OPEC-No Cut In Production

[ultron]

View attachment 277854

Thats the thing we were fooled for years that oil is some how rare and valuable, as you can see its not. Lots of countries have billion plus reserves. The 100+ a barrel dream time is gone for good no matter what OPEC does.

Saying oil is rare is as stupid as saying water is rare. Man is so puny compared to Earth it's like comparing an ant to a mountain. Seriously. Man is nada compared to Earth.

Venezuela's reserve has surpassed Saudi Arabia's reserve BTW. Over 99.9999999% of oil is not on land but in the ocean floor. Think about what oil is made of. Oil is made of carbon atoms and hydrogen atoms. Both elements are incredibly abundant on Earth. Water, on the other hand, is made of oxygen atoms and hydrogen atoms.

Think about aluminum and iron, both of which are used in huge quantities. We never say aluminum and iron would ever run out.

 

[ultron]

Offshore oil is going to be the future, since almost all oil is in the oceans, not on land.

 

[C130]

View attachment 277854

Thats the thing we were fooled for years that oil is some how rare and valuable, as you can see its not. Lots of countries have billion plus reserves. The 100+ a barrel dream time is gone for good no matter what OPEC does.

good watch.

 

[Vassnti]

good watch.

Thing is oil peaks change with changing technology the old 40 year rule doesnt hold for the US from a 1970 peak we should in theory be back to almost nothing not pumping 8700BPD as of 2014.

U.S. Field Production of Crude Oil (Thousand Barrels per Day)


Though i am all for reducing energy dependence, over consumption will either kill the planet or fights over resources will kill off enough people to do much the same but i think its going to be water that ww3 starts over not oil.

 

[rubyjackass]

Apparently, Saudi proposed to cut down on oil production if everyone agreed. Russia, Iran, and Iraq have all strongly refused.

Last year it was opposite. Everyone wanted to cut down but Saudi was refusing.

Russia is not in OPEC. Iran and Iraq are yet to reach their pre-war/pre-sanctions production capacity. Of course they will refuse to cut production.

Saudi Arabia can kill electric car and fracking and oil sands with low oil prices.

The genie is out of the bottle now. It cannot be put back. Even if oil reaches $20. All countries with brains are putting their oil savings into solar infrastructure.

I don't think anyone should cut production. It should be a complete competition between providers. Countries shouldn't rely so much on oil, this also includes my own country. If several big companies join together in a country to fix prices, this is illegal, because it harms the consumers. OPEC itself is unethical. Joining hands to cut down production to raise prices is the laziest thing OPEC countries can do. Screw them. I have no sympathy or respect for any of the oil ministers in any country.

First time hearing this from an OPEC citizen. Respect!

 

[Jai Bharat]

we can hold for 170 years can you
lol Saudi Arabia is the world’s largest producer and exporter of oil, and has one quarter of the world’s known oil reserves more than 260 billion barrels. keep your 3 million

1. Venezuela has the largest reserves in the world
2. America is the largest Oil producer at 13 million barrels a day
3. Oil will be on its way out as primary fuel for transportation in less than 30 years as electric cars become mainstream

good watch.

Not a bad video, but utterly fails to account for the exponential growth in renewable energy and declining costs, despite harping on about endless growth in energy demand.

Not to mention that we are seeing very visible effects in America already with 100% of new energy addition in October being Renewables.

Renewable Energy = 100% of New US Power Capacity In October | CleanTechnica

As with any disruptive technology, renewables are experiencing rapid, exponential growth until they become the new norm as did the telephone, internet, smarphones, etc.

 

[rubyjackass]

View attachment 277854

Thats the thing we were fooled for years that oil is some how rare and valuable, as you can see its not. Lots of countries have billion plus reserves. The 100+ a barrel dream time is gone for good no matter what OPEC does.

Oil is in fact rare. Even if we assume the total proven reserves are 100% retrievable, 1.5 tril barrels oil is left. At 80 mil barrels per day consumption, 20000 days of oil is left - 50 years may be if we consume at same rate. That is a very short timeframe. Add to it the increased usage of energy because of population increase and development of hitherto underdeveloped countries. If reserves are only 40% retrievable on average, we have only 20 years.

 

[Arron Bert]

There are clear predictions that Oil prices are going down very soon.

 

[ultron]

Not a bad video, but utterly fails to account for the exponential growth in renewable energy and declining costs, despite harping on about endless growth in energy demand.

I'm not a fan of wind and solar. Wind turbines mar the natural landscape and solar is dirty it uses rare earth metals that pollute far more than burning coal. Same goes with lithium used in lithium ion batteries.

Natural gas is the cleanest resources. It is abundant. It can be used for electricity, for vehicles as LNG, for heating.

Industrialization has a price. That is environmental damage. There are people who refuse to live in an industrialized society. They are called Amish.

 

[Jai Bharat]

I'm not a fan of wind and solar. Wind turbines mar the natural landscape and solar is dirty it uses rare earth metals that pollute far more than burning coal. Same goes with lithium used in lithium ion batteries.

Natural gas is the cleanest resources. It is abundant. It can be used for electricity, for vehicles as LNG, for heating.

Industrialization has a price. That is environmental damage. There are people who refuse to live in an industrialized society. They are called Amish.

Industrial solar panels don't use rare earth metals. Maybe some of the ultra high efficiency ones do, but this would also depend on the technology.

Certain wind turbines do use some rare metals like neodymium for the electric generator, however it can be replaced if it ever gets too scarce, which it won't because the metal in the turbines would be recycled as its too precious to just toss. Humans don't even mine a few km into the Earth's crust, and there are vastly more minerals and metals that can be harvested if we dig deeper, there just isn't much of a need right now. Whether or not Wind Turbines are an eyesore is really just a opinion, some people also find city skylines as ugly.

Batteries can be built with any anode or cathode, and Lithium is not nearly as rare or precious as its detractors like to claim. Liquid metal batteries hold great promise.

Industrialization of course has a cost, but that doesn't mean that already industrialized nations need to live in unsustainable societies. Natural gas is easily the best, cheapest, and most sensible large scale energy source at the moment, but renewable energy could power the longer-term future. By 2020, 20% of American electricity could be powered entirely by renewable if Solar can scale up the same way Wind power did.

The only question now is if new and upcoming EVs can bring down prices and go mainstream, then even oil could be replaced in the future.

 

[oproh]

Great news, the day saudi will be bankrupt is getting nearer.

 

[ultron]

By 2020, 20% of American electricity could be powered entirely by renewable if Solar can scale up the same way Wind power did.

That's assuming adding 1 wind turbine adds the manufacturer touted power generation. Which is not the case due to diminishing marginal returns. Large wind farms ruin the landscape, don't provide the required electricity, less than 10% efficiency compared to more than 50% with burning natural gas, and how to you think wind turbines are built in the first place, by burning natural gas.

Wind energy generates less electricity than previously assumed | Max Planck Society

They say wind power can provide 50% of the US's electricity, that's assuming no diminishing marginal returns. In reality wind power can provide up to a few % of the US's electricity because of diminishing marginal returns.

That's why, to have the same warming effect, CO2 must be double from the previous amount. Therefore a 1 ppm increase from 1 ppm to 2 ppm has the same effect as a 280 ppm increase from 280 ppm to 560 ppm.

Even if half of the US is covered with wind turbines, it'll only generate about 10% of the US's electricity because wind turbines take the wind out of each other, literally.

 

[Jai Bharat]

That's assuming adding 1 wind turbine adds the manufacturer touted power generation. Which is not the case due to diminishing marginal returns. Large wind farms ruin the landscape, don't provide the required electricity, less than 10% efficiency compared to more than 50% with burning natural gas, and how to you think wind turbines are built in the first place, by burning natural gas.

Wind energy generates less electricity than previously assumed | Max Planck Society

They say wind power can provide 50% of the US's electricity, that's assuming no diminishing marginal returns. In reality wind power can provide up to a few % of the US's electricity because of diminishing marginal returns.

That's why, to have the same warming effect, CO2 must be double from the previous amount. Therefore a 1 ppm increase from 1 ppm to 2 ppm has the same effect as a 280 ppm increase from 280 ppm to 560 ppm.

Even if half of the US is covered with wind turbines, it'll only generate about 10% of the US's electricity because wind turbines take the wind out of each other, literally.

Not saying that Wind will ever reach 50% of US energy needs, but states like Texas have already claimed to hit +9% of electricity generation in 2014. Even if that figure was overblown there is no way Wind power makes up any less than 7% of all of Texas's electricity needs, which is a huge amount. The turbine are setup in private ranch and farm land in Texas, by private players, and then the farmers and ranchers are paid a yearly cut of the money. So far this policy has been wildly successful for both the investors and farmers and is viable even without subsidies.

Offshore and high-elevation Wind Power have also not yet been fully implemented or studied. Overall Wind Power will provide a good chunk of total American energy needs.

 

[Ceylal]

Overall Wind Power will provide a good chunk of total American energy needs.

But a what cost? fossil fuels are still the cheapest alternative.

 

[Jai Bharat]

But a what cost? fossil fuels are still the cheapest alternative.

Not for long. Wind Power is already comparable to coal and will drop below it by 2020. Only Advanced Natural Gas can match it in cost per watt. Natural gas+EV cars wlll be the future of American energy and transportation until we can figure out how to replace even natural gas with full scale utility renewable or nuclear fusion, and then fossil fuels can be eliminated entirely. Whichever one comes first.