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Looking Back 10 Years After Peak Oil

All views expressed here are those of Verwimp Bruno and do not necessarily represent those of Ron Patterson. 1. INTRODUCTION Peak Oil is the moment in time when, on a global scale, the maximum rate of oil production is reached. The moment after which oil production, by nature, must decline forever. Since Earth is a closed system, next to this production (supply) event, there must be an equal demand event: Peak Oil Consumption. Since there are no substantial above ground deposits, Peak Oil Production and Peak Oil Consumption must coincide. The world consists of a lot of different countries, some of which are already far beyond peak oil production That leads to the assumption the world as a whole reaches peak oil production. On the demand side, it is worth looking, because different countries have different economies, different degrees of development, and so on, if, while some countries still […]

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Peak Oil Info-Graphic

Have we peaked? Interesting info graphic put together by Chiltern Thrust Bore LTD. 2 Comments on "Peak Oil Info-Graphic" GregT on Sat, 24th Oct 2015 2:57 am “Peak oil is a concept that was originally devised by M King Hubbert in the 1950s. The basic concept is that once oil production reaches it’s maximum output, a sharp decline will follow causing huge economic problems.” No need to worry folks, no huge economic problems in the foreseeable future. Everything is A OK. Now back to your regularly scheduled programming, and don’t forget that consumption is the key to prosperity.

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Peak Oil Has Officially Peaked

The idea that we will use up all of the earth’s oil has just gone from extreme to ludicrous. According to a new report by BP plc (BP) , the oil game has significantly changed over the last few years. What you thought you knew about how the oil industry works is wrong. But that doesn’t mean we are in any worse shape than before. However, if you are even thinking about getting into today’s incredibly low-priced oil company’s stocks, you need to pay attention. BP’s report, titled "New Economics of Oil," lays out why conventional thinking about oil production and prices is all wrong. For starters, the "Beverly Hillbillies" idea of get-rich-quick oil finds is over. Oil is not something that is found in huge quantities that can be traditionally drilled for decades anymore. Geologists have gotten darn good at finding the big fields, leaving new ones in […]

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Saudi Arabia oil reserves reach record level

In late summer 2015, commercial oil reserves of Saudi Arabia reached 326.6 million barrels, thus setting a new record for the world’s largest oil supplier since 2002. Thus, the level of oil reserves in July amounted to 320.2 million barrels, while oil exports fell from 7.28 million barrels per day in July to 7 million barrels a day in August, Bloomberg says. According to expert Mohamed Ramadi, a decline in oil exports from Saudi Arabia reflects the realities of present-day market. Oil production in Saudi Arabia declined from 10.36 million barrels per day in July to 10.27 million barrels a day in August , Pravda.Ru reports with reference to RIA Novosti. In September, Saudi Arabia reported the production of 10.23 million barrels a day. In June, the country reached its peak in oil production since 1980 with 10.56 million barrels a day. pravda.ru

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