Guest blog by S. A. Shelley: In early November of 2021, the UN'S COP 26 climate conference wrapped up in Glasgow with all sorts of politicians pledging this or that with respect to greenhouse gas emission reductions, renewable tech investments and invoking equity across the world. But really, what are the actions that followed those ballyhoo words bantered about in public? The staff at OWOE took at look at some of the subsequent oil production announcements away from the public spotlight. The following summarizes planned increases / decreases and shares what we found is the most amusing quote associated with each country's plans.
Countries INCREASING oil production
"The surprising reversal began as state-run Petroleos de Venezuela (PDVSA.UL), known as PDVSA, won help from small drilling firms by rolling over old debts and later obtained steady supplies of a key diluent from Iran."
Countries DECREASING oil production
U.S. crude output fell as demand dropped during the COVID-19 pandemic, and has not yet returned to pre-pandemic record production of 12.966 million bpd, seen in November, 2019. The EIA in their Short Term Energy Outlook stated that they "expect production to average 11.8 million b/d in 2022…"
What's the pattern? That for the most part authoritarian regimes are rushing to cash in on oil revenues, while democratic regimes are rushing to make everyone feel good.
More to come about gas, coal, nuclear and of course those dumb California offshore wind farm plans.
Shut Down Line 5!