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(Reuters)   U.S. oil output surge has OPEC bent over a barrel   ( reuters.com) divider line
    More: Followup, bpd, Petroleum, Peak oil, IEA, United States, OPEC, global oil demand, OPEC producers  
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1399 clicks; posted to Business » on 05 Mar 2018 at 10:35 AM (19 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



29 Comments     (+0 »)
 
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2018-03-05 10:27:37 AM  
Good.
 
2018-03-05 10:56:24 AM  
U.S. oil output has resumed sharp growth over the past year and is expected to rise by 2.7 million barrels per day (bpd) to 12.1 million bpd by 2023, as growth from shale fields more than offsets declines in conventional supply.

So.... question.

Non-OPEC production is set to rise by 5.2 million bpd by 2023 to 63.3 million bpd with the United States alone accounting for nearly 60 percent of global supply growth.

Why? Why is the US tapping its reserves like a keg at a party?
 
2018-03-05 10:56:38 AM  
Will Americans see lower gas prices??
2.bp.blogspot.comView Full Size
 
2018-03-05 10:59:09 AM  
What will happen when we (meaning "the rest of the world") stop caring about the Middle East, because we don't need their oil anymore?

My guess is that the entire region will destroy itself within the next 20 years.
 
2018-03-05 11:01:27 AM  
Leo G. Carroll was over farking a barrel
When tarantula took to the her hills

/that's the extent of my knowledge on barrels
//that and "bung hole"
 
2018-03-05 11:01:55 AM  
Wondering if LTO (light, tight oil) includes condensate production, and if not, where is that accounted for in the graph . . . the western portion of Marcellus Shale produces a shiat ton of condensate (which is not oil)
 
2018-03-05 11:02:58 AM  
Kind of makes sense now that Russia was helping to fund the Keystone Pipeline protests.  They need us and Canada to stop selling to Europe.
 
2018-03-05 11:08:57 AM  

Sergeant Angle: Will Americans see lower gas prices??
[2.bp.blogspot.com image 434x346]


This. We're still hovering around $2.50 a gallon and sure to spike to $3 for the upcoming holiday. So much talk about oil production, and not a dime left ungouged from the consumers.
 
2018-03-05 11:09:50 AM  

Nadie_AZ: U.S. oil output has resumed sharp growth over the past year and is expected to rise by 2.7 million barrels per day (bpd) to 12.1 million bpd by 2023, as growth from shale fields more than offsets declines in conventional supply.

So.... question.

Non-OPEC production is set to rise by 5.2 million bpd by 2023 to 63.3 million bpd with the United States alone accounting for nearly 60 percent of global supply growth.

Why? Why is the US tapping its reserves like a keg at a party?


Tinfoil hat me thinks it is because it farks over a number of other countries we don't like very much.
 
2018-03-05 11:14:01 AM  

Running a-puck: Nadie_AZ: U.S. oil output has resumed sharp growth over the past year and is expected to rise by 2.7 million barrels per day (bpd) to 12.1 million bpd by 2023, as growth from shale fields more than offsets declines in conventional supply.

So.... question.

Non-OPEC production is set to rise by 5.2 million bpd by 2023 to 63.3 million bpd with the United States alone accounting for nearly 60 percent of global supply growth.

Why? Why is the US tapping its reserves like a keg at a party?

Tinfoil hat me thinks it is because it farks over a number of other countries we don't like very much.


Once you have made the capital investment for mineral leases (which can expire) and the surface infrastructure for production, it would not be a good business decision to leave your product in the ground.
 
2018-03-05 11:17:04 AM  
I guess those guys in ISIS and Al Qaeda are fighting with pointy sticks now that we've cut their funding.

ISIS Recruitment video:  You can be the unstoppable force that bends the world to Allah! You can be the fire that ignites all that is pure and holy and cleanse the world of the infidel dogs. Come to ISIS and bring snacks.  Lots of snacks.
 
2018-03-05 11:17:40 AM  
 
2018-03-05 11:19:27 AM  

realmolo: What will happen when we (meaning "the rest of the world") stop caring about the Middle East, because we don't need their oil anymore?

My guess is that the entire region will destroy itself within the next 20 years.


This doesn't make any sense.  As long as we need oil, we'll need everyone who produces oil.

You're also assuming that the technological gains of fracking can avoid diminishing returns.  They probably won't and without another breakthrough (a technology as disruptive as fracking), you're back to where you were pre-fracking.

The only way to reduce the relative power of oil exporters is to reduce oil demand.  Therefore, you're stuck with "caring" about the machinations of Saudi Arabia, Iran, Iraq, etc. for the next 50 years.
 
2018-03-05 11:21:19 AM  

Uncle Eazy: Leo G. Carroll was over farking a barrel
When tarantula took to the her hills

/that's the extent of my knowledge on barrels
//that and "bung hole"


So you haven't had your turn in the barrel yet?
 
2018-03-05 11:30:08 AM  

Nadie_AZ: U.S. oil output has resumed sharp growth over the past year and is expected to rise by 2.7 million barrels per day (bpd) to 12.1 million bpd by 2023, as growth from shale fields more than offsets declines in conventional supply.

So.... question.

Non-OPEC production is set to rise by 5.2 million bpd by 2023 to 63.3 million bpd with the United States alone accounting for nearly 60 percent of global supply growth.

Why? Why is the US tapping its reserves like a keg at a party?


the oil industry isn't nationalized in the US so it's really the well owner's decision to pump or not. The feds can give incentives to leave US oil in the ground but, at the end of the day, it's not the federal governments decision to bring US oil to market or not.

/time will tell on oil's demand though as renewable energy continues to fall in cost too
 
2018-03-05 11:30:08 AM  
When is it going to hit the anus?
 
2018-03-05 11:31:44 AM  
While I doubt we'll see any relief at the pumps, I am certainly not against sticking it to OPEC and the rich Arab royalty in the Middle East. fark them.
Oil is here to stay for the foreseeable future, so we might as well be self-sufficient.
 
2018-03-05 11:35:53 AM  

Bovine Diarrhea Virus: While I doubt we'll see any relief at the pumps, I am certainly not against sticking it to OPEC and the rich Arab royalty in the Middle East. fark them.
Oil is here to stay for the foreseeable future, so we might as well be self-sufficient.


Self-sufficiency is impossible without nationalization.  Until the US government can force Exxon to sell only to Americans in the event of global supply disruptions, you're not self-sufficient.
 
2018-03-05 12:07:17 PM  

Rapmaster2000: Bovine Diarrhea Virus: While I doubt we'll see any relief at the pumps, I am certainly not against sticking it to OPEC and the rich Arab royalty in the Middle East. fark them.
Oil is here to stay for the foreseeable future, so we might as well be self-sufficient.

Self-sufficiency is impossible without nationalization.  Until the US government can force Exxon to sell only to Americans in the event of global supply disruptions, you're not self-sufficient.


The problem is, I don't believe we *can* be completely self-sufficient

Much like Hitler in the latter stages of WW2, we can't run on our own petroleum only. Without import shipments of oil & petroleum products, our economy self-destructs.

We use something around 18-20 million barrels a day. Ish.

We can make 10-12ish million.

It won't take long before we have to plan on taking Moscow in 3 months, because without the southern Oil fields, pur government falls.
 
2018-03-05 12:21:55 PM  
Time to invade North Dakota and take their oil!
 
2018-03-05 12:27:17 PM  

Running a-puck: Nadie_AZ: U.S. oil output has resumed sharp growth over the past year and is expected to rise by 2.7 million barrels per day (bpd) to 12.1 million bpd by 2023, as growth from shale fields more than offsets declines in conventional supply.

So.... question.

Non-OPEC production is set to rise by 5.2 million bpd by 2023 to 63.3 million bpd with the United States alone accounting for nearly 60 percent of global supply growth.

Why? Why is the US tapping its reserves like a keg at a party?

Tinfoil hat me thinks it is because it farks over a number of other countries we don't like very much.


"We" as in farkers or "we" including the US government?

Countries affected:
Venezuela :  absolutely crushed by anything other than high oil prices.  Hated by White House and government, farkers would be happy to see any other government (not that it would help Venezuela all that much now).
Russia: I thought Putin's life depended on high oil prices.  Certainly not loved by farkers or whatever is left of the State Department career employees, but the White House has a different take.
Saudi: Needs long-term high oil prices but likes to yo-yo things to crush their enemies.  Probably needing the yo-yo to climb pretty soon or else.  Loved by the MIC and career state dept, presumably favored by the White House, despised by fark.
Iran: traditionally on the government's shait list, and Trump isn't going to change things.  Presumably they want higher prices now that they can sell oil, but have learned to deal otherwise.  Note that the people (not the government) are said to be agreeable with farkers.
Mexico: They sell a lot of oil, but I don't think they are all that dependent on oil prices.  While they might hate Trump (and anyone who elected him), I'm not sure if anybody in DC cares about the country itself.
China: presumably they want to stop burning coal, but presumably that is optional if oil is too expensive.  Certainly would like lower prices, but I doubt it is life or death to them.
India: the graphs in TFA don't make a lot of sense where India is concerned.  Do they think electric cars will suddenly be cheap by 2020 (a real possibility)?  Or maybe that is when Indian traffic grinds to a permanent stop.
 
2018-03-05 12:43:01 PM  
FTA: "A pump jack is seen at sunset near Midland, Texas, U.S., on May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder "

That's the best they could do? Cheez whiz y'all. Midland has hundreds of better 'Jack pics to offer.

energylandscapes.netView Full Size

energylandscapes.netView Full Size


energylandscapes.netView Full Size


energylandscapes.netView Full Size

s.hdnux.comView Full Size

static.scientificamerican.comView Full Size
 
2018-03-05 12:46:50 PM  
Hell,  I've taken better than that:

img.fark.netView Full Size
 
2018-03-05 12:54:08 PM  

thespindrifter: FTA: "A pump jack is seen at sunset near Midland, Texas, U.S., on May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder "

That's the best they could do? Cheez whiz y'all. Midland has hundreds of better 'Jack pics to offer.

[energylandscapes.net image 850x567]
[energylandscapes.net image 850x637]

[energylandscapes.net image 850x424]

[energylandscapes.net image 850x425]
[s.hdnux.com image 850x521]
[static.scientificamerican.com image 850x581]


While I'm sure they could have used a nicer picture, they didn't have to pay rights for the one they used:  Picture taken May 3, 2017. REUTERS/Ernest Scheyder
 
2018-03-05 01:43:08 PM  

Rapmaster2000: While I'm sure they could have used a nicer picture, they didn't have to pay rights for the one they used


As the Permian Basin of Despair is currently the focus of more drilling and pumping activity than ever before, you would think that they could be arsed to take a picture that doesn't look like someone just wiped their ass with their iPhone camera.

I mean, there's a billion different pumpjack and mesquite and sunrise/set composites one could do out here. Hell, drive around long enough and you can probably do a picture with a pump, a solar panel, a new windmill, and an old-timey windmill all in the same shot to capture the essence of American energy production.

Don't mind me, all the H2S from the wells is making it hard for me to breathe lately and the lack of sleep is making me pissy. This town is the epitome of "amateur hour". You should see the local news broadcasts; it's like they threw a $5 bill at an eight year old holding the camera in most shots on the nightly news.
 
2018-03-05 02:38:27 PM  
We still pay one of the lowest prices for "gas" petrol and related "oil" products.
By a fairly wide margin too.
I really look forward to tech taking us away from petrol, however, the rest of our consumer goods will have to change as well...That gooey stuff we dig up does a lot more than just power our cars, tho they are a great contributor to our crappy atmosphere.

Which is generally, why, we are in bed with countries such as SA, Kuwait, Omen and Qatar, after the fuel crisis of the 70's, and to some extent, the 80's, our government decided, never again. We have for the most part, never had to deal with it again. I guess at the expense of some bodies, but hey, if you want an omelette, you gotta break a few eggs..
 
2018-03-05 02:44:06 PM  

thespindrifter: This town is the epitome of "amateur hour".


About a month ago, I caught an Uber back to hotel next to Midland airport from Odessa late in the evening.

The car had buckets for the back seat passengers tied to the driver's and shotgun headrests.  "Those aren't puke buckets, they're garbage pails" was how the driver explained it.
 
2018-03-05 06:52:58 PM  

brizzle365: Which is generally, why, we are in bed with countries such as SA, Kuwait, Omen and Qatar


The simplest explanation is that *they need us* both as customers and as providers of oilfield services and therefore they invested in our politicians and propaganda about how we need them.

The US has diversified plenty in its oil sources.
 
2018-03-05 07:31:59 PM  
Now you know why the Saudis are buying up refineries.  Who cares how much crude oil there is when you can control the refined product.
 
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