 2005
After a delay of several months the US Energy Information Administration has published the latest international energy statistics for October 2015 This is an opportunity to update crude oil graphs https://crudeoilpeak.info/latest-graphs Fig…
IEA in Davos 2016 warns of higher oil prices in a few years’ time
World Economic Forum The Transformation of Energy Fig 1: WEF energy panellists 22/1/2016 From right to left: moderator Daniel Yergin (IHS), Fatih Birol (IEA), Hiroaki Nakanishi (Hitachi), Ignacio Sánchez (Iberdrola), Eric Xin…
The myth of US self-sufficiency in crude oil
Google for “US energy independence” and you will get 134k results, “US self sufficiency” yields 10k results. Here are some examples of what the media reports: In Aljazeera’s Inside Story, 10/1/2016, titled…