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This Week in Petroleum

This Week in Petroleum

EIA forecasts that OPEC crude oil production will increase in 2021. The production forecast reflects OPEC’s announced increases to production targets and rising production in Libya. On January 5, 2021, OPEC announced that it will maintain the previously agreed to January 2021 production increase of 0.5 million b/d. The latest OPEC agreement also calls for production increases from Russia and Kazakhstan in ebruary and March (totaling 75,000 b/d per month). Saudi Arabia announced that it would voluntarily cut production by an additional 1.0 million b/d during ebruary and March, however, resulting in lower overall OPEC production in early 2021. EIA forecasts that OPEC crude oil production will average 27.2 million b/d in 2021 and 28.2 million b/d in 2022, up from an estimated 25.6 million b/d in 2020.

EIA expects crude oil production in the Lower 48 states, excluding the ederal Offshore Gulf of Mexico, (L48) will decline through ebruary 2021 because declining legacy well production is expected to offset production from new wells. or U.S. tight oil production, EIA analysis shows that changes in oil prices affect changes in crude oil production with about a six-month lag. EIA expects that recent increases in oil prices and active drilling rigs will contribute to L48 production beginning to grow in the second quarter of 2021. EIA expects L48 production will average 8.9 million b/d in 2021, 3% lower than 2020 production levels. As drilling activity increases during the forecast period, EIA expects L48 production will rise by 0.4 million b/d from 2021 and average 9.3 million b/d in 2022. Most of the L48 onshore growth is expected to occur in the Permian region.

Bitter Cold Means Chaos as Global Energy Systems Show Strain – Bloomberg

Bitter Cold Means Chaos as Global Energy Systems Show Strain – Bloomberg

reezing weather that’s sweeping the northern hemisphere is causing chaos in energy markets and damaging infrastructure with households from Japan to Pakistan and rance being asked to curb their electricity use.

In Asia, extreme cold prompted record-high power demand and a scramble for natural gas to keep the lights on in China, Japan and South Korea. In Sweden, a utility is paying for hotels for its customers after heavy snow brought down sections of the power grid cutting supplies while rench households were advised to delay doing their laundry to save energy.

How might the new NOAA climate temperature normals change for your county?

How might the new NOAA climate temperature normals change for your county?

We're almost one month into 2020, and this is an exciting time for climatologists. Upon the completion of this year, calculations will begin to update the climatological normals. Wondering what those are? Well, any time you hear your local meteorologist mention the average for the day, or see headlines like "temperatures much above average" or "expect drier than average conditions," that average is based on climatology that has been calculated, using the most recent 3 decades, by NOAA's National Centers for Environmental Information.

Our averages are currently based off temperatures and precipitation observed 1981-2010. After the end of this year, the new averages (or normals) will be for the period 1991-2020 (basically we're dropping the 1980s and adding the 20-teens). Why update the normals? Well, whether you think climate change is human caused or not, we all agree that the climate is variable. It's important to make sure that we're accurately representing the current climate when talking about what's "normal."

NPR

Green New Deal Gets Fresh Push As Democrats Take Control : NPR

A coalition of progressive groups say they are organizing a sweeping network to mobilize around climate change, racial and environmental justice, making a new unified push as President-elect Joe Biden is days away from taking office with emocrats set to control both the House and the Senate.

The group, the Green New eal Network, plans to invest in partner organizations in 20 key states to mobilize grassroots power to pressure elected officials to support their goals; introduce Green New eal-related legislation at the state and local level, spearhead federal legislation that would implement parts of the Green New eal agenda, and to pressure the incoming Biden administration to enact a series of executive actions related to climate, jobs and justice.

Those Dubai Lamps I just shared are pretty neat

Those Dubai Lamps I just shared are pretty neat. It’s amazing what a government-enforced monopoly can do to light bulbs if they are forced to produce high quality, highly-efficient and long-lasting light bulbs. But those bulbs don’t come cheap. And if you don’t like the choice of lighting required by the Dubai government, you don’t have any alternative — Dubai light bulbs are the only ones allowed to be sold their country. But with those special bulbs, there will be a lot less bulbs being tossed in trash and a lot of energy saved.