Norway’s sovereign wealth fund, the world’s largest, was established in the 1990s to invest the surplus revenues of the country’s oil and gas sector. To date, the fund has put money in more than 8,500 companies in 70 countries around the world.
More.
The November 2021 level was about 605 million barrels, about 30 days worth of supply at a 2022 consumption rate of 20 million bpd.
The 350 million barrel level was reached in May 2023 and has been range bound there for eight months. That is about 17.5 days worth of supply.
Crude oil price has not cooperated for refilling what was released. The 2021 price averaged $68 and climbed to nearly $95 in 2022. With 2023 almost over the price has averaged nearly $78.
The release of less than two weeks of supply during 2022 and 2023 as prices skyrocketed looks like a really silly political stunt. Crude oil production has rebounded to what it was under Donald Trump, so there's been plenty of supply in the higher price environment and no need to squander the SPR in this way.
Now it is too expensive to refill cheaply.
Anger and frustration as COP28 draft text omits fossil fuel phaseout
The burning of coal, oil and gas accounts for more than three-quarters of global greenhouse gas emissions. It is for this reason that so many had pushed for the COP28 outcome to show that “we are truly at the beginning of the end of the fossil fuel era.”
However, COP28 President Sultan al Jaber faced a backlash last week when he claimed there was “no science” behind calls for a phase-out of fossil fuels, and that such a move would not allow sustainable development “unless you want to take the world back into caves.”
They always leave out that 82% of global energy comes from coal, oil, and gas.
You can't just wave a magic wand and make it all go away without committing global murder in the process.
Overall inflation jumped up to 3.7% year-over-year and 0.6% month-over-month on a 5.6% jump in overall energy inflation month-over-month in August 2023.
Month-over-month, electricity was up 0.2%, gasoline was up 10.6%, piped utility gas was up 0.6%, fuel oil and other fuels were up 8.4%. Meanwhile food was up 0.2%.
Core inflation (overall inflation less food and energy) increased mom 0.3% and is still running 4.4% yoy.
Services inflation is still running high at 5.4% yoy, less rent of shelter at 3.1% yoy.
Shelter inflation rose mom 0.3% in both measures, and 7.2% yoy seasonally adjusted.
Going forward I expect inflation pressures to persist because of Biden administration green energy fantasies and hatred of fossil fuels combining with OPEC+ production cuts continuing indefinitely.
No kidding.
Reported here.
2022 global production averaged 80.6 million barrels per day on one accounting.
OPEC must think the 2022 figure closer to 90 million bpd since it projects growth in demand of 23%.
According to this, crude oil remained the top primary energy source in the world at 31.2% in 2020, followed by coal at 27.2%, and natural gas at 24.7%.
71% of China's primary energy is derived from coal. China is the world's number one emitter of so-called greenhouse gases.
He's making matters worse, not better.
He's attributing statements to Putin which Putin did not make, which is the default practice for Democrats when speaking of their opponents.
A lot more is at stake than losing control of the US House and Senate in a few weeks.
Joe's irresponsible remarks risk real catastrophe from a deadly opponent.
Think what you will about Putin, Biden is a fool.
Nobody fucks around with a Biden, he says, the day after Saudi Arabia does just that, telling him to go pound sand.
The whole world knows he's a fool, which is perilous for the rest of us.
She's an Obama administration retread.
Electricity use alone in the US is 60% derived from natural gas and coal in 2020.
This is their idiotic message in a crisis.
West Texas Intermediate Crude is at nosebleed level once again, no doubt about it.
But Californians see Texas as a mortal threat not merely to their state’s business model and way of life but to humanity itself. Drilling is killing. Texas cannot be allowed to be Texas because if Texans get their way, the planet will superheat, destroying us all. You may think that’s ridiculous hyperbole, and maybe it is, but Californians believe it and will not be talked out of it. Hence peaceful coexistence is, for them, possible only on their terms.
The Golden State is no longer down with living and letting live but must impose its will, against the express wishes of others, in fundamentally transformative ways. There’s a word for that.
But Michael Anton can't see how this is just like Lincoln in the North imposing his will on the South in 1861. A Lincoln worshiper in denial.
California is nothing if not Lincolnesque.
Claremont Review of Books, here.
