In less than eight years, U.S. oil production climbed from under 6 million barrels per day (BPD) to more than 12 million BPD. This surge is arguably the only reason oil prices today aren’t above $100/barrel (bbl).
But Has Oil Production Peaked?
Production Has Peaked. Not enough new wells are heading for completion to offset the accelerating decline rate of existing wells. And so the Crude Oil cycle continues, could one expect in the future we could see a spike in oil prices because of this?
A peak in global oil demand is within sight and could be reached by the mid-2030s, if not sooner. said GLEN HODGSON
This is the outcome OPEC is hoping for. It is clear that their strategy is to keep oil prices propped up until U.S. oil production begins its decline, at which point they can reassert control over the global oil markets. – Robert Rapier
A Huge Decline In Oil Replacement Ratio
Oil and gas companies have discovered 7.7 billion barrels of oil equivalent (boe) year-to-date, according to Rystad Energy’s latest global discoveries report.
This means that only 1 bbl out of every six consumed is being replaced by new sources. This is the lowest replacement ratio we have witnessed in the last 2 decades,” Shenga added
South Korea Oil Tanker Blast Sparks Fire Injuring 18
A mushroom cloud of fire erupted from Stolt Groenland, the
Blaze spread to South Korean-flagged oil tanker Bow Dalian – which was docked nearby
Some 25 were rescued from Stolt Groenland and 21 sailors from the Bow Dalian
Yet 10 people, most of whom were workers at the terminal, have been wounded
Nine were South Korean, including one in a critical condition, and one from India