Is the world drowning in oil?
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…
Kjell Aleklett
Kjell Aleklett is Professor of Physics at Uppsala University in Sweden where he leads the Uppsala Global Energy Systems Group (UGES).
The Fracking Year 2015
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…
Closing the fracking valve
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…
The crash in the price of oil may change the oil market
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…
200 billion barrels of new oil production is needed by 2030
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…
Peak Oil is still our future’s reality
(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…
The falling oil price may presage a future recession
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…
Russia (Rosneft) and the USA (ExxonMobil) strike oil in Arctic well
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…
Aging oil fields can turn the Arabian Peninsula into a powder keg
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…
OPEC’s 165th meeting: “Everybody is happy”
On 11 June OPEC held its 165th meeting in Vienna, and the organization’s 12 members decided to maintain its production volume of 30 million barrels of oil per day (Mb/d). The meeting is reported in the OPEC Bulletin 6 They…