In reviewing BP’s latest Statistic Review of World Energy, the big story for world oil last year was obvious: the USA’s third straight record-breaking increase in average annual production. Just over 75% of the net increase in world oil production during 2014 came from the USA; add in Canada and 90% of the total increase came from North America. Throw in Brazil’s first significant increase in three years and you have all the world’s net gain in world oil production accounted for by three non-OPEC players. Production from all other producers combined was flat. So the question for 2015 is straightforward: will we see a repeat of those gains…and the flat-liners?
Archive for October, 2013
On October 19, 1973, the Organization of Arab Oil Exporting Countries (OAPEC) proclaimed an embargo of oil exports to the United States, in response to U.S. support for Israel in the 1973 Arab-Israeli War. The embargo, which was accompanied by cuts in overall production by OAPEC countries, lasted until March 1974. Oil prices shot up […]
By Tom Whipple 1. Oil and the Global Economy New York oil prices fell last week during volatile trading, closing Friday at $102.02 amidst concerns about the US government shutdown and the possibility of a US debt default later this week. London crude, however, which is more concerned with problems in exports from Libya and […]
By Tom Whipple 1. Oil and the Global Economy The price drop which began in early September continued through last Tuesday, but reversed on Wednesday following the news that the southern leg of the Keystone pipeline would be opening before the end of the year. New York oil traded around $103 on Thursday, then on […]
By Steve Andrews. Early last week, Shell Oil announced it was shutting down its oil shale research project in western Colorado. Combine their departure with Chevron’s exit back in February 2012 and you can count another nail in oil shale’s coffin. Yet since this unconventional resource ranks among the largest in the world, estimated by […]
By Tom Whipple 1. Oil and the Global Economy Oil prices were little changed last week with New York crude trading around $103 a barrel and London around $108. While several of the usual factors moved prices last week – stronger Chinese manufacturing numbers, a falling dollar, and a rebound in Libyan exports – most […]