Tag Archives: opec

Blowout Week 141

In this week’s Blowout: Bumper wheat harvest in hottest year; OPEC output falls sharply in August; Apache Corporation makes billion barrel find; Caspian Sea set to add 200,000 bpd; Hurricane Energy finds more oil West of Shetland; US rigs up 7; Rosatom to build 16 nukes in Saudi; Iran begins work on second nuke; UK government may take a stake in Hinkley and renegotiate deal; Corbyn to ban fracking; coal prices surge; global coal consumption rising; 100% renewables in Costa Rica; one new turbine a day in Scotland; US may outlaw biomass in power sector; renewable heat strategy failing in UK; Spain replaces old solar modules; global warming causes profanity. Continue reading

Posted in Blowout | Tagged , , , , , , , , , , | 28 Comments

Blowout Week 140

This week’s Blowout focuses on the “formal commitment” of Presidents Xi of China and Obama of the U.S. to the Paris Climate Accord. Xi may be in a position to commit China but it’s questionable whether Obama has the ability to commit the U.S. without congressional approval. The last time the U.S. signed a major climate accord (Kyoto in 1997) it was promptly and unanimously repudiated by the U.S. Senate: Continue reading

Posted in Blowout | Tagged , , , , , , , , , , , , | 24 Comments

Oil Production Vital Statistics August 2016

World total liquids bounced by a further 790,000 bpd in July partly on the back of continued recovery in Canada. Total liquids now stand at 97.01 Mbpd, down a meagre 70,000 bpd since July 2015.

The oil price staged a modest cyclical rally in August to close at $48.5 (Brent) on August 19th. Robust production from OPEC and Russia combined with large inventories hanging over the market makes me inclined to agree with Art Berman who speculates that prices will remain range bound between £38 and $52 in the near term. Continue reading

Posted in Energy | Tagged , , , , , , , | 1 Comment

Blowout Week 139

Elsewhere in this week’s Blowout: Iran / OPEC deal on the cards; China accused of nuclear espionage; UK government looks for ways to torpedo Hinkley Point; Fessenheim nuclear power plant in France to close; coking coal price on the rise; £200 million pumped storage hydro scheme on Lewis; National grid clutching at straw batteries; Telegraph living in the real world; Tesla cramming in more electrons; Human caused climate change started in 1830; Air Africa to run on Woodbines; France opts for tree wind power over nuclear power. Continue reading

Posted in Blowout | Tagged , , , , , , , , , , , , , , , , , , , , | 99 Comments

What is the Real Cost of Oil?

Asking what it costs to produce a barrel of oil is rather like asking how long is a piece of string? The answer can be anything you want between $1 and $500. But of course the cost of producing oil in an ideal world should be well below the price of oil, leaving room for taxes and profits. The global oil market sets the price and producers need to adjust and adapt their strategies to maintain costs below prevailing prices from time to time. That is the theory at least. Continue reading

Posted in Energy | Tagged , , , , , , , | 38 Comments

Blowout Week 136

This week’s blowout kicks off with a look at the destiny of waste from the US Camp Century base on Greenland and follows up with the proposed OPEC freeze, more on Hinkley Point, molten salt reactors, Rosatom in Belarus, Westinghouse in Ukraine, peak coal in China, renewable subsidies, Brexit, Ofgem should be scrapped, compressed air energy storage and shale gas in China. Continue reading

Posted in Blowout | Tagged , , , , , , , , , , , , , , | 32 Comments

Oil Production Vital Statistics July 2016

Global total liquids bounced by +600,000 bpd in June as Canada partially recovered from the Fort McMurray wild fire and Saudi Arabia flexed its muscles raising production by 200,000 bpd compared with May.

Not surprisingly the oil price has wilted to the vicinity of $43 / bbl. But Bull and Bear forces are beginning to equilibrate. Continue reading

Posted in Energy | Tagged , , , , , , | 11 Comments

Blowout Week 133

This week’s Blowout features the demise of the DECC and its amalgamation into the Department of Business, Energy and Industrial Strategy. Does this signal a sea change in UK government energy policy, or is it business-as-usual under a new banner?

Following up are stories on the reactions of the greens to the disappearance of the DECC and on what Theresa May thinks about climate change. (It seems that she has never established a position; her few recorded utterances are heavy into energy security but say nothing about climate change per se.)
Continue reading

Posted in Blowout | Tagged , , , , , , , , , , , , , | 33 Comments

Oil Production Vital Statistics June 2016

The big news in May’s production figures is Canada down 620,000 bpd in the wake of the Fort McMurray wild fire, Nigeria down 250,000 bpd in the wake of civil unrest on the Niger Delta and Libya down 80,000 bpd as that country disintegrates in the wake of western intervention in its civil war.

Global total liquids production was down 760,000 bpd in May and while the oil price was perky, getting above $50 in early June, it has not really responded to any of those events. Continue reading

Posted in Energy | Tagged , , , , , | 14 Comments

Blowout Week 129

This week’s Blowout focuses on the distressed UK North Sea oil & gas industry followed by speculators foresee $100 oil, Norway’s oil & gas fields lose $50 billion in value, oil industry to cut $1 trillion in spending, squabbles over US Arctic oil leasing, another blow to Japan’s nuclear renaissance, the first US reactor startup in 20 years, bleak outlook for Australia’s brown coal plants, India cancels 16GW of coal, Brexit’s impact on energy investment, smart meters not needed for an EU grid after all, solar potential in Ireland, the National Grid should be broken up, a new submarine cable to France and Obama’s energy storage initiative. Continue reading

Posted in Blowout | Tagged , , , , , , , , , , , , , , , , | 30 Comments

Blowout Week 128

This week we focus on Germany’s Energiewende followed by turning the C in CCS into rock, further job losses expected in UK oil and gas, forecast decline in non-OPEC oil supplies, England not windy enough, unscheduled global oil supply disruptions, more US oil patch bankruptcies, Westinghouse to build nuclear plants in India, Sweden goes nuclear again, Finland to build another nuclear plant, “incident” shuts down Tihange plant, signs of recovery in coal, Brexit to cause loss of UK energy sovereignty, ENSO events influence global temperatures for hundreds of years. Continue reading

Posted in Blowout | Tagged , , , , , , , , , , , | 31 Comments

Oil Production Vital Statistics May 2016

The big news in April’s production numbers is the surge in global production by 250,000 bpd that is largely down to a 300,000 bpd surge from Iran that the IEA now deems to be producing at capacity. The oil price rally continued through May into June with Brent now over $50 supported by the Fort McMurray black swan and growing unrest in the Niger Delta that the WSJ reports has knocked 1 Mbpd off Nigeria’s production. Continue reading

Posted in Energy | Tagged , , , , , , , , | 7 Comments

Blowout Week 127

Global temperatures falling, two Illinois nuclear plants to close, UK solar house-holds to pay insurance for grid access, more threats from Niger Delta Avengers, gas guzzler sales rise, first oil shipment from Yamal, Merkel puts brakes on the Energiewende, fule shortages in France, UK to reconsider coal shutdown, more islands seek 100% renewables, a brighter future for North Sea oil, microbe energy storage, Brexit, US-Russia nuclear cooperation, the Fukushima “ice wall” and why the world isn’t going to meet the 2˚C warming goal. Continue reading

Posted in Blowout | Tagged , , , , , , , , , , , , , | 24 Comments

Can OPEC “freeze” production, or is it already frozen?

Between June and December 2014 the price of OPEC’s oil “market basket” fell from over $100/bbl to less than $50/bbl, causing considerable hardship to the OPEC countries who rely on oil exports to finance their national budgets – which is all twelve of them. Under these circumstances the logical reaction for a cash-strapped, oil-rich country would be to pump more oil to increase revenues , yet only two – Saudi Arabia and Iraq – actually did so. Continue reading

Posted in Energy | Tagged , , | 3 Comments

Blowout Week 121

This week more on OPEC and oil, Russia and Norway struggle to preserve gas market share, China’s floating nuclear plants, Poland’s new wind law, Germany tells Begium to shut down nuclear plants, electronics from coal, there is no Obama “war on coal”, 100% renewables for Australia and for Europe too via the MENA supergrid, SNP wants 50% renewables by 2020, UK shale oil ready to boom, Hinkley delayed yet again, objections to Drax subsidies, the Times says the wrong things about climate change and Subsidy Sam – the answer to Tommy Turbine. Continue reading

Posted in Blowout | Tagged , , , , , , , , , , , , , | 42 Comments

Blowout Week 118

This week we focus on solar power in the United States. A report by the US National Renewable Energy Laboratory has concluded that the country can fill 39% of its electricity needs with rooftop solar PV alone. And that doesn’t include the “immense potential” of ground-mounted PV units. Is an all-solar America on the horizon? Continue reading

Posted in Blowout | Tagged , , , , , , , , , , , , , , | 23 Comments

Blowout Week 117

UK coal plant shutdowns, energy price volatility, the bloated US natural gas supply, the OPEC Doha meeting, Brexit backers and Gazprom calumniate Amber Rudd, IS terrorists threaten Belgian nuclear plants, Peabody Coal claims reports of its death are exaggerated, Tesla’s Powerwall battery wins award, EU renewables investment on the skids, Switzerland’s utilities now feeling the pain of low wholesale prices….. Continue reading

Posted in Blowout | Tagged , , , , , , , , , , , , , , | 21 Comments

Blowout Week 116

This week: the UK aims for a zero carbon economy, Hinkley point still on the drawing board, oil producers to meet, German utilities in trouble, Peabody in trouble, Russia plans Mars attack, Amber Rudd on a Green NGO called DECC, Venezuela on the brink, and UK’s £11 billion smart meter fiasco. Continue reading

Posted in Blowout | Tagged , , , , , , , , , , , | 7 Comments

Blowout week 114

This week: Ocean acidification, OPEC and oil, the Exxon case is referred to the FBI, Congress ups the pressure on NOAA, Germany demands that France shut down Fessenheim, the oil slump undermines the EU’s green agenda, wind power restrictions in Poland, the UK’s first unsubsidized wind farm, UEA abandons its biomass project without telling anyone, Labour wants a Hinkley “Plan B”, the smart energy revolution to save UK consumers £8 billion a year… Continue reading

Posted in Blowout | Tagged , , , , , , , , , | 13 Comments

Oil Production Vital Statistics February 2016

High Oil Price Volatility signals that the market has not yet decided the future direction of the oil price. Global production was marginally lower in January, but outside of the USA, oil production remains robust with rises registered in most producing areas. Production in Iran has begun to rise with 80,000 bpd added in January. US and global rig counts are in steep decline while drilling in the Middle East remains close to all time highs. Continue reading

Posted in Energy | Tagged , , , , , | 7 Comments