oil Archive

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

0
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

0
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

0
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

0
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 …

economyOver 100 million barrels per day of oil consumption later in 2018 which is $2.2 trillion per year at $60 per barrel

0
OPEC said world oil consumption will reach 100 million barrels per day (bpd) later in 2018. This milestone level will be reached sooner than previously forecast. Mohammad Barkindo told an energy conference in South Africa’s Cape Town that a stable …

cryptocurrenciesWill failed national cryptocurrencies lead to adoption of better cryptocurrencies?

0
Iran is launching a cryptocurrency backed by its national fiat currency the Rial. Transactions will be recorded on a private blockchain based on open-source Hyperledger Fabric technology. The Central Bank of Iran will control the issuance of new tokens at …

economic impactCan India keep fast economic growth despite foreign oil dependence and high costs?

0
India imported 4.8 million barrels per day (bpd) of oil in June, an increase of 10 percent from a year earlier, according to data from shipping and industry sources, with the top three suppliers Iraq, Saudi Arabia and Iran making …

oilVenezuela July 2018 oil production half of 2015 levels

0
Venezuela was producing oil at about 2.6 million barrels per day in 2015. OPEC estimates Venezuela produced 1.278 million barrels per day in July. This is down from 2.15 million barrels per day in 2016 and 1.91 million barrels per …

indiaIndia will become main driver of oil demand growth by 2024

0
India is predicted to overtake China as the biggest source of growth for oil demand by 2024, according to research and consultancy group Wood Mackenzie. India’s oil demand is set to increase by 3.5 billion barrels per day from 2017 …

economic impactCubic miles of oil and hundreds of gigawatts per year of added electricity

0
A cubic mile of oil per year is about 5.084 Terawatts per year with continuous power generation. making current world energy use around 15 TW. The world is using about 3.9 cubic miles of oil per year in electricity. The …