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Warning – an “oil theologist” is needed to interpret the given resources and reserves in World Energy Outlook 2015

(Aleklett’s Energy Mix) This year’s big news regarding the reporting of oil reserves in World Energy Outlook 2015 is that this annual report now discusses “resources that are technically possible to produce” and what proportion of these are proven reserves. When I was working on Chapter 17, The Peak of the Oil Age for my new book a few weeks ago I discussed the difference between technically producible resources and reserves.

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India’s Oil Consumption Primed For Growth As Economy Thrives

(OilPrice.com) The EIA recently published a global oil consumption data sheet that provided a clear picture of where the global oil economy is currently heading. The data revealed that although there had been a substantial oil consumption increase in the Middle East (led by Saudi Arabia), Asia (Led by China) and Oceania, the rest of the world which included Russia , other FSU countries, the U.S., Japan and Europe experienced a consistent decline in their oil consumption rates over the last decade.

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Q&A with Daniel Yergin: US shale boom shaking up the global energy order

(Nikkei) Oil prices remain stuck at low levels, unaffected by the waves of risk washing over the world amid mounting geopolitical tension. What is driving that trend, and how long will it last? The Nikkei Asian Review put these and other questions to Daniel Yergin, vice chairman of research company IHS and a world-renowned expert on oil prices.

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Only Investors Can Plant The Seed For An Oil Price Rebound

(OilPrice.com) The dramatic drop in oil prices has created what are called “zombie” companies , oil companies which can still afford to pay interest on huge debts, but little else. If oil prices stay low, the problem is likely to spread and become an economic zombie apocalypse for much of the industry and the communities and countries that depend on it.

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Billions of Barrels of Oil Vanish in a Puff of Accounting Smoke

(Bloomberg) In an instant, Chesapeake Energy Corp. will erase the equivalent of 1.1 billion barrels of oil from its books.

Across the American shale patch, companies are being forced to square their reported oil reserves with hard economic reality. After lobbying for rules that let them claim their vast underground potential at the start of the boom, they must now acknowledge what their investors already know: many prospective wells would lose money with oil hovering below $40 a barrel.

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