The Peak Oil Barrel website has an analysis showing global crude and natural gas liquids production will decline from about 86 million barrels per day this year to about 78 million b/d ten years from now. Production will fall away between 2023 and 2025 as there would no longer be enough affordable crude oil to allow production to increase. World oil prices will climb steadily to around $135 per barrel in 2025 as US shale oil production along with the rest of the world’s oil output goes into decline. These forecasts are always fun to follow because, invariably, long-term predictions made about the supply and price of oil turn out to miss the mark. Crude oil is always full of surprises.

As low world oil prices continue to play havoc with corporate balance sheets and government balance of payments and budgets, there is concern about societal unrest emerging in 5 oil exporting countries – Algeria, Iraq, Libya, Nigeria, and Venezuela. At least two of these countries are already in the midst of major civil wars and the others are approaching economic and possibly political collapse. If exports from any or some of these countries decline precipitously in the next few years, global oil production could easily decline much faster than many anticipate.

Oil tanker rates soared to their highest in seven years amid an acceleration in the number of bookings and signs that there is a lack of space in on-land storage tanks.

Renewable energy sources provide 94.5% of Uruguay’s electricity. Renewables also account for 55% of the South American country’s overall energy mix. The renewable sources include hydro, biomass, solar and wind. Until 3 years ago, Uruguay used to import electricity from neighbouring Argentina.  Now it exports electricity to Argentina. Agricultural processing is powered predominantly by biomass cogeneration plants.

Uraquay’s neighbour, Paraguay, obtains 90% of its electricity from a hydropower dam at Itaipu.

The North African country of Morocco hopes to derive 52% of its electricity from renewable sources by 2030.

Renewable energy accounted for only 4% of South Korea’s total energy production last year. This was the lowest level among the countries belonging to the Organization of  Economic Development and Co-Operation which averaged 9.2%.  In contrast, fossil fuels supplied 66% of South Korea’s energy needs last year. The country’s goal is to have renewable energy account for 50% of its energy needs by 2050.

The Canadian province of Alberta said it plans to phase out coal by 2030 by adding more renewable energy resources to the electric grid.

Electric power utilities worldwide are increasingly relying on pumped storage hydroelectricity – first used in the 1890s – to overcome the intermittent nature of wind and solar power.

Denmark’s new government will reduce the amount of money it spends on renewable energy by 67%. The cuts are part of the government’s efforts to reduce its budget deficit, which currently exceeds the limits set by the European Union. Denmark currently has some of the highest electricity prices in the world at 41 cents per kWh and low income Danes spend almost 9% of their household budgets on electricity.

 

with h/t Tom Whipple

 

 

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