Industrialized Cyclist Notepad


That’s some tricky math

Attention news reporters, editors, producers and quacking heads: The US burns about 18.5 million barrels per day, and produces 7.7.

18.5 – 7.7 is 10.8.

These numbers are from the freakin EIA itself: http://www.eia.gov/petroleum/supply/weekly/pdf/table1.pdf

No wonder the Koreans are kicking our tails in math. We get reports like this, all over the internet and on NPR:

In October, for the first time since February 1995, the U.S. produced more crude oil than it imported, the Energy Information Administration said this week.

EIA, the Energy Department’s nonpartisan statistical arm, said U.S. crude oil production averaged 7.7 million barrels per day in October while 7.6 million barrels per day were imported.

via U.S. oil output tops imports for first time since 1995 – Andrew Restuccia – POLITICO.com.

Even if that were true, all it would mean is that we still have to import half the oil we burn. But we’re not there yet, and may never be (again).



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

via the Export Data Browser:



Reuters: China’s Unipec to take less Iran oil in 2012

Who to believe… Who to believe.

Iran’s oil ministry, National Iranian Oil Co (NIOC) will sell 240,000 barrels per day (bpd) of oil to China’s state oil trader Zhuhai Zhenrong in 2012, the same volume as last year, but volumes sold to Unipec, the trading arm of China’s top refiner Sinopec Corp, will be reduced.

Under the 2011 contract, Unipec lifted 260,000 bpd day of crude from Iran.

via UPDATE 2-China's Unipec to take less Iran oil in 2012 | Reuters.



China pressuring Iran for better terms
February 6, 2012, 09:26
Filed under: Uncategorized | Tags: , , , , , ,

But so far Iran seems to be hanging tough.

http://www.businessworld.ie/livenews.htm?a=2905826;s=rollingnews.htm

See also: China Benefits from US Sanctions



2011 API numbers

…show US, though producing more and consuming less, still importing over 11 mbd in 2011, with just over 2 mbd from Canada.

Via Oil & Gas Journal.


click to enlarge



Japan is in but China and Turkey are out
January 12, 2012, 08:56
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Japan to reduce oil imports from Iran in line with US sanctions after snub from China – The Washington Post.

My sense is that Iran and China can work things out without “the international financial system.” Curious policy from the U.S. now, could work very much in China’s favor.

U.S allies like Japan appear to support the sanctions by “reducing” their oil imports from Iran by some unknown amount.



U.S. tries to leverage China with Iran sanctions
January 12, 2012, 04:12
Filed under: Uncategorized | Tags: , , , , , ,

The terms of the sanctions set arbitrarily by US govt. Could see this coming from the cheap seats.

http://www.nytimes.com/2012/01/12/world/asia/china-balks-as-geithner-presses-on-iran-curbs.html

And let’s just keep this little bit handy –




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