Industrialized Cyclist Notepad


Oil will decline shortly after 2015, says Rech
January 5, 2012, 11:57
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Q: What do you foresee? Let’s begin with the non-OPEC producers (which represent 58% of production and 23% of global reserves).

Rech: Outside OPEC, things are clear: of 40 million barrels per day (mb/d) of conventional petroleum extracted from existing fields, we face an annual decline on the order of 1 to 2 mb/d.

via Oil will decline shortly after 2015, says former oil expert of International Energy Agency | Oil Man.

Roughly 5% annual decline in conventional supply ongoing.



Potentially biggest oil supply disruption ever
January 5, 2012, 06:46
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“If Hormuz was to be disrupted, we’re talking the biggest disruption the oil market has ever seen,” said Blanch.

“We’ve never seen anything like it, and that’s why we think it’s very unlikely,” he said.

via Bottom Line – Iran oil standoff could mean higher gas prices.

The disruption associated with the Iranian Revolution in ’79 holds the current record. Even Bob Beamon’s record got taken out. (Didn’t it?)

After that disruption, the global supply problem was temporarily fixed in large part due to huge reservoirs that were discovered many years prior to the Iranian Revolution, in Alaska and the N. Sea, coming on line.

This time, we have cooked sand.



South Korea Increases Oil Deal with Iran
January 5, 2012, 05:35
Filed under: Uncategorized

South Korean refiners purchased 190,000 bpd (barrels per day) from Iran last year, according to the Reuters news agency. The country, which rates as the fifth-largest oil importer in the world, will meet with the U.S. to request an exemption from sanctions signed into law by President Barack Obama on Saturday. The sanctions could block refiners from paying for Iranian oil.

via South Korea Increases Oil Deal with Iran – Global Agenda – News – Israel National News.

You see how this works now.