A drop in oil production in the wake of the Iranian Revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent, the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to $39.50 per barrel ($248/m3). The sudden increase in price was connected with fuel shortages similar to the 1973 oil crisis.
Oil sands, tar sands, crude bitumen, or bituminous sands, are a type of unconventional petroleum deposit. Oil sands are either loose sands or partially consolidated sandstone containing a naturally occurring mixture of sand, clay, and water, soaked with bitumen, a dense and extremely viscous form of petroleum.
Cantarell Field or Cantarell Complex is an aging supergiant offshore oil field in Mexico. It was discovered in 1976 after oil stains were noticed by a fisherman, Rudesindo Cantarell Jimenez, in 1972. It was placed on nitrogen injection in 2000, and production peaked at 2.1 million barrels per day (330,000 m3/d) in 2004. In terms of cumulative production to date, it was the largest oil field in Mexico, and one of the largest in the world. However, production has declined since 2004, falling to 158,300 barrels per day (25,200 m3/d) in 2022. In 2009 it was superseded by Ku-Maloob-Zaap as Mexico's largest oil field.
Peak oil is the theorized point in time when the maximum rate of global oil production will occur, after which oil production will begin an irreversible decline. The primary concern of peak oil is that global transportation heavily relies upon the use of gasoline and diesel fuel. Switching transportation to electric vehicles, biofuels, or more fuel-efficient forms of travel may help reduce oil demand.
From the mid-1980s to September 2003, the inflation-adjusted price of a barrel of crude oil on NYMEX was generally under US$25/barrel in 2008 dollars. During 2003, the price rose above $30, reached $60 by 11 August 2005, and peaked at $147.30 in July 2008. Commentators attributed these price increases to many factors, including Middle East tension, soaring demand from China, the falling value of the U.S. dollar, reports showing a decline in petroleum reserves, worries over peak oil, and financial speculation.
Oil depletion is the decline in oil production of a well, oil field, or geographic area. The Hubbert peak theory makes predictions of production rates based on prior discovery rates and anticipated production rates. Hubbert curves predict that the production curves of non-renewing resources approximate a bell curve. Thus, according to this theory, when the peak of production is passed, production rates enter an irreversible decline.
Petroleum production in Canada is a major industry which is important to the overall economy of North America. Canada has the third largest oil reserves in the world and is the world's fourth largest oil producer and fourth largest oil exporter. In 2019 it produced an average of 750,000 cubic metres per day (4.7 Mbbl/d) of crude oil and equivalent. Of that amount, 64% was upgraded from unconventional oil sands, and the remainder light crude oil, heavy crude oil and natural-gas condensate. Most of the Canadian petroleum production is exported, approximately 600,000 cubic metres per day (3.8 Mbbl/d) in 2019, with 98% of the exports going to the United States. Canada is by far the largest single source of oil imports to the United States, providing 43% of US crude oil imports in 2015.
The South Pars/North Dome field is a natural-gas condensate field located in the Persian Gulf. It is by far the world's largest natural gas field, with ownership of the field shared between Iran and Qatar. According to the International Energy Agency (IEA), the field holds an estimated 1,800 trillion cubic feet of in-situ natural gas and some 50 billion barrels of natural gas condensates. On the list of natural gas fields it has almost as much recoverable reserves as all the other fields combined. It has significant geostrategic influence.
QatarEnergy, formerly Qatar Petroleum (QP), is a state owned petroleum company of Qatar. The company operates all oil and gas activities in Qatar, including exploration, production, refining, transport, and storage. The President & CEO is Saad Sherida al-Kaabi, Minister of State for Energy Affairs. The company's operations are directly linked with state planning agencies, regulatory authorities, and policy making bodies. Together, revenues from oil and natural gas amount to 60% of the country's GDP. As of 2018 it was the third largest oil company in the world by oil and gas reserves. In 2022, the company had total revenues of US$52bn, a net income of US42.4bn, and total assets of US$162bn. In 2021, QatarEnergy was the fifth largest gas company in the world.
Peak gas is the point in time when the maximum global natural gas production rate will be reached, after which the rate of production will enter its terminal decline. Although demand is peaking in the United States and Europe, it continues to rise globally due to consumers in Asia, especially China. Natural gas is a fossil fuel formed from plant matter over the course of millions of years. Natural gas derived from fossil fuels is a non-renewable energy source; however, methane can be renewable in other forms such as biogas. Peak coal was in 2013, and peak oil is forecast to occur before peak gas. One forecast is for natural gas demand to peak in 2035.
Oil shale economics deals with the economic feasibility of oil shale extraction and processing. Although usually oil shale economics is understood as shale oil extraction economics, the wider approach evaluates usage of oil shale as a whole, including for the oil-shale-fired power generation and production of by-products during retorting or shale oil upgrading processes.
This page summarizes projects that propose to bring more than 20,000 barrels per day (3,200 m3/d) of new liquid fuel capacity to market with the first production of fuel beginning in 2016. This is part of the Wikipedia summary of Oil Megaprojects.
Predicting the timing of peak oil involves estimation of future production from existing oil fields as well as future discoveries. The initial production model was Hubbert peak theory, first proposed in the 1950s. Since then, many experts have tried to forecast peak oil.
Basra Oil Company (BOC) is a national Iraqi company responsible for the oil in the south of Iraq. It is situated in Basra. BOC is one of the major fundamental formations of the Iraq National Oil Company (INOC). It was the first nucleus and the basis of national direct investment projects in the 1970s, where the BOC was subsidiary to the national company.
Oil reserves in Canada were estimated at 172 billion barrels as of the start of 2015 . This figure includes the oil sands reserves that are estimated by government regulators to be economically producible at current prices using current technology. According to this figure, Canada's reserves are third only to Venezuela and Saudi Arabia. Over 95% of these reserves are in the oil sands deposits in the province of Alberta. Alberta contains nearly all of Canada's oil sands and much of its conventional oil reserves. The balance is concentrated in several other provinces and territories. Saskatchewan and offshore areas of Newfoundland in particular have substantial oil production and reserves. Alberta has 39% of Canada's remaining conventional oil reserves, offshore Newfoundland 28% and Saskatchewan 27%, but if oil sands are included, Alberta's share is over 98%.
As of 2007, the proven oil reserves in Mexico were 12.4 billion barrels. The US Energy Information Administration estimated Mexican proved reserves to be 10.3 billion barrels as of 2013.
EnergyinSaudi Arabia involves petroleum and natural gas production, consumption, and exports, and electricity production. Saudi Arabia is the world's leading oil producer and exporter. Saudi Arabia's economy is petroleum-based; oil accounts for 90% of the country's exports and nearly 75% of government revenue. The oil industry produces about 45% of Saudi Arabia's gross domestic product, against 40% from the private sector. Saudi Arabia has per capita GDP of $20,700. The economy is still very dependent on oil despite diversification, in particular in the petrochemical sector.
The natural gas in Qatar covers a large portion of the world supply of natural gas. According to the Oil & Gas Journal, as of January 1, 2011, reserves of natural gas in Qatar were measured at approximately 896 trillion cubic feet ; this measurement means that the state contains 14% of all known natural-gas reserves, as the world's third-largest reserves, behind Russia and Iran. The majority of Qatar's natural gas is located in the massive offshore North Field, which spans an area roughly equivalent to Qatar itself. A part of the world's largest non-associated, natural-gas field, the North Field, is a geological extension of Iran's South Pars / North Dome Gas-Condensate field, which holds an additional 450 trillion cubic feet of recoverable natural-gas reserves.
Iran is an energy superpower and the petroleum industry in Iran plays an important part in it. In 2004, Iran produced 5.1 percent of the world's total crude oil, which generated revenues of US$25 billion to US$30 billion and was the country's primary source of foreign currency. At 2006 levels of production, oil proceeds represented about 18.7% of gross domestic product (GDP). However, the importance of the hydrocarbon sector to Iran's economy has been far greater. The oil and gas industry has been the engine of economic growth, directly affecting public development projects, the government's annual budget, and most foreign exchange sources.
Energy in Iraq plays a crucial role in both the national economy and the global energy markets due to the country's vast oil reserves and significant status within the Organization of the Petroleum Exporting Countries (OPEC).
