oil production: ShortFormBlog

22:17 • 6 months ago

International Energy Agency: United States heading towards oil self-sufficiency

now the United States imports roughly 20 percent of its energy needs. It is currently the world’s third-largest oil producer.
2020 the United States is expected to become the world’s largest oil producer, according to the International Energy Agency’s recent report.
2030 the United States will export more energy than it uses domestically, according to this incredibly bullish report.
2035 the United States will become nearly 100 percent self-sufficient on the oil-usage front, which sounds like the IEA is just making stuff up. source

11:03 • 1 year ago

Oil crisis: We’re dipping into the reserves due to Libya crisis

Tags: big oil emergency oil stockpile International Energy Agency libya oil crisis oil prices oil production oil stockpile 33 • Permalink

60 million number of barrels of oil the International Energy Agency plans to release from the strategic reserves, at the behest of the U.S. and 27 allies
2 million number of barrels that will see release each day for the first 30 days of the strategic release — the third release of its kind in 30 years source

» Blame the conflict in Libya: The supply of crude oil has struggled in the wake of the instability in Libya, which cut off a key supply of oil and has had a bit of a ripple effect on gas prices. Other oil-producing countries chose not to boost their output of oil amid prices above $100 a barrel, which led to the current decision to tap into the strategic reserves. As you might guess, the stock market isn’t digging this news at all, and oil futures dipped over 5 percent in reaction to the news — still over $100 a barrel, though.

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