Does this mean Saudi Arabia's supergiant Ghawar oilfield, the greatest oil-bearing structure the world has ever known is finally dying?
If so, civilization has some almost insoluable problems.
From OilPrice, January 31:
OPEC has again failed to meet its own production targets again in January as the group lifted production only 210,000 additional barrels per day for the month.
Looking at this through a monthly lens, the group increased production by just 210,000 bpd instead of the 400,000 bpd increased production that the alliance agreed to—creating a January shortfall of 190,000 barrels per day.
But the real shortfall is much larger.
Looking back at the base amounts that OPEC is working with, and factoring in each month’s planned increased production, January production cuts from OPEC show a much larger shortfall.
OPEC’s actual January production cuts still amounted to 2.803 million barrels per day short of the base levels when OPEC agreed to the cuts. This compares to the pledged cut for January of 2.129 million bpd.
This equates to an extra 674,000 bpd in cuts for January than what OPEC has agreed to....
....MUCH MORE
Here's part of the outro from January 28's "The Lack Of Prospects For ESG (at the moment)":
....ESG is currently over-owned, oil & gas under-owned in light of the fact that 10 years of "stranded asset" talk (yes, it's been a decade) from the intro to a 2016 piece*:
Since 2012 when the Carbon Tracker Initiative came up with the idea as a pitch to keep hydrocarbons in the ground we've been kicking around in-house what, if any, effects the the carbon bubble/stranded assets arguments will have on price, and to this day don't have a clear-cut answer for patient reader.Well, six years later we have a bit more clarity, oil companies have been putting money in shareholder's hands rather than in the ground, nothing dramatic, on a year to year basis but on a decadal scale it's hundreds of billions/trillions that didn't go into exploration.
And also at OilPrice, December 8:
Oil Investment Must Rise To $525 Billion Per Year To Avoid Supply Crunch
- Investments in oil and gas exploration and production continue to be depressed
- Moody's: Global annual upstream spending needs to increase by as much as 54 percent to $542 billion if the oil market is to avert the next supply shortage shock
....MUCH MORE
WTI $87.76 down 39 cents; Brent $88.86 down 40 cents.
