It would require cancelling short-term investments in the industry, plus a 75 per cent plummet in global oil demand, according to an International Energy Agency “Recommending that we should no longer invest in new oil… I think that’s extremely dangerous,” Mohammed bin Hamad Al-Rumhi, Oman’s energy minister, told a“My biggest fear, if we stop investing in the fossil fuel industry abruptly, is there will be energy starvation and the price of energy will just shoot ,” said Al-Rumhi, in charge of...
The Oman minister’s forecast for US$200 a barrel oil is somewhat echoed in a United States Energy Information Administration The pandemic has depressed global oil demand to about 91 million barrels per day from about 100 million bpd, according to the IEA. The agency forecasts demand will increase this year to about 96 million bpd and to more than 99 million bpd in 2022.
“Even in the most ambitious energy transition scenario, oil and gas will still be needed for many decades to come,” Al-Jaber said.
Guess I’ll have to by that electric car after all 😼
Why do you have such a hard-on for oil? Yes. Oil IS still important. But jeez. Oils time is limited. Stop piling all of our eggs into this basket ffs.
I’ll wait for all u green weenies to freeze in the dark in the middle of a Canadian winter
OharaTrevoro they're finally getting what they want they're green energy divisions make massive profits and back to rolling in the cash from the oil division
Maybe we should build some pipelines.
Sounds like a mafia's threat!
Just a Matter of time when all the oil is completely depleted
Big oil. Destroying the planet, one part at a time.
Good time to invest then.
Dear Lord, give us another Oil Boom, I promise not to piss it away this time.
Oil is not that scarce. OPEC is withholding production to maintain price stability, Canada oil sands making strides on ESG, US shale off peak production & discoveries are still being made, in Guyana, for example.
Oh, FFS. Give it a rest.
This is why opec funds western climate change alarmists
Starvation = Supply vs. Demand...which means prices stay flat or drop not triple in 5 years
MattWolfAB Lol hey why not try fear? Nothing else is working to stop the inevitable shift from oil to renewables.
Good. Will force us to think about scarcity and the best used of it rather than single occupancy vehicles and Nascar.
Good?