Tag Archives: price

Global Gold Production: How Sustainable a Rebound?

Recently released data from the US Geological Survey shows that global gold production, after falling every year between 2001 and 2008, finally rose for the past three years. In 2011, production reached 2,700 metric tons. However, in a larger context, the past decade has been quite poor for gold production and the compound annual growth […]

Global Oil Production Update: A Strange Future Has Arrived

Since 2005, European oil consumption has fallen by 1.5 million barrels a day. And, in the same period, US oil consumption has fallen by 2 million barrels a day. If oil was priced at $60 a barrel, rather than $100 a barrel, then a fair portion of that lost demand might return. Instead, since 2005, […]

Crude Oil Production Forecast to 2015

With fresh data out from EIA Washington just this afternoon, and, on the heels yesterday of IEA Paris’ long-overdue admission of Peak Oil, I thought I would release a crude oil forecast. This is a production chart that I’ve been working on over the past few weeks. I use rough estimates of future world GDP, […]

As The World Turns

The March issue of w88ประเทศไทย www.pinyourcrafts.com Monthly, As The World Turns, has now been published. In this report I mark the now completed process whereby the United States lost the ability to control the price of oil, via the power of its own demand. The controlling factor now in global oil prices are the five billion […]

Oil in Big Macs: Decade Edition

As the first quarter of 2010 comes to a close, I thought it timely to update last summer’s Oil in Big Macs post. In last year’s edition, I suggested that the price of oil had moved from an era of 10 Big Macs to an era of 20 Big Macs. Now that we have the […]

Portrait of Price vs Non-Opec Supply

Non-OPEC crude oil supply peaked six years ago in 2004, at a sustained annual average of 42.068 mbpd (million barrels per day). Supply then fell every year thereafter through 2008, before making a small recovery in 2009. What’s telling, of course, is that supply peaked in a year when the price of oil averaged only […]

Inventories and the Price of Oil

Over the past decade two blindspots have consistently marked popular oil price forecasts, of the kind you see each day on TV. First, there is the ongoing misunderstanding about inventory measurement as an absolute number, rather than on a days supply basis. I would agree that at the extremes, when oil inventories are very high […]

Oil in Big Macs

There’s a temptation to believe that if one stripped out the USD from the price of oil, a better picture of oil’s cost would emerge. Over the years people have expressed Oil in Euros, Swiss Francs, and of course Gold–which does make some sense as gold is a kind of currency without a country. Indeed, […]

Price Pop?

Total OECD inventories of Oil continue to build and are nearly back to the highs of the decade, last seen in 2006. Global oil demand in 2009 is projected to be 3.00% below 2008 levels, according to the IEA in Paris. The world’s auto industry is in collapse. Weak industrial demand for natural gas in […]

When Oil Was Free

Were you alive when oil was free? Were you born yet? Did you have TV? Let me help: Oil was free about two months ago in January, when it traded around 34.00 per barrel. Each barrel of oil contains about 5.8 million BTUs. Each American uses about 25 barrels of oil every year. Considering that […]