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Archive for May, 2017

President of the League of Conservation Voters on litigation regarding Arctic and Atlantic permanent protections

By on 8 May 2017 in quotes with 0 Comments

“President Trump is trying to erase all the climate and environmental progress we’ve made. We aren’t about to go down without a fight, and by joining this litigation, we are signaling to Congress our resolute and growing commitment to defending the Arctic and Atlantic permanent protections and halting the expansion of risky offshore drilling.”

Gene Karpinski, President of the League of Conservation Voters

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Peak Oil Review – 8 May 2017

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Peak Oil Review – 8 May 2017

The price slump which began in early April continued last week with NY futures falling below $46 a barrel on Thursday, down from nearly $54 last month. Behind the move are fundamentals saying that a combination of higher US crude production and rebounding Libyan output are offsetting the 1.8 million b/d OPEC/NOPEC production cut. In the past week, several oil ministers supporting the production cut have issued reassuring statements as to how well the cut is being observed; that the cut likely to be extended until the end of the year; and that the 3rd quarter will see substantial progress in easing the oil glut. Outside analysts continue to say that deeper cuts and extending on into 2018 will be necessary to offset booming production in countries not subject to the cut.

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IEA’s executive director on the future of oil markets

By on 1 May 2017 in quotes with 0 Comments

“The key question for the future of the oil market is for how long can a surge in US shale supplies make up for the slow pace of growth elsewhere in the oil sector.”

–Fatih Birol, the IEA’s executive director

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Peak Oil Review – 1 May 2017

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Peak Oil Review – 1 May 2017

Oil prices fell again last week on concerns that the OPEC production cut will not be enough to offset increasing US shale oil production. The reopening of two Libyan oilfields which could bring Libyan production back to the vicinity of 700,000 b/d added to the pressure on oil prices. At week’s close, New York futures were below $50 a barrel with London a couple of dollars higher, both down about 8 percent from their April peak of $54-$55 a barrel.

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