From OilPrice, January 16:
- The ratio of discovered resources versus demand has dropped in recent decades and is now at around 25%.
- Oxy CEO Hollub: “2025 and beyond is when the world is going to be short of oil.”.
- Oil industry executives have been warning that new resources, new investments, and new supply will be needed just to maintain the current supply levels as older fields mature.
The world would find itself short of oil from 2025 onwards as exploration for longer-producing crude reserves is set to lag demand growth, Vicki Hollub, chief executive of Occidental Petroleum, said at the Davos forum on Tuesday.
For most of the second half of the 20th century, oil companies were finding more crude than global consumption, around five times the demand volumes, Hollub said, as carried by Reuters.
The ratio of discovered resources versus demand has dropped in recent decades and is now at around 25%.
“In the near term, the markets are not balanced; supply, demand is not balanced,” Oxy’s CEO said....
....MUCH MORE