Industrialized Cyclist Notepad


Eighteen

18-year low oil demand. 18 million barrels per day.

18 and I like it.

U.S. Oil Demand Fell to 18-Year Low for January, API Says – Bloomberg.

alice-cooper



Saudi Arabia gets high on its own supply

Leaving less for our late-night Taco Bell runs.

DUBAI, Nov 19 (Reuters) – Saudi Arabia burned record volumes

of crude oil over the summer, official government figures show,

contrary to its aim of using more gas for power generatation to

reduce wastage of crude that it could export.

During the peak period from early June through September,

Saudi Arabia burned an average of 763,250 barrels per day (bpd)

of crude, compared to an average of 701,250 bpd last year and

747,750 bpd in the previous record summer of 2010, official

government data issued on Sunday under the Joint Oil Data

Initiative (JODI) shows.

via Saudi summer oil burning hits record high in 2012 -JODI – Yahoo! News.



Oil Demand in the Developing World
August 15, 2012, 01:47
Filed under: Uncategorized | Tags: , , , ,

Continued to rise even as prices doubled, tripled…Explained in a nice little article by Rapier..

The 20th barrel the average person in the U.S. consumes each year might allow us to drive that 12,000th mile. But the first barrel that someone in a developing country consumes might allow them to drive that very first mile and have heat in their home for the first time. They will be willing to pay a lot more for those initial barrels than we are for our excess barrels, and this explains why their consumption has increased even as oil prices have risen.

http://www.theoildrum.com/node/9386#more


click to enlarge



Structural Decline

Interesting times.

“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.

via RIGZONE – IEA: 2013 Oil Demand Growth Higher On Muted Recovery.



US oil consumption and oil price in Brent

Via Stuart Staniford’s Early Warning:

http://earlywarn.blogspot.com/2012/04/us-oil-consumption-and-oil-prices.html

However, it’s also worth noting that the price required to make consumption decline has increased over time. In 2006-2007, prices of around $70 were enough to make oil consumption flatten and then decline. However, in late 2009 and 2010, similar prices obtained while consumption continued to rise. It took the rise to over $100 in spring 2011 to get consumption to start to decline again.



Vehicle Miles Traveled up slightly in February

+ 1.8% Over Feb. 2011…

Moving 12-month total.

http://www.fhwa.dot.gov/policyinformation/travel_monitoring/12febtvt/12febtvt.pdf



The Five Anxious Dwarves

Interesting piece by Andrew McKillop.

At the current time there is no sign that either of these Nice Theory solutions coming about in the real world, unless we try the conspiracy theory that the OECD group, led by the US, Europe and Japan voluntarily sabotaged their economies in 2008 – to save oil !

 Annual growth of oil demand by China, India, Bangladesh, Pakistan, Brazil, Turkey and other nonOECD, large population, oil importing industrialising countries could hit as much as 1.75 Mbd each year, under 2004-2007 global economic conditions. Not even 2 years of that growth would send oil prices right off the top of the graph. Even with continued slow oil demand growth by the OECD group, or recession-driven decline of their demand … global oil demand can easily bounce.

We can simply note that dependable Peak Oil denial from playful flyweights like Dan Yergin or oil industry stalwarts like former CEO Lee Raymond and E&P chief Jon Thompson of ExxonMobil, or Christophe de Margerie of Total has problems staying on track. The real bottom line on global oil production is increasingly heard:  world oil output will very likely never achieve more than around 90 Mbd on a short-life basis, before terminal decline sets into operation. The only upside is that necessarily more expensive shale oil, and necessarily expensive GTL (oil from gas) may smooth the downslope.

Today’s IEA forecast for global average daily demand in 2012 is about 89.9 Mbd.

via The Magical Decline Of Crude Oil Demand :: The Market Oracle



James Hamilton: A rational reason for high oil prices

“There is no rational reason for high oil prices,” writes Ali Naimi, Saudi Arabian Minister of Petroleum and Mineral Resources, in today’s Financial Times. Well, I can think of one– if oil prices were lower, the world would want to consume more than is currently being produced.

via Econbrowser: A rational reason for high oil prices.



Total Liquid Fuel Consumption

Sam Foucher chart via Chris Nelder’s latest:

http://www.smartplanet.com/blog/energy-futurist/oil-demand-shift-asia-takes-over/400?tag=search-river



Demand from China
February 28, 2012, 02:44
Filed under: Uncategorized | Tags: , , , , , ,

via the Export Data Browser:




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