U.S. Drivers: Shut Up, Stop Whining, You Don't Pay $8/Gallon

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Turmoil in Libya is making global oil markets nervous. That means higher gasoline prices. Cue the creeping unease and outright fear that Our American Way Of Life May Be In Peril. Well, it's Monday morning, and we have a brisk message for our U.S. readers: Shut up and stop whining. So gas is over $3 a gallon, maybe even edging close to $4

Libya 80

Uber, Lyft respond to Trump ban on entry to US from targeted countries

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Last Friday, President Trump signed an executive order suspending “immigrant and nonimmigrant entry” into the US from Iraq, Syria, Iran, Sudan, Libya, Somalia and Yemen for 90 days, with the potential for adding further countries of origin to the list of proscribed.

The 5 Countries That Could Push Oil Prices Up

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The ‘Fragile Five’ petrostates—Iran, Iraq, Libya, Nigeria and Venezuela—continue to see supply disruption potential, with northern Iraq crude exports at risk due to an escalation of tensions between the (Kurdistan Regional Government), Baghdad and Turkey, while the United States has decertified the 2015 Iran nuclear deal,” U.S. Libya. mb/d, meaning Libya won't be able to bring output back to pre-war levels of 1.6 The story here is similar to Libya.

US Shale Is Now Cash Flow Neutral

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On top of that, disrupted output from Libya and Nigeria—two countries not subjected to the OPEC cuts—could begin to come back. Libya hopes to add another 300,000 bpd in output in 2017 after adding as much in 2016. by Nick Cunningham of Oilprice.com.

2016 102

EIA: China is now the world’s largest net importer of petroleum and other liquid fuels

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Because production levels from Iran, Libya, and Sudan and South Sudan dropped since 2011, China replaced the lost shares of crude oil and other liquids imports from these countries with imports from Oman, Iraq, the United Arab Emirates, Angola, Venezuela, and Russia.

2014 114

Opinion: Who Will Be Left Standing At The End Of The Oil War?

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For Nigeria, Libya and Iraq, the breakeven point is the point at which they can fund the fight against Boko Haram, a civil war and the Islamic State, respectively. And that’s with per barrel production costs of around $31/$32 in Nigeria, $23/$24 in Libya, and $10/$11 in Iraq.

2016 108

The Technical Failure That Could Clear The Oil Glut In A Matter Of Weeks

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If Saudi Aramco or QP are already experiencing production threats, the situation in other production regions, such as Nigeria, Libya or Mexico, could be even more dire. But the current production increases in Nigeria, Iraq and Libya, will most probably be temporary. Growing political instability in Libya, as the LNA is targeting control of the country, or the re-emergence of the Niger Delta insurgency, will put a cap on increases. by Cyril Widdershoven for Oilprice.com.

2017 68

Platts: June OPEC output of 32.73M barrels of crude per day, highest since Aug. 2008

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million b/d, as production in Nigeria and Libya tentatively recovered along with steady increases for Saudi Arabia and Iran, according to an S&P Global Platts survey of OPEC and oil industry officials. OPEC’s 300,000-barrel-per-day output rise in June, boosted by fragile recoveries in Libya and Nigeria, and the unrelenting rise in Iran and the increase in Saudi Arabia, sends a strong message over its unwavering market share strategy.

2008 60

Global Gas Prices | Hybrid Sales

Hybrid SUV Blog

Libya. sales of hybrid SUVs and other fuel efficient vehicles will prove interesting to watch this year, especially if fuel prices remain relatively low. Expert predictions about where oil and gas prices are headed vary widely.

2010 102

IEA: non-OPEC oil supply tops 43 mb/d for first time in decades; global demand to reach 92.4 mb/d in 2014

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Renewed disruptions in Libya and smaller drops in Nigeria, Kuwait, the United Arab Emirates and Venezuela more than offset higher output in Iran, Iraq and Angola. The International Energy Agency’s (IEA’s) Oil Market Report (OMR) for December raised the estimate of global oil demand for 2013 by 130,000 barrels per day (130 kb/d) to 91.2 million barrels per day (mb/d), on stronger-than-expected third-quarter demand growth among OECD countries of 320 kb/d.

IEA March Oil Market Report revises 2015 demand forecast upward

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mb/d, as losses in Libya and Iraq offset higher supply from Saudi Arabia, Iran and Angola. Having bottomed?out out in the second quarter of 2014, global oil demand growth has since steadily risen, with year?on?year year gains estimated at around 0.9 million barrels per day (mb/d) for the final quarter of last year and 1.0 mb/d for the current quarter, according to the IEA Oil Market Report for March. IEA raised its forecast of demand growth for all of 2015 by 75 kb/d to 1.0

2015 76

Strong Dollar Could Cap Oil Prices

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The oil supply outages in Venezuela, Libya and Iran could yet drive oil prices much higher. By Irina Slav for Oilprice.com. The strength of the U.S. dollar poses an obstacle to further gains in oil prices. President Trump’s trade war with China, which is still in its early stages, has already battered the yuan. The dollar has gained more than 8 percent against the Chinese currency since March.

Oil Prices Running Out Of Reasons To Rally

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Meanwhile, Libya is seeing rapid gains in oil exports after the reopening of a key export terminal, with output jumping to 700,000 bpd, according to the latest data, up sharply from the 580,000 it produced in November and the 300,000 bpd it exported before it started restoring output last summer. Moreover, Nigeria—which, like Libya, is exempt from the OPEC deal—is intent on restoring production. by Nick Cunningham of Oilprice.com.

US DOE, IEA member countries releasing a total of 60 million barrels of oil from reserves

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The IEA estimates that the unrest in Libya had removed 132 million barrels of light, sweet crude oil from the market by the end of May. US Energy Secretary Steven Chu announced today that the US and its partners in the International Energy Agency will release a total of 60 million barrels of oil onto the world market over the next 30 days to offset the disruption in the oil supply caused by unrest in the Middle East.

Libya 68

Increase in US rig count will not cap oil prices

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The IEA cautions the return of Canada’s oil sands to the market or the potential outbreak of peace and tranquility in Nigeria, Libya and Venezuela could change this outlook. by David Yager for Oilprice.com.

BP Statistical Review finds global oil share down for 12th year in a row, coal share up to highest level since 1969; renewables at 2%

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The loss of oil supplies in Libya and elsewhere was eventually more than offset by large production increases among Middle Eastern OPEC members, leading to record oil production in Saudi Arabia, the UAE and Qatar. Output grew rapidly in Qatar (+25.8%), Russia (+3.1%) and Turkmenistan (+40.6%), more than offsetting declines in Libya (-75.6%) and the UK (-20.8%). World primary energy consumption grew by 2.5% in 2011, close to the historical average.

2012 87

Iran negotiations, OPEC meeting loom for oil markets

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Libya’s Prime Minister visited Riyadh on November 13, arriving just as Iraq’s President departed. by Nick Cunningham of Oilprice.com. As November draws to a close, there are two major events that could profoundly change the oil markets. With the clock ticking, the 5 permanent members of the UN Security Council plus Germany (P5 plus 1) are negotiating down to the wire with Iran over its nuclear program.

Iran 81

Opinion: How Much Longer Can OPEC Hold Out?

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With the huge reduction in its revenues and growing discomfort among its members such as Venezuela, Libya and Nigeria over its current production levels, is OPEC really getting weaker? by Gaurav Agnihotri for Oilprice.com.

2015 96

Opinion: Saudis Could Face An Open Revolt At Next OPEC Meeting

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As we have pointed out, RBC Capital’s fragile five , Algeria, Libya, Nigeria, Iraq and Venezuela, the pain is intense. by Dalan McEndree for Oilprice.com.

2015 99

Global CO2 emissions up 3% in 2011; per capita CO2 emissions in China reach EU levels

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The much smaller amount of global CO 2 emissions from gas flaring did not change significantly in 2011, with the largest increases occurring in the United States and Russia, and the largest decrease occurring in Libya. CO 2 per capita emissions from fossil fuel use and cement production from the top 5 emitting regions. Click to enlarge.

2012 81

Study reports non-US global shale gas recoverable resources of 5,760 Tcf; global shale gas boosts total recoverable natural gas resources by 40%

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In addition to the United States, this group includes Canada, Mexico, China, Australia, Libya, Algeria, Argentina, and Brazil. Map of 48 major shale gas basins in 32 countries. Source: EIA. Click to enlarge. Initial assessments of 48 shale gas basins containing almost 70 shale gas formations in 32 countries suggest that shale gas resources, which have recently provided a major boost to US natural gas production, are also available in other world regions.

2011 74

Opinion: Is Russia Plotting To Bring Down OPEC?

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Putin has aligned Russia with OPEC’s have-nots—the members lacking financial resources to withstand low crude prices for an extended period and that have objected to Saudi policies (Iran, Iraq, Angola, Nigeria, Libya, Algeria, Ecuador, and Venezuela)—against the haves (Saudi Arabia, Kuwait, the UAE, and Qatar). by Dalan McEndree for Oilprice.com.

RAND reports suggest US DoD use less petroleum fuel to deal with high prices, not count on alternatives

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Notable examples of nations where security shortfalls are significantly impeding investment and production are Nigeria; Iraq; Sudan; and, most recently, Libya.

2012 78