Filed under: Uncategorized | Tags: Bakken, crude oil, energy, IEA, IEA forecast, OECD, oil price predictions, oil supply, OPEC, peak oil, refining capacity, shale oil, tight oil
IEA… Not a good track record with the predictions. Doesn’t stop ’em from throwing out new crazy numbers every year.
While geopolitical risks abound, market fundamentals suggest a more comfortable global oil supply/demand balance over the next five years. The MTOMR forecasts North American supply to grow by 3.9 million barrels per day (mb/d) from 2012 to 2018, or nearly two-thirds of total forecast non-OPEC supply growth of 6 mb/d. World liquid production capacity is expected to grow by 8.4 mb/d – significantly faster than demand – which is projected to expand by 6.9 mb/d. Global refining capacity will post even steeper growth, surging by 9.5 mb/d, led by China and the Middle East.
Filed under: Uncategorized | Tags: bonobos, economics, feudalism, Gini, income inequality, Obomney, OECD, Robama
Gini coefficient is commonly used as a measure of inequality of income or wealth…. For OECD countries, in the late 2000s, considering the effect of taxes and transfer payments, the income Gini coefficient ranged between 0.24 to 0.49, with Slovenia the lowest and Chile the highest.
Clinton you old cad!
Filed under: Uncategorized | Tags: crude oil, demand growth, demand plateau, energy, OECD, oil consumption, oil demand, oil demand forecast, OPEC, Peak Demand, peak oil
“Demand in the OECD is in structural decline and we’re not expecting that to change,” he said, adding that the IEA’s forecasts do take into account recent weaker economic activity in the Asia-Pacific region.
According to the report, which contains the IEA’s first forecasts for 2013, global oil demand will be 1.1% higher than 2012, averaging 90.9 million barrels a day.
The forecasts are more bullish than reports earlier this week from the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries, both of whom projected slower global oil demand growth in 2013 of 730,000 barrels a day and 800,000 barrels a day respectively.
Filed under: Uncategorized | Tags: crude oil production, energy, Forbes, global oil productionoil production statistics, JODI, KSA, OECD, oil production, OPEC, peak oil, production numbers, Russia, Russian energy ministry, russian oil, Russian oil production, Saudi Arabia, Saudi Arabian oil production
…between official Russian oil production numbers and JODI numbers.
Filed under: Uncategorized | Tags: crude imports, Iran, Iran oil exports, Iran oil trade, Iran sanctions, Japan oil imports, Korea oil imports, OECD, OPEC, South Korea, Taner Yildiz, Turkey, unilateral sanctions
As South Korea buys more…
In contrast to Japan, South Korea, the world’s fifth-largest oil importer, increased its imports from Iran in 2011 by 20 percent. It’s refiners have signed deals to import a little more crude again from Iran in 2012.
South Africa’s energy minister said last week he hoped to have a plan by the end of May for replacing Iran supplies, which currently make up a quarter of its crude imports.
But reflecting a problem for several countries, Turkey’s energy minister, Taner Yildiz, told reporters on Wednesday the country could not stop buying Iran crude unless alternative oil sources were found.
Filed under: Uncategorized | Tags: Asia, Chris Nelder, Foucher, global oil consumption, Norway, OECD, oil demand, petroleum consumption, petroleum demand, world oil consumption
Sam Foucher chart via Chris Nelder’s latest:
Filed under: Uncategorized | Tags: Asian oil demand, Chindia, Chris Nelder, demand destruction, efficiency, energy, fat gets trimmed, fuel efficiency, global oil consumption, OECD, peak oil, transportation
Chris Nelder explains a critical dilemma facing American consumers. As total available oil exports decrease (at a rate that would bring them to absolute zero in about four years), inefficient westerners will be outbid by the new Asian “middle class” for these diminishing supplies.
Of course, exports can fall to zero in theory only, not in practice. In reality, high prices will kill the most inefficient, unsubsidized demand first—in the U.S. and Europe. Next, demand will be curbed in net exporting countries, first via the removal of domestic fuel subsidies, and then by world prices. The demand of the four billion people in Asia will be the last to go because they use it most efficiently.
Translation: The fat gets trimmed. The fat is here.