Posted on 11/05/2019 1:39:13 PM PST by Oldeconomybuyer
A surge of oil production is coming, whether the world needs it or not.
The flood of crude will arrive even as concerns about climate change are growing and worldwide oil demand is slowing. And it is not coming from the usual producers, but from Brazil, Canada, Norway and Guyana — countries that are either not known for oil or whose production has been lackluster in recent years.
The oil-supply outlook is a sharp departure from the early 2000s, when prices soared as producers strained to keep up with ballooning demand in China and some analysts warned that the world was running out of oil.
Then came the rise of hydraulic fracturing and drilling through tight shale fields, which converted the United States from a needy importer into a powerful exporter. The increase in American production, along with a choppy global economy, shaved oil prices from well more than $100 a barrel before the 2007-09 recession to about $56 on Friday for the American bench mark crude.
Production of more oil comes at a time when there is growing acknowledgment by governments and energy investors that not all the hydrocarbons in the ground can be tapped if climate change is to be controlled. But exploration decisions, made years ago, have a momentum that can be hard to stop.
(Excerpt) Read more at sfgate.com ...
I’m scared.
Let them freeze in the dark!
Often forgotten is how Trump turning back on our oil exports and expanded LNG exports has hurt Russia’s energy-dependent economy and stranglehold of Europe.
Ping.
but, but, but... PEAK OIL!!!
Ridiculous statement. Just shoe-horned into the article.
Me too! As gas prices plummet back to $.25 gal. Oh the horror!
If demand is slowing, isn’t that a good thing for the back-to-the-stone-age crowd?
Anyway, where’s the “peak oil” crowd?
Keep leading the way CA. Pretty soon you have regressed your economy so far you will not have the technology to print this ignorant hysteric nonsense
These same analysts are now predicting climate change will end the world as we know it in 11 years.....and will of course be wrong again.
Call me when these scare mongers and climate religious zealots move and live completely off the grid. Until then this is nothing more than the rantings of lunatics.
From the article:
“Norway’s rebound from 19 years of decline began a few weeks ago as Equinor began production in its Johan Sverdrup deepwater field. The field will eventually produce 440,000 barrels a day, increasing the country’s output from 1.3 million barrels a day to 1.6 million next year and 1.8 million in 2021.”
“In Brazil, after years of scandal and delays, new offshore production platforms are coming online. Production has climbed over the past year by 300,000 barrels a day, and the country is expected to add as much as 460,000 more barrels a day by the end of 2021. In the coming days, Brazil is scheduled to hold a major auction in which some of the largest oil companies will bid for drilling rights in offshore areas with as much as 15 billion barrels of reserves.”
“In Canada, the 1,000-mile Line 3 pipeline that will take oil from the Alberta fields to Wisconsin, is near completion and awaiting final permitting. Energy experts say that could increase Canadian production by a half million barrels a day, or about 10%.”
“And the most striking change will be in Guyana, a tiny South American country where Exxon Mobil has made a string of major discoveries over the past four years. Production will reach 120,000 barrels a day early next year, rising to at least 750,000 barrels by 2025, and more is expected after that.”
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It all sounds like good news to me...
Make California Venezuela again!
Clifford Krauss is an evil liar.
OK can we now get the corn out of the gas?
.
Bob Brinker’s not gonna be happy ...
Like this is bad news or something.
Winter is coming. Perfect timing!
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