Oil glut predicted to continue next year
Tuesday, October 13, 2015
According to a report from the International Energy Agency, the oil glut will persist into 2016. FuelFix reports that demand growth will slow globally.
Worldwide oil consumption is predicted to be 95.7 million barrels per day in 2016. Last month, OPEC countries produced 31.72 million barrels of oil per day.
If international sanctions are lifted, more Iranian oil will add to the oversupply. Currently, the country produced 2.9 million barrels per day, but could produce 3.6 million barrels per day if an agreement related to its nuclear program is finished.
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.