Filed under: Uncategorized | Tags: deepwater drilling, EIA, fracking, IEA, liquid fuel production, oil price, oil price predictions, oil production, Peak Demand, peak oil, refinery gain, shale oil, tight gas, tight oil
Via Kurt Cobb in the CS Monitor:
Back in the year 2000, the IEA divined that by 2010, liquid fuel production worldwide would reach 95.8 million barrels per day (mbpd). The actual 2010 number was 87.1 mbpd. The agency further forecast an average daily oil price of $28.25 per barrel (adjusted for inflation). The actual average daily price of oil traded on the New York Mercantile Exchange in 2010 was $79.61
So, what made the IEA so sanguine about oil supply growth in the year 2000? It cited the revolution taking place in deepwater drilling technology which was expected to allow the extraction of oil supplies ample for the world’s needs for decades to come. But, deepwater drilling has turned out to be more challenging than anticipated and has not produced the bounty the IEA imagined it would. …
Filed under: Uncategorized | Tags: Bakken, crude oil, demand destruction, energy, fracking, IEA, KSA, mbd, oil consumption, oil production, Our Finite World, refinery gain, Saudi Arabia, Saudi Arabian oil production, shale gas, shale oil, tight gas, tight oil, Tvberg, Tverberg, unconventional oil, US oil production, WEO, World Energy Outlook
The happy talk on future production is crazier than ever in the latest IEA World Energy Outlook, but there are also some stunningly pessimistic predictions buried inside. Wild!
For instance: The US will become number one oil producuh again and rediscover our lost oil-producing prowess with about 11 million barrels/day (Yay!) — which must mean Saudi Arabia won’t approach IEA’s previous prediction for that country of roughly 15 mbd output (Ooof). And the predicted exporter status of the US (Yay!) relies as much on a huge drop in consumption as it does on increases in production (Ooof). So it’s a bit of a sad day in IEA land, where consumption always went up, up, up.
The International Energy Agency (IEA) provides unrealistically high oil forecasts in its new 2012 World Energy Outlook (WEO). It claims, among other things, that the United States will become the world’s largest oil producer by 2020, and will become a net oil exporter by 2030.
Figure 1. Author’s interpretation of IEA Forecast of Future US Oil Production under “New Policies” Scenario, based on information provided in IEA’s 2012 World Energy Outlook.
Figure 1 shows that this increase comes solely from the expected rise in tight oil production and natural gas liquids. The idea that we will become an exporter in later years occurs despite falling production, because “demand” will drop so much.
Note that IEA and other maniacs add NGLs, biodiesel and even ‘refinery gain’ to the US oil production number, in a crude attempt to fool y’all.