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: 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: Azerbaijan, Brazil, Canada, depletion, North Sea, Norway, OECD, Oh Heck, oil supply, OPEC, peak oil, Reguly, Saudi Arabia
Like this Eric Reguly character of the Globe and Mail:
Why hasn’t the high price triggered a production surge? The biggie, it seems, is that the non-OPEC countries are simply not up to the job. As Barclays points out, non-OPEC supply last year landed at a full one million barrels a day less than forecast by the International Energy Agency. The North Sea (whose production is shared by Britain and Norway) continued its terminal decline. Brazil and Azerbaijan were also the scenes of production disappointments.
Meanwhile, OPEC, dominated by Saudi Arabia, is sweating exceedingly hard. OPEC production volumes are at three-year highs, to the point that the cartel has only about 1.6 million barrels a day of spare capacity, and still prices are climbing.
Filed under: Uncategorized | Tags: energy, gasoline, Jevon's Paradox, mustachio'd, oil exports, OPEC, peak oil, porn 'stache, taco time, tacos, thoughtful man, Tom Friedman, transportation, Verleger
That’s what oil exporters do! Yup, we’re going to frack our production up about 200% over its current level, and get more efficient of course, and, of course, “do it right,” and then we’ll start exporting crude to those suckers in Japan and Europe. But first —
But all of this depends on an understanding between the oil industry and the environmentalists. If President Obama could pull that off, it would be a huge contribution to America’s security, economy and environment.
Yeah, that’s it. If we can just come to an understanding with the environmentalists, it’s OPEC time!
Friedman is unbelievably bad sometimes. Other times, believably so.
You may also intensely dislike: THOMAS L. FRIEDMAN IS UNSUSTAINABLE
Filed under: Uncategorized | Tags: Azerbaijan, demand, demand destruction, depletion, OECD, OPEC, peak oil, supply
He said, “Any disappointments on the demand side have on average been outweighed by disappointments on the supply side, and in particular the spectacular deceleration in non-OPEC supply after the first quarter started off on a strong note with non-OPEC supply in January increasing by almost 1 million b/d, continuing the momentum seen across the fourth quarter of 2010.” Despite strong growth in production of unconventional liquids, non-OPEC supply growth virtually ground to a halt. Horsnell blamed underperformance in the North Sea, technical issues in Brazil and Azerbaijan, decline rates in China, fires in Canada, strikes in Kazakhstan, and geopolitical disruptions in Sudan, Yemen, and Syria.
“The only bright spot has been the US where the momentum in oil shales has continued to tick higher, helping offset some of the weakness from the rest of the world,” he said.
Could be what Peak Oil looks like.