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Production of crude oil as a percentage of proved reserves: Recent worldwide and US trends

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In this analysis, I examined the relation between crude-oil production and crude-oil reserves in the world overall and in the United States alone. The variable of interest was the amount of crude oil produced as a percentage of proved reserves of crude oil. Production (billion barrels).

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EIA: biofuels are displacing petroleum-based distillate fuel oil consumption on the West Coast

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Consumption of distillate fuel oil in the US West Coast, as measured by product supplied, decreased to its lowest level since 2002 last year and continues its decline this year, according to the latest “This Week in Petroleum” report from the US Energy Information Administration (EIA).

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New study finds GHG emissions from palm oil production significantly underestimated; palm oil biofuels could be more climate-damaging than oil sands fuels

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The majority (62%) of the plantations were located on the island of Sumatra, and more than two-thirds (69%) of all industrial plantations were developed for oil palm cultivation, with the remainder mostly being Acacia plantations for paper pulp production. —Miettinen et al. Earlier post.).

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Saudi Arabia And Iran Reignite The Oil Price War

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The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. sanctions on Iranian oil. Iran, OPEC’s third-largest producer, is trying to convince its oil customers to continue buying Iranian oil despite stringent U.S. sanctions kick in.

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Oil Industry Faces Huge Worker Shortage

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The rig count has rebounded from the lows seen in late May, a small indication that oil companies in the US could begin drilling anew. Because of this, the collective US shale industry has been likened to the new “swing producer”: low oil prices force quick cutbacks but higher prices trigger new supplies.

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New EIA report boosts estimates of global recoverable shale oil resources 10-fold to 345 billion barrels

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Map of basins with assessed shale oil and shale gas formations, as of May 2013. Among the highlights in the 2013 report is a 10-fold increase in the estimate of technically recoverable shale / tight oil from 32 billion barrels (from the EIA’s Annual Energy Outlook 2011 ) to 345 billion barrels. Source: US EIA. Click to enlarge.

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Petrobras CEO says company will grow production to 5.7 mboe/day by 2020

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Speaking at the Offshore Technology Conference (OTC) in Houston , Petrobras CEO Maria das Graças Silva Foster said that the Brazilian oil and gas company’s reserves will double in size by 2020. Production, which was 2.2 million barrels of oil equivalent (oil and natural gas) per day in 2012, is expected to reach 5.7

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