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US oil demand growth outstrips China in 2013 – IEA

Shale Gas Costing 2/3 Less Than OPEC Oil Converges With U.S. US demand for oil grew by more than China’s last year for the first time since 1999 according to the International Energy Agency, in a startling indication of how abundant energy supplies are driving an economic resurgence in the US. The IEA – the rich world’s energy club whose forecasts are the gold standard for the energy market – said US oil demand grew by 390,000 barrels a day or 2 per cent last year, reversing years of steady decline. Chinese demand grew by 295,000 b/d, the weakest in at least six years. Oil demand figures are closely followed as indicators of economic growth, because use of fuels such as gasoline and diesel indicate the strength of industrial and consumer activity.  As China’s economy has boomed over the past decade its oil demand has surged, while US consumption […]

Posted On : Published By : Tom Whipple
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OPEC December Output Drops to Two-Year Low in Survey

OPEC crude production dropped to the lowest level in more than two years in December, led by a decline in Venezuelan output, a Bloomberg survey showed. Output by the 12-member Organization of Petroleum Exporting Countries decreased 33,000 barrels to an average 29.955 million barrels a day this month from 29.988 million in November, the survey of oil companies, producers and analysts showed. The November total was revised lower by 19,000 because of changes to the Kuwaiti and Ecuadorean estimates. Production slipped to the lowest level since July 2011 as ministers decided to keep their output target unchanged at 30 million barrels a day on Dec. 4 in Vienna. “OPEC production has taken a downward direction since September and it’s continuing,” Mohammed al-Shatti wrote in Kuwait Petroleum Corp.’s newsletter in his capacity as an analyst. “OPEC is […]

Posted On : Published By : Tom Whipple
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The human over population is near

The human overpopulation is near over populated Earths maximum capacity Overpopulation remains the leading driver of hunger, desertification and species depletion across the planet. Conservative estimates report that China’s most recent food crisis, between 1958 and 1961, led to the starvation of over twenty million people, in part due to the erosion of China’s natural capital. Uncontrolled human fertility led to a depletion of the land’s fertility. Previous famines were worse. Over the years, hundreds of millions died a horrible death of hunger. Their misery should teach a sobering lesson about insouciant disregard for the balance between human numbers and natural resources. It gives little satisfaction for sustainable population advocates to point out that the past twenty years saw an […]

Posted On : Published By : Tom Whipple
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IEA sees non-OPEC oil supply growing

The International Energy Agency said Wednesday from Paris it expected crude oil demand to increase at the same time production from non-OPEC members rises. The IEA published its oil market report for December. It raised its estimate of global crude oil demand for 2013 because economies in the 34-member Organization for Economic Cooperation and Development performed well during the third quarter of the year. OECD members include the United States and Canada, two countries leading in terms of oil production from states outside the Organization of Petroleum Exporting Countries. OPEC, in its monthly market report for December, said it expected OECD economies to grow 1.9 percent next year, compared to the 1.2 percent growth rate for 2013. World economic growth is expected to increase from 2.9 percent in 2013 to 3.5 percent next year. Economic growth typically translates to a higher demand for petroleum […]

Posted On : Published By : Tom Whipple
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OPEC Update, November Production Data

OPEC just published their latest  Monthly Oil Market Report  with crude only production data through November 2013. Their October numbers were revised downward by 67,000 barrels per day to 29,827 kb/d. Their November production was 29,633 /b/d. That was 261 kb/d below their unrevised October production and 194 kb/d below their revised October production numbers. OPEC production at 29,633,000 bp/d is at their lowest point since June 2011. As you can see from the chart OPEC has hat two peaks since 2005. Actually these are the two highest peaks ever for OPEC if the EIA data is correct. I only have MOMR data going back to January 2005. The July 2008 peak was 31,672,000 bp/d and the April 12 peak was 31,619,000 bp/d. I thought it might be interesting to plot who was up and who was down since those two peaks. The […]

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OPEC surprised by North American oil production

The Organization of Petroleum Exporting Countries said Tuesday oil supply growth from non-member states, mainly from North America, was greater than expected. OPEC published its monthly oil market report Tuesday. It said supply from non-member states for the year is expected to increase by 1.2 million barrels per day. Non-members should be able to duplicate that level of production next year. “Non-OPEC supply growth in 2013 has performed better than initially expected to stand at 1.2 million bpd,” the cartel’s report said. “Growth is supported mainly by the United States and Canada, adding around 1 million bpd.” Much of the oil production gains in North America have come as a result of the exploration of shale deposits. OPEC said Canadian oil production should average 3.9 million bpd for 2013. Last month, U.S. oil production passed the 8 million bpd mark for the first time […]

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IEA Boosts 2014 Global Oil Demand Estimate Amid U.S. Recovery

Global oil demand in 2014 will be higher than previously forecast, after consumption in the U.S. rebounded to its strongest level in five years, the International Energy Agency said. The IEA forecast today in its monthly oil market report that demand will increase by 1.2 million barrels a day, or 1.3 percent, to 92.4 million a day next year, raising its projection from last month by 240,000 a day. U.S. fuel use rose above 20 million barrels a day in November for the first time since 2008, according to preliminary data. While the agency boosted estimates for the amount of crude OPEC will need to supply, “making room” for the potential return of Iranian exports “could be a challenge for other producers” in the group, it said. “The geopoliticals are now bearish, while the fundamentals are bullish,” Michael Lynch , president of Strategic Energy & Economic Research in Winchester, […]

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OPEC Pumps Least Crude in More Than 2 Years as Saudi Cuts

OPEC reduced crude production in November to the lowest level in more than two years as output dropped below the organization’s 30 million barrel-a-day ceiling for a third month. The Organization of Petroleum Exporting Countries pumped 29.63 million barrels last month compared with 29.83 million in October, OPEC said in its monthly oil market report today, citing data from secondary sources. That’s the lowest since May 2011. The group decided to maintain its output limit of 30 million at a meeting in Vienna last week because members were “all satisfied,” Ali al-Naimi , Saudi Arabia ’s oil minister, told reporters on Dec. 4. “In taking this decision, member countries reconfirmed their readiness to promptly respond to unforeseen developments that could have an adverse impact on an orderly and balanced oil market,” OPEC said in today’s report. Analysts at banks including BNP Paribas SA, Citigroup Inc. and Deutsche Bank AG […]

Posted On : Published By : Tom Whipple