Marketwatch
October 16, 2009
A perfect storm's brewing to cool petroleum demand
Oil demand in developed countries likely reached its all-time peak in 2005, well before the so-called Great Recession began, according to a research report released this week by IHS Cambridge Energy Research Associates.
And while world oil demand is set to grow as the economy moves from recession to recovery, the demand lost among the 30 developed countries that make up the Organization for Economic Cooperation and Development is "not likely to ever be regained," it said.
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Financial Times
October 15, 2009
Oil Demand Has Peaked in Developed World
Oil demand in developed countries - which currently accounts for 54 per cent of all oil demand - likely reached its all-time peak in 2005, according to new research by IHS Cambridge Energy Research Associaties (CERA). That demand, which was lost in 30 developed countries that comprise the Organization for Economic Cooperation and Development (OECD) is unlikely to ever be regained.
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New York Times
October 13, 2009
Oil Demand in Industrialized Nations Peaked in 2005, Researchers Say
After falling for two years, global oil demand is expected to grow in 2010, once the economy kicks back to life. But oil consumption in developed nations — including the United States, Europe and Japan — probably reached a high point in 2005, well before the current downturn, and consumption has been falling since, according to IHS Cambridge Energy Research Associates, a consulting firm.
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New York Times
October 13, 2009
Oil Demand Has Peaked in Developed Nations, Never to Return -- Report
The IHS Cambridge Energy Research Associates, or IHS CERA, analysis cites several reasons why demand in developed nations -- which accounts for slightly more than half the world's total -- won't recover. Among them: Car ownership rates have reached "saturation," while populations are aging and population growth ranges from low to negative.
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USA Today
October 13, 2009
Fuel-efficient cars help steady oil demand in rich countries
Demand for oil in richer countries has probably peaked and won't exceed pre-recession levels, given high rates of vehicle ownership in those countries, improving mileage standards and new technologies.
But global demand for oil will expand — up almost 14% from 2010 through 2020 — largely because of developing countries, including China, says a report from IHS Cambridge Energy Research Associates.
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Bloomberg
October 13, 2009
Oil Rises to Seven-Week High as Global Demand Is Revised Higher
Oil use in the 30 developed countries in the Organization of Economic Cooperation and Development probably reached a record in 2005, IHS Cambridge Energy Research Associates said in a report today. Global consumption will grow 6.3 percent to 89.1 million barrels a day in 2014 as emerging economies use more fuel, according to IHS.
“The economic downturn has been masking a larger trend in the oil demand of developed countries,” IHS Chairman Daniel Yergin, author of a Pulitzer-Prize winning history of the oil industry, said in a statement. “The fact is that OECD oil demand has been falling since late 2005, well before the great recession began.”
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New York Times
October 9, 2009
New Way to Tap Gas May Expand Global Supplies
One recent study by IHS Cambridge Energy Research Associates, a consulting group, calculated that the recoverable shale gas outside of North America could turn out to be equivalent to 211 years’ worth of natural gas consumption in the United States at the present level of demand, and maybe as much as 690 years. The low figure would represent a 50 percent increase in the world’s known gas reserves, and the high figure, a 160 percent increase.
The projections suggest that the new method of producing gas “is the biggest energy innovation of the decade,” said Daniel Yergin, chairman of the Cambridge consulting group. “And the amazing thing is there was no grand opening ceremony for it. It just snuck up.”
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New York Times
October 9, 2009
Canada, Alberta Fund Shell's CCS Project for Oil Sands
A May study by IHS Cambridge Energy Research Associates found that "well to wheels" oil sands emissions -- including extraction, refinement and combustion -- are about 5 percent to 15 percent higher than those from crude most commonly used in the United States.
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Philadelphia Inquirer
October 8, 2009
Partial Sunoco shutdown may be permanent
"I think in the short term, there is the potential for gasoline to rebound a bit, but I don't think it will reach its peak" of 2007, said Aaron Brady, a research director at IHS Cambridge Energy Research Associates, an energy advisory firm in Cambridge, Mass.
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Houston Chronicle
October 5, 2009
Oil Industry Sets a Brisk Pace of New Discoveries
New York Times
September 24, 2009
Oil Industry Sets a Brisk Pace of New Discoveries
“The No. 1 question that exploration teams have right now is, Where do we go next?” said Robert Fryklund, who ran the operations of ConocoPhillips in Libya and Brazil, and is a vice president in Houston at IHS Cambridge Energy Research Associates.
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Los Angeles Times
September 24, 2009
Oxy oil discovery could spark new interest in California's energy potential
"Certainly this kind of success will send other people back to California to rethink the geology and rethink the theories of the area," said Daniel Yergin, chairman of IHS Cambridge Energy Research Associates and author of the Pulitzer Prize-winning history of the oil industry "The Prize: The Epic Quest for Oil, Money and Power."
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New York Times
September 14, 2009
Same Old Hope: This Bubble Is Different
Often they are based on legitimate expectations of high growth that are “extrapolated into the stratosphere,” as the economist Daniel Yergin, chairman of IHS-Cambridge Energy Research Associates, put it. Such is the fear over investment in emerging markets like China.
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Time
September 11, 2009
Oil Prices Stabilize; Can OPEC Keep Them That Way?
In a major report on oil demand this week, IHS Cambridge Energy Research Associates, which monitors global oil markets, said the world would use about 900,000 more bbl. of oil a day next year than this year and by 2012 would fully recover to its 2007 prerecession levels.
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New York Times
September 10, 2009
Rising Temps Melt Electric Utilities' Business Models
A national push to curb greenhouse gas emissions and promote clean energy technologies is creating an unusual business challenge for electric utilities.
Success means selling less of their product.
"What other business do you see in the U.S. economy where you expect a company that has a good business model to spend and to invest a lot of money to use less of their product?" said Larry Makovich, vice president at IHS Cambridge Energy Research Associates Inc., an energy consulting firm.
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UPI
September 9, 2009
Economic Outlook: A momentary balance
IHS Cambridge Energy Research analyst Bhushan Bahree said oil prices had reached "the sweet spot."
"Both the producers and the consumers are content," he said told The New York Times. "Nobody is complaining."
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Wall Street Journal
September 9, 2009
Flight From Dollar Buoys Crude
Demand may take a while to take off even with a recovery in the world economy -- the U.S. Energy Information Administration predicts that global oil demand will fall by 1.78 million barrels a day this year, to 83.67 million barrels a day. IHS CERA, a consultancy, believes it will be another three years before global oil consumption returns to the peak reached in 2007.
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CNBC (video)
September 9, 2009
Oil Prices, Demand and Production
OPEC says it's comfortable with oil trading between the $68 and $75 a barrel level. Bhushan Bahree, senior director of IHS Cambridge Energy Research Associates (IHS CERA), tells CNBC whether this price range is sustainable.
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New York Times
September 9, 2009
OPEC Seems Content With ‘Goldilocks’ Price
One factor OPEC seems to be counting on is that demand for oil will eventually pick up. According to a report by IHS Cambridge Energy Research Associates, global oil demand is set to grow next year for the first time since 2007. The consulting firm expects consumption to expand by 900,000 barrels per day in 2010, and eventually return to its 2007 level of 86.5 million barrels per day by 2012. Daniel Yergin, chairman of IHS Cambridge Energy Research Associates, said that the discovery "demonstrates how technology continues to expand the horizon of the Gulf of Mexico."
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UPI
September 9, 2009
Economic Outlook: Post-summer retrenchment
Many industry analysts see the Organization of Petroleum Exporting Countries as leaving production levels unchanged, but the influential IHS Cambridge Energy Research Associates said demand for oil would rise in 2010 for the first time since 2007, Financial Times reported Wednesday.
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Houston Chronicle
September 9, 2009
Report sees rebound in global oil demand
Global oil demand will resume its climb next year and should be back to 2007's highs by 2012, IHS-Cambridge Energy Research Associates reported Tuesday.
The recovery will come more quickly than after the last major oil bust in 1980 — when demand took a decade to reach its 1979 level — because developing nations like China and India are still primed for growth, said Jim Burkhard, managing director of global oil research for the firm.
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Financial Times
September 8, 2009
Oil demand to recover by 2012, IHS CERA says
IHS Cambridge Energy Research Associates believe oil demand, which has fallen away with the financial crisis, will return to 2007 levels by 2012. Significantly, they point out, this is a much faster turnaround than the last time oil demand fell, in the 1980s.
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Bloomberg
September 8, 2009
Oil Rises Above $71 as Dollar Tumbles, OPEC Ministers Gather
World oil demand will grow in 2010 for the first time in three years and reach pre-recession levels by 2012, according to a report today by IHS Cambridge Energy Research Associates. Consumption will grow by 900,000 barrels a day in 2010 and match its 2007 high of 86.5 million barrels a day by 2012, according to the Cambridge, Massachusetts-based energy consultant.
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Reuters
September 8, 2009
World oil demand to grow again next year - IHS CERA
World oil demand will resume growing next year, returning to pre-recession levels by 2012, IHS Cambridge Energy Research Associates predicted Tuesday.
The energy research firm said in its quarterly World Oil Watch report it expected demand to grow by 900,000 barrels per day in 2010 from a 2009 low of 83.8 million bpd.
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Washington Post
September 3, 2009
BP Finds 'Giant' Oil Source Deep Under Gulf of Mexico
Daniel Yergin, chairman of IHS Cambridge Energy Research Associates, said that the discovery "demonstrates how technology continues to expand the horizon of the Gulf of Mexico."
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Wall Street Journal
September 3, 2009
Oil Discovery Highlights bp's Resurgence, Gulf's Bounty
BP's latest discovery, one of the deepest oil fields ever drilled, highlights how the Gulf of Mexico can hold its own as an exploration province despite its relative maturity: It saw its first well out of sight of land in 1947. "It's still got a lot of life left in it," said Leta Smith, a consultant with IHS CERA in Houston, referring to the U.S. Gulf. Bob Fryklund, a consultant with IHS, said that the Gulf, thanks to deeper areas made exploitable by new technology, is part of the offshore "Golden Triangle," that also comprises West Africa and Brazil.
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USA Today
September 3, 2009
BP finds huge oil field deep beneath the Gulf of Mexico
The new find — which will produce for the domestic U.S. market — is among 18 oil discoveries since 2000 in ultra-deep water off the coast of Texas and Louisiana, says Leta Smith, a director of IHS Cambridge Energy Research Associates.
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Associated Press
September 3, 2009
BP taps vast pool of crude in deepest oil well
"And when they finally get down there, it's very hot," said Leta Smith, a director with IHS Cambridge Energy Research Associates' Global Oil Supply Group.
"It could be upwards of 250 degrees Fahrenheit. The pressures can be the most challenging aspect of it. These rocks are over-pressured, which means you need to have a lot of special equipment."
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Reuters
September 2, 2009
Oil still years away at BP Gulf of Mexico find
"It's likely to be on the order of 10 years from now before the first oil flows," said Leta Smith of IHS Cambridge Energy Research Associates. "It's miles from infrastructure."
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Marketwatch
September 2, 2009
BP discovery brings deep water Gulf of Mexico into focus
Leta Smith, director of the exploration and production forum for IHS CERA, said the BP discovery raises the prospects for the Lower Tertiary region, first heralded by Chevron's Jack discovery.
"People are always continuing to look for oil and gas and this Lower Tertiary play is still in its infancy," Smith said. "This is only the 18th discovery in this play."
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CNNMoney
September 2, 2009
Oil Discovery Highlights BP's Resurgence, Gulf's Bounty
BP's latest discovery, one of the deepest oil fields ever drilled, highlights how the Gulf of Mexico can hold its own as an exploration province despite its relative maturity: It saw its first well out of sight of land in 1947. "It's still got a lot of life left in it," said Leta Smith, a consultant with IHS CERA in Houston, referring to the U.S. Gulf. Bob Fryklund, a consultant with IHS, said that the Gulf, thanks to deeper areas made exploitable by new technology, is part of the offshore "Golden Triangle," that also comprises West Africa and Brazil.
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Wall Street Journal
August 31, 2009
Why Oil Still Has a Future
On Aug. 28, 1859, in the backwoods of northwest Pennsylvania, the first successful oil well went into production in the United States, ushering in an energy revolution that would make whale oil obsolete and eventually transform the industrial world. Yet 150 years later, even as demand increases in developing countries, oil's position in the global economy is being questioned and challenged as never before.
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The Houston Chronicle
August 30, 2009
After 150 Years, Age of Oil Entering an Efficiency Phase
Edwin Drake and the New Haven, Conn., investors who funded the United States' first commercial oil drilling operation in rural Pennsylvania aren't so different from today's venture capitalists betting big on a new, unproven technology, author and energy industry analyst Daniel Yergin says.
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PRI's To the Point (audio)
August 27, 2009
150 Years of Oil
(segment begins at 41:00 min)
Back in 1850, a group of investors in Connecticut and New York had an idea. Perhaps some of that oil oozing out of the ground in Pennsylvania could be used as a fuel, one that could replace whale oil, which was in short supply. They hired a retired railroad conductor with nothing better to do and asked him to try drilling for oil the way people drilled for water. Edwin Drake surprised everyone, including himself, when he struck oil. Daniel Yergin has written about the first oil strike, 150 years ago this week, and its consequences in The Prize: The Epic Quest for Oil, Money and Power.
Listen to the Program
CNBC's Squawk on the Street (video)
August 27, 2009
Birth of the Oil Age
Daniel Yergin, IHS CERA Chairman and Pulitzer Prize-winning author of The Prize, discusses the 150th anniversary of the first oil well and the future of oil.low Report
Watch the video
Clean Skies TV (video)
August 27, 2009
150th Anniversary of Oil
Clean Skies News discusses the history and future of oil with Dr. Daniel Yergin, Chairman of IHS Cambridge Energy Research Associates, Author of "The Prize: The Epic Quest For Oil, Money and Power". He's also the author of the cover story for the most recent issue of Foreign Policy magazine titled "Oil: The Long Goodbye".
Watch the video
CNBC's Kudlow Report (video)
August 26, 2009
150 Years of Oil
IHS CERA Chairman and Pulitzer Prize-winning author of The Prize, Daniel Yergin marks the 150th anniversary of the first oil well on CNBC's Kudlow Report
Watch the video
Wall Street Journal
August 24, 2009
Yergin: Forget Peak Oil, Demand is the Key to Crude's Future
Electric cars might be the next big thing, but the current big thing is oil—“it’s still the one,” says Dan Yergin in the latest issue of Foreign Policy.
The author of “The Prize” and head of IHS Cambridge Energy Research Associates took advantage of the 150th anniversary of the world’s first oil well in Pennsylvania to divine crude’s future.
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WTOP-FM
August 24, 2009
U.S. Nears Oil Anniversary this Week
It was on that date in 1859 that Edwin Drake drilled the world's first commercial oil well in Titusville, Pennsylvania.
"Oil itself came about as an innovation," says Daniel Yergin, author of the Pulitzer Prize-winning book The Prize: The Epic Quest for Oil, Money and Power. "The world was running out of whale oil, which was the number one source of lighting."
Read the transcript
National Public Radio
August 3, 2009
"You know, Washington, D.C., is not only the political capital of the United States, it's the financial capital, it's the auto capital, it's the energy capital, it's the health capital of the United States," he says. "So I think people recognized that the game is here — here in Washington."
Listen to the complete report
Wall Street Journal
Picture the oil price as a big, sticky cake. The government, refiners and producers all want a piece. The contractors that help extract it, oil-services companies, also get a slice.
Those contractors did very well when oil was heading toward its 2008 peak. Upstream operating costs, a large chunk of which are paid to oil services firms, doubled between 2000 and the third quarter of 2008 according to IHS Cambridge Energy Research Associates, a consultancy.
Bloomberg
July 23, 2009
“This is a critical issue for the future of oil sands,” Dan Yergin, chairman of IHS Cambridge Energy Research Associatesand author of a Pulitzer Prize-winning book on the history of oil, said in an interview. “What is the overall net impact on CO2 compared to other oils?”
Wall Street Journal
July 14, 2009
Don't Shoot the Speculators
As oil expert Daniel Yergin points out, more visibility "will give a better sense of how much is the market responding to supply and demand in physical oil and how much is it responding to the supply and demand of money on the part of investors."
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New York Times
July 14, 2009
China Builds High Wall to Guard Energy Industry
A report last month by IHS Cambridge Energy Research Associates, a global energy consultancy, concluded that Chinese wind turbine makers would soon start exporting. That is because Chinese wind farm installations could level off temporarily as the power grid struggles to install enough high-power lines to use all the electricity wind produces.
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NPR's All Things Considered
Newsweek
July 10, 2009
Will Oil Help or Hinder the Recovery?
With oil prices on an unprecedented roller-coaster ride With oil prices on an unprecedented roller-coaster ride over the last year, our senior reporter Matthew Philips caught up with energy guru Dan Yergin, to talk about what effect petro-prices will have on the recovery.
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Reuters
July 9, 2009
Oil rises, snaps six-day slide on gasoline buying
Optimism an economic turnaround could boost flagging global oil demand lifted crude off lows below $33 a barrel hit in December to over $70 a barrel last month, before weak fundamentals have begun to weigh.
"I think what's happened is that reality has come back into the picture," oil historian and analyst Daniel Yergin told Reuters in an interview.
"What we've seen the last week or two is a recognition that this is going to be a longer road and a more difficult recovery. I guess we'd say that supply and demand have walked back into the stage again."
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The Diane Rehm Show
July 9, 2009
The Price of Oil
A year ago the price of oil was more than double what it is today, and in recent weeks, prices swings have been dramatic: What's behind the volatility and the long-term outlook for global production and demand.
Guests:
Daniel Yergin, chair, IHS Cambridge Energy Research Associates and author of “The Prize: The Epic quest for Oil, Money, & Power” recently released with a new epilogue.
J. Robinson West, chairman of PFC Energy, an energy consulting firm
Bart Chilton, Commissioner, Commodity Futures Trading Commission
John B Authers, reporter, Financial Times
Houston Chronicle
July 7, 2009
Advanced Biofuels
...As such, it addresses some of the biggest problems that have dogged ethanol, the leading U.S. alternative fuel today, and could hold potential in moving the U.S. away from fossil fuels.
“If you can make a molecule that looks a lot more like gasoline, that’s the Holy Grail for the biofuels industry,” said Aaron Brady, an oil analyst with IHS Cambridge Energy Research Associates.
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Time magazine
July 2, 2009
Why Big Oil Declined Iraq's Riches
Iraq could one day potentially match Saudi Arabia, whose output of 9.6 million barrels a day makes it the world's largest producer. Iraq currently pumps just 2.4 million barrels a day, because its oil facilities need huge capital upgrades. "Even if this process had gone as planned it's still not sure that the targets would be reached," says Leila Benali of the Cambridge Energy Research Associates.
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Reuters
According to IHS Cambridge Energy Research Associates, an energy consultancy, the cost of building new refining and petrochemical plants fell 9 percent between the third quarter of 2008 and the second quarter of 2009, after years of steady increases. "The cost decline we've seen so far is due to the commodity cost coming down," said Jackie Forrest, director of IHS CERA's downstream capital cost forum. "We do anticipate further decreases."
Financial Times
June 8, 2009
The runup in equipment and services in the oil and gas sector in recent years is over. IHS CERA, the consultancy, says its Upstream Capital Costs Index, which tracks costs associated with the construction of new oil and gas facilities, fell 8.5 per cent over the past six months to an index level of 210 points. The IHS CERA Upstream Operating Cost Index, which measures operating costs for those facilities, fell 8 per cent to an index score of 187.
Houston Chronicle
June 5, 2009
The oil and gas industry’s costs of doing business are falling amid a pullback in activity and the global recession, according to a pair of indexes kept by IHS Cambridge Energy Research Associates released today.
Reuters
June 1, 2009
But crude oil's biggest monthly gain in a decade has more to do with rallying equity markets and a weak dollar than actual oil demand, Yergin, chairman of IHS Cambridge Energy Research Associates (CERA), told the Reuters Global Energy Summit in Washington.But crude oil's biggest monthly gain in a decade has more to do with rallying equity markets and a weak dollar than actual oil demand, DanielYergin, chairman of IHS Cambridge Energy Research Associates (IHS CERA), told the Reuters Global Energy Summit in Washington.
Reuters
June 1, 2009
The United States may soon take the mantle as the global leader on climate change in part because of its strong research and development on energy, said oil historian and analyst Daniel Yergin .
Business News Network (BNN)
May 26, 2009
BNN talks to James Burkhard, head of global oil group, IHS Cambridge Energy Research Associates.
Newsweek
May 26, 2009
Oil prices are heading up. After hitting $145 last summer, then falling to $33 in February, a barrel of oil is now more than $60. How long until it's back above $100?
Daniel Yergin: Not for a while. "The only way we'll see the return of triple-digit oil in the next year is if there's a very dramatic event...
Squawk on the Street (CNBC)
May 20, 2009
According to a new report, the U.S. may import close to 40% of oil supply from Canada's oil sands by the year 2035, with Daniel Yergin, IHS Cambridge Energy Research Associates chairman.
New York Times
May 18, 2009
Trying to balance the size of Canada’s reserves and their environmental impact is a tough act. But a new report, to be released Monday by IHS CERA, an energy consulting group, sees big opportunities for the oil sands, shrouded in vast uncertainty. “The oil sands are an immense resource in North America, and so they represent an opportunity to enhance energy security,” said James Burkhard, the managing director of IHS CERA’s global oil group. “But there are also questions about the future economic feasibility of oil sands, given the drop in oil prices, and second, there are a number of issues related to greenhouse gases, land and water use, on which there is a wide spectrum of views.”
Daniel Yergin chronicled the global expansion of capitalism in a book and TV series titled The Commanding Heights. He says confidence in the capitalist system has been shaken by the financial crisis.
Bob Fryklund, industry analyst with IHS-Cambridge Energy Research Associates in Houston, said highly diversified oil majors may not have the same urgency to act as independent oil and gas producers do.
“This is just one portion of their portfolio, while for a lot of the independents it's their whole portfolio,” he said.
But increasing moves by major international oil companies into U.S. shale plays, he said, suggesting they may see more potential there than they once did.
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Forbes
October 2, 2009
Deep Oil, Deep Unknowns
"Because there are so few [discoveries], and they are spread all across the Gulf, there's really not very much known about these plays, so that makes the risk fairly high," says Leta Smith, an exploration and production consultant in Houston at IHS Cambridge Energy Research Associates.
Read the complete article
