In Case You Haven't Seen It, Oil Reserves By Country

"Goggles Pizzano" (gogglespizzano) 04/20/2020 at 15:42 • Filed to: None

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WasGTIthenGTOthenNOVAnowbacktoGTI > Goggles Pizzano 04/20/2020 at 15:49

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Very cool, but if you don’t account for usage over time , it doesn’t mean much does it?

El Relámpago(LZone) - Humanity First! > Goggles Pizzano 04/20/2020 at 15:52

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Two things.

Venezuela could be one of the richest countries in the world if we’d let them(I hate our international policies, sometimes).

Oil is a finite resource.  We must use it wisely. Very wisely. 

Akio Ohtori - RIP Oppo > Goggles Pizzano 04/20/2020 at 15:54

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That was neato.  Canada was a bit of a surprise.

Goggles Pizzano > Akio Ohtori - RIP Oppo 04/20/2020 at 15:55

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Same here.

Akio Ohtori - RIP Oppo > Goggles Pizzano 04/20/2020 at 15:58

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I guess they do grow a lot of it.  A lot a lot.

Gerry197 > El Relámpago(LZone) - Humanity First! 04/21/2020 at 03:52

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I heard it was an issue of their own making.

https://foreignpolicy.com/2018/07/16/how-venezuela-struck-it-poor-oil-energy-chavez/

pip bip - choose Corrour > Goggles Pizzano 04/21/2020 at 05:02

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Liberate venezuela

davesaddiction @ opposite-lock.com > Akio Ohtori - RIP Oppo 04/21/2020 at 10:18

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I wonder what percentage of that is in heavy oil sands.

davesaddiction @ opposite-lock.com > Goggles Pizzano 04/21/2020 at 10:19

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When do we hit peak oil again?

/sarcas m

Akio Ohtori - RIP Oppo > davesaddiction @ opposite-lock.com 04/21/2020 at 10:28

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A lot. Canada oil is hard to get for the most part. I never had the “privilege ” of having to go work on equipment out there, but it always seems to break in the dead of winter. And yeah, steam injection is weird.

Ash78, voting early and often > davesaddiction @ opposite-lock.com 04/21/2020 at 10:31

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WCS prices have been hammered more than any other major type. Our E&P borrowers up there are basically shutting their doors for now and hoping for the best. Even on a good day, socio political pipeline obstructions and high extraction costs are a huge hurdle.

davesaddiction @ opposite-lock.com > Akio Ohtori - RIP Oppo 04/21/2020 at 11:00

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I think about people working up there (and on the North Slope), out in the elemen ts, and I’ m like, yeah, those guys are waaay tougher than me. 

davesaddiction @ opposite-lock.com > Ash78, voting early and often 04/21/2020 at 11:07

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Yep. Those reserves are basically hypothetical at this point. Doesn’t matter how much you have if it costs too much to get it out.

What peak oil predictions never took into account was human ingenuity.

Even using the best, most efficient technology right now, there is still A TON of oil being left underground. No one will will be spending much time or money on increasing recovery rates right now, but it will only improve with time.

“ Enhanced oil recovery   (abbreviated EOR), also called tertiary   recovery , is the extraction of crude   oil   from an   oil   field that cannot be extracted otherwise. EOR can extract 30% to 60% or more of a reservoir’s   oil , compared to 20% to 40% using primary and secondary   recovery . ”

So, when will we see peak oil demand ?

Ash78, voting early and often > davesaddiction @ opposite-lock.com 04/21/2020 at 11:32

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If this pandemic truly undermines world economies and sets us back decades, I could see oil suddenly becoming more popular because it’s relatively cheap, easy, and well understood in all of its applications. That could drive prices right back up and you’ll see peak demand . Nothing like a humanitarian crisis to suddenly make wind turbines seem frivolous, especially if tax revenues and subsidies get cut.

OTOH, I think that if the world recovers over the next year or two, we’ll continue to vilify oil and move towards alternative fuels like we have been (albeit slowly) . And if that’s the case, the oil recovery will be very slow.

My money is on the second one, but you never know with OPEC. Those are all just free market theories ;)

davesaddiction @ opposite-lock.com > Ash78, voting early and often 04/21/2020 at 11:47

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Wind doesn’t really compete with oil, it competes with natural gas. Seems like wind is starting to make a lot of sense in certain places without incentives, but maybe I’m wrong. Oklahoma’s like 40% on wind for electric generation now.

I don’t see oil spiking anytime soon. I can see it getting back to $50-60 next year , but there’s just so much supply available at the that price point. OPEC will keep trying to screw with things, but I don’t think they have the power to drive it up. I guess we’ll know before long - they are decimating the US shale companies right now like they (and the Russians) have wanted to do.