Give us fuel, give us fire, and give us the profits that we desire. The world has reached the peak of oil production or will very soon. The exact years of peak oil production have been predicted before. Each prediction…
In March 1999 the cover of The Economist carried the bold headline “Drowning in Oil.” In December 1998 the price of Brent crude oil had dipped below $10 per barrel to then lie just over that mark. By October 2003…
On New Year’s Eve, the players in the fracking industry popped their champagne corks, but it was not to celebrate wonderful success as they had done the year before. Rather it was to drown their sorrows. The USA’s Energy Information…
Since last autumn there has been an overproduction of oil in the USA compared to what the market, OPEC, and Saudi Arabia had planned. I have previously discussed how there is insufficient storage for this excess oil. It is relatively…
A look at the IEA’s “Oil Medium-Term Market Report 2015” On Tuesday 10 February at 13:00 GMT the IEA released its “Oil Medium-Term Market Report 2015″. The day before the release I was contacted by Jens Ergon at Sveriges Television…
This 21 November the world’s oil analysts are attempting to guess what OPEC will decide at its meeting in Vienna on 27 November. Before each OPEC meeting, Bloomberg News asks some analysts their opinions on OPEC’s future oil production. Yesterday…
(This is the final reply in the discussion on “The falling oil price may presage a future recession.”) In reply to my previous contribution, “The falling oil price may presage a future recession,” Civil Economist Magnus Grill (19 October in…
Since July the price of Brent crude oil has fallen from $113 per barrel to $85.62 (on October 14). Historically we saw a similarly rapid fall in the in the oil price in late 2008 followed by the start of…
The news is spreading around the world that Rosneft and ExxonMobil have been successful in their joint effort to find oil in the Kara Sea up in the Arctic. Personally, I am doubtful that we should produce this oil, but…
If one studies the world’s oil resources and oil production, then the Arabian Peninsula is of central interest. The remaining monarchies of the region have established the Gulf Cooperation Council (GCC). It was formed in 1981 as a response to…