The Iranian Deputy Oil Minister needs $150 bn in the next 5 years to stop rampant decline in maturing oil fields. If current production declines and consumption growth in Iran continue on…
Sudan Nile blend in decline – why we should be concerned
Only months after the referendum on the independence of South Sudan – where most of Sudan’s oil is found – the fight over oil between the North and the South in Abyei…
ASPO: 2020 crude oil production down by around 8 mb/d
If everything goes well, that is. Armed conflicts in oil producing countries, socio economic unrest and other unforeseen events impacting on oil supplies are not included in this estimate. The production curves…
Australian 2011 budget allocation road/rail will not mitigate oil crunch
In general terms, the allocation in the Federal Budget 2011 for road and rail is NOT a portfolio of projects which will increase the economy’s productivity in the use of oil which…
Sydney now beyond point of no return
Only days after the ABC TV broadcasted an interview with IEA chief economist Fatih Birol who warned that peak oil happened in 2006 and that the world should have prepared for peak…
Libya oil field battle lines
This is a classical example of a negative feed back loop of peak oil. Armed conflicts about the 2nd half of oil reduce oil production more than oil-geology. In its April 2011 oil market…
EIA terminates updates to International Energy Statistics
In a press release dated 28/4/2011 the Energy Information Administration of the US Department of Energy announced they will terminate updates to International Energy Statistics due to FY 2011 budget cuts. This…
IEA oil crunch warning: governments should have worked on it 10 years ago
http://www.abc.net.au/catalyst/oilcrunch/ http://www.youtube.com/watch?v=RaNz3qS5WAo This is a short summary of the essential statements. The International Energy Agency’s chief economist Fatih Birol “When we look at the oil markets the news is not…
OPEC report: Saudi oil exports to decline
Saudi Arabia’s crude oil production will not increase beyond an average level of 8.7 mb/d (average last 20 years: 8.3 mb/d) until 2015. This is what OPEC Governor Majed al Moneef said…
Australia’s crude oil imports on record high
Australia imported a record 519 Kb/d of crude oil in the 12 months from March 2010 to February 2011, 50 Kbd/d or 11% higher than in the last boom period of 2007/2008….