{"id":1451088,"date":"2024-01-17T00:40:00","date_gmt":"2024-01-17T05:40:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1451088"},"modified":"2024-01-17T00:40:00","modified_gmt":"2024-01-17T05:40:00","slug":"2025-is-when-the-world-will-be-short-of-oil-occidental-ceo-warns-oil-supply-crunch-begins-next-year","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/2025-is-when-the-world-will-be-short-of-oil-occidental-ceo-warns-oil-supply-crunch-begins-next-year\/1451088\/","title":{"rendered":"“2025 Is When The World Will Be Short Of Oil”: Occidental CEO Warns Oil Supply Crunch Begins Next Year"},"content":{"rendered":"

“2025 Is When The World Will Be Short Of Oil”: Occidental CEO Warns Oil Supply Crunch Begins Next Year<\/span><\/p>\n

\n

By Charles Kennedy of OilPrice.com<\/a><\/em><\/p>\n

The ratio of discovered resources versus demand has dropped in recent decades and is now at around 25%.<\/em>
\n\tOxy CEO Hollub: \u201c2025 and beyond is when the world is going to be short of oil.\u201d.<\/strong><\/em>
\n\tOil 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.<\/em><\/p>\n

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. \u00a0<\/p>\n

For most of the second half of the 20th\u00a0century, oil companies were finding more crude than global consumption, around five times the demand volumes, Hollub said, as carried by\u00a0Reuters<\/a>.<\/p>\n

<\/a><\/p>\n

The ratio of discovered resources versus demand has dropped in recent decades and is now at around 25%.<\/p>\n

\u201cIn the near term, the markets are not balanced; supply, demand is not balanced,\u201d Oxy\u2019s CEO said. \u00a0<\/p>\n

\u201c2025 and beyond is when the world is going to be short of oil.\u201d<\/p>\n

According to the executive, the oil market will find itself moving from an oversupply in the near term to a long period of supply shortages.<\/p>\n

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.<\/p>\n

One of the most persistent warnings has come for years from Saudi Arabia, the world\u2019s largest crude oil exporter, and its state oil giant Aramco.<\/p>\n

The Kingdom and Aramco have repeatedly said that the focus of the energy sector and the debates on the energy transition should be on\u00a0how to cut emissions<\/a>, not on reducing oil and gas production.\u00a0<\/p>\n

Speaking at the Energy Intelligence Forum in October, Aramco\u2019s chief executive Amin Nasser\u00a0said<\/a>\u00a0that the Saudi oil giant is working on renewables, e-fuels, hydrogen, and carbon capture and storage (CCS). But the world will need oil and gas for decades and renewables won’t meet this need for decades, he added.<\/p>\n

The additional oil and gas demand over the coming decade needs new upstream investments to offset the 5-7% annual decline rates, Nasser noted.\u00a0\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 01\/16\/2024 – 19:40<\/span><\/p>\n

\u200bRead More<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

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