Uncovering the Truth: How Shale Oil Reports by the EIA Are Overblown

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Negative Sentiment in Oil and Gas Industry:

Pruitt observes unprecedented negative sentiment towards the industry.
Focuses on the reasons behind current oil prices.
Current Oil Prices:

WTI crude at $72/barrel.
Brent crude at $77/barrel.
Prices have recovered from a previous low.
Economic Outlook:

Federal Reserve considering rate cuts.
Global and American economies performing better than expected.
Shale Oil Production Surprises:

U.S. production higher than expected, contradicting predictions of shale decline.
Peak production reached 13.2 million barrels/day.
Pruitt suggests much information on this topic is not easily accessible.
Shale Oil Challenges:

Rapid depletion rates of shale wells.
Newer wells less productive than older ones.
Sustainability concerns for shale oil as a reliable source.
Global Oil Demand and Market Dynamics:

Robust demand, especially in transportation fuels.
Declining shale productivity, steady global demand, and geopolitical factors could tighten oil markets.
OPEC's supply management, low global inventories, and underinvestment could increase oil prices.
Energy Transition and Economic Stability:

Need for balanced approach in managing oil resources and transitioning to alternative energy sources.
Pruitt criticizes media and certain public figures for misrepresenting the oil and gas industry.
Shale Oil Misconceptions:

Pruitt argues that the media and some industry reports overstate the success and sustainability of shale oil.
Investment and Market Trends:

Significant investments in shale by major companies like Chevron and Exxon Mobil.
Observations on stock market reactions and investment strategies in the oil sector.
Production and Profitability Concerns:

Challenges in maintaining profitability and efficiency in shale oil production.
Concerns about refining costs and profit margins.
Expert Opinions and Predictions:

References to analysts like Eric Nuttall, Art Berman, and Jim Cramer.
Discussions on oil well depletion rates and market trends.
Global Production and Demand Insights:

U.S. production has reached new highs, but global production still below 2018 peak.
Pruitt questions the accuracy and motives behind certain global oil production and demand forecasts.
Political and Economic Commentary:

Critique of political figures and their influence on energy policies.
Skepticism about the transition to green energy and its feasibility.
Future Outlook for Oil Industry:

Pruitt anticipates an exciting and profitable future for the oil industry.
Predicts potential market disruptions and price fluctuations.

0:00 - Introduction by Sean Pruitt, President of Kingdom Exploration
0:18 - Current Oil Prices: WTI and Brent Crude Updates
0:35 - Economic Outlook: Federal Reserve and Global Economy
0:47 - Shale Oil Production Surprises and Peak Production
1:12 - Analysis of Shale Oil Industry and Expert Interviews
1:49 - Challenges and Limitations of Shale Oil Production
2:06 - Art Berman's Insights on Shale Oil
2:37 - Global Oil Demand and Market Dynamics
3:11 - Need for Balanced Energy Management and Transition
3:29 - Misconceptions and Media Representation of Shale Oil
3:41 - Investment Trends in Shale by Major Companies
4:10 - Profitability and Efficiency Concerns in Shale Production
4:43 - Art Berman's Interview Highlights and Analogy
4:57 - Analysis of Shale Well Productivity and Depletion Rates
5:51 - Break-Even Points for Shale Wells
6:08 - Large Straw in the Milkshake Analogy for Shale Extraction
6:43 - Increased Output from Shale and Market Implications
7:06 - Eric Nuttall's Podcast Notes on Shale Oil Production
9:53 - Misrepresentation of Oil Production Data
10:02 - Surge in Shale Output and Accounting Changes
11:45 - Public Perception and Media Influence on Oil Industry
12:47 - Critique of Media and Political Influence on Energy Policies
13:05 - U.S. Crude Oil Stocks and Global Market Trends
13:11 - OPEC's Role and Market Reactions
13:30 - Geopolitical Factors and Middle East Dynamics
14:10 - Jim Cramer's Market Commentary and Predictions
14:36 - Warren Buffett's Investment Moves in Oil
15:12 - IEA's Oil Demand Growth Forecasts for 2024
15:59 - Critique of Green Energy Policies and COP 28
16:34 - U.S. and Global Oil Production Comparisons
17:05 - Future of Fossil Fuels and Transition to Green Energy
17:08 - Challenges in Energy Transition and Investment Needs
17:43 - Predictions for Oil Prices and Market Dynamics
18:14 - Potential Geopolitical Escalations and Oil Market Impact
19:13 - Conclusion and Invitation to Subscribe and Explore Oil Investment Opportunities
#oilprices #oilwar #opec

[yuriengland]

I’m not sure if you make a lot of sense. If oil is running out shouldnt we save some for 100 year into the future. What will they do? Do we use it all for ourselves then tell the future to figure it? What you are talking about is similar to what the feds have been doing with the budget, spend now and let the future worry about it. What kinda world are we leaving for our kids and grand kids?

[miguellopez-qgho]

Very good video, ur very eloquent in describing the peak oil issue. Also yiu mak e a great point at minute 21, a good example of that is Germany. They have spent literally trillions on going green and eliminating fuels and they only managed to bring their carbon footprint from 83% to 81%!

[rejpipeschimneysweepservic]

Do you have a link for the art Berman interview?

[jasondaniels]

Peak shale production has been the prevailing call of several years now and has been proven wrong again and again. However I do see where next year production could start to drop as the US producers continue to deprecate a large amount of DUCS that will run out. If you look at production vs DUC inventory you’ll see the divergence and the rig count vs frac spread. Frac crews are up to complete these DUCs while the drilling rig count continues its trend downward. Additionally drillers are improving efficiency by drilling longer laterals, but I believe more weight is in the declining DUC inventory that’s being burnt up while at the same time drillings rigs are low. Overall though as stated they are just pushing more oil out on the front end to pay off quicker and so the decline is a lot faster and teir 1 acreage is very scares now. It’s not just a bigger straw though it’s also newer technologies and efficiencies that are being developed and tried but ultimately that will peak and so will the recovery/production.

Exxon is buying pioneer due to consolidation of teir 1 and 2 acreage and assets in the Permian to increase inventory and production. While Chevron increased its Gulf of Mexico exposure where it already has a large position and Guyana and some Bakken assets.

I’m curious where the calculation change came from to include natural gas liquids as I don’t see that when searching. I know they revised the calculation methods to supposedly be more accurate, but haven’t read about NGLs being included in oil production.

70 should be the new floor going forward and we should get back into the 80’s within the first two quarters of next year.

[wuldntuliktonoptb]

Well listen when ziplock bags are now light sweet crude ya can add a good 4 million barrels a day and just lie and say there’s unnstopable growth. For the last 150 years oil demand has gone up exponentially. Who needs food grown with petroleum based fertilizer and modern medicine. What demand? Electric vehicles solved everything.

[labandonaldhock]

There are plenty of oil zones below current depths in the shale, all will out produce current zones. In West Va. great zones to 23, 896 feet were found with seismic

[mohammadyaqoob]

الحمداللہ پہلی بار کیسی نے قربانی دی تو غریب ملک نے امیرو کا کام تمام کردیا ۔ یعقوب ۔

[nsdpodcast]

with more countries getting away from fossil fuel how does it affect oil

[TheRealSnakePlisken]

Oh boy. Advice: never quote Jim Craemer, stick to the facts only, and sell your horse.

[sreekrishnanmuralitharan]

@KingdomExplorationLLC what are your thoughts on oil shale? Will we ever see it become a major source of hydrocarbons in the near to medium term future?

[sallystribrny]

Excellent video.

I feel like since the beginning of the 20th century, we built this massive energy infrastructure (oil wells, pipelines, refineries, gas stations, power plants etc). A huge industrial powerplant that cost trillions and now life is good. We don't remember it any other way. The industrial plant we built needs maintenance and investment. We've not only decided we're not doing that anymore (in general, ESG guidelines from 2014 have put a cap on alot of boring important investment) but also we're going to stop using our powerplant and "go green". It's the most backward civilization destroying thought and everyone considers it mainstream. The absolute audacity to think that by talking about gender equality and climate change you can reinvent energy and bend the laws of thermodynamics blows my mind.

I'm subscribed yet your videos never show up in my feed. I have to manually search to see what you’ve posted.

[dares]

You used an analogy of a spoilt kid, to describe Iran, Russia, and China, and its people that think like you in positions of power that start dumb wars. Iranian and Russian oil doesn't belong to you, you talk about a global marketplace, in which the dollar is the currency used in facilitating trade, and the next minute you pass one of your regular stimulus packages and print all the dollars needed. it's time for a de-dollarisation period. and I don't get the point you're trying to make, crude oil is a finite resource and will run out one day and Ant Berman just points to those facts. So what is this truth you're trying to uncover? why not uncover the truth of millions of abandoned wells that are not plugged or not properly plugged. do you know what's happening to those wells, they're licking methane into the atmosphere and spewing salty sea water onto arable lands.