oil Archive

energyUS Crude oil will pass 12 million bpd in mid-2019

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US crude oil production is at 11.6 million barrels per day and will pass 12 million barrels per day in mid-2019. EIA estimates that U.S. crude oil production averaged 11.4 million barrels per day (b/d) in October, down slightly from …

energyVenezuela is months from the end game of total chaos or a coup

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Venezuela’s consumer prices rose 834,000 percent in the 12 months through October, according to a report published by the opposition-controlled Congress. The IMF expects hyperinflation to reach 10 million percent in 2019. The number of private businesses operating in Venezuela …

energyUS Iran oil sanctions officially hit on Monday and Venezuela oil production drops again

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November 5, 2018, US oil sanctions on Iran will officially start. There has already been a 1.1 million barrel per day drop in Iranian oil shipments. Production hasn’t fallen as much as some output is going into storage. About 1.76 …

batteriesMainstream talk about Tesla Effect and 20 years to end age of oil

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Paul Sankey of Mizuho Securities discussed the Tesla effect which is the concept that the 20th century was centered on oil and the 21st century will be centered on electricity, and what it is doing on oil stocks. Sankey says …

energySean Penn and Michael Moore still say Chavez was good

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Hugo Chavez and his successor Maduro have brought starvation and economic ruin to Venezuela. Venezuela did have 60% poverty when Chavez started but starvation and crime rates become far bigger problems under Chavez. Sean Penn in a recent interview on …

energyBrent Crude at $84 per barrel and might reach $100+ per barrel

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China’s top state refiner, Sinopec Corp, halved loading of Iranian crude oil in September. Brent Crude is at $84 per barrel and could go to $100+ per barrel. Various analysis indicate that oil prices will not go that high. There …

energyOil prices go and stay above $80 per barrel for a while

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IEA (International Energy Agency) and Saudi Arabia oil prices will go and stay above $80 per barrel as output from Venezuela and Iran drops. Saudi Arabia lifted output by 70,000 barrels a day to 10.42 million last month. This is …

chinaChina today is foreign oil dependent like Germany in WW2

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The USA produced 70% of the oil in the world in WW2. 20% of the oil was produced by the Soviet Union. The British did not surrender and used its navy to blockade Germany’s oil imports. Germany imported 60% of …

energyUS production more than Venezuela in three different areas

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Venezeula is producing about 1.24 million barrels of oil per day in August. This is half of the oil production that Venezuela had in 2016. The US has two states and the Gulf of Mexico that is producing more oil …

energyUnited States is now the largest global crude oil producer

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The United States passed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s (Energy Information Administration). EIA expects that U.S. crude oil production will continue to exceed Russian …