Thursday, January 31, 2019

Peak Oil? What Peak Oil? -- Peak Oil Redux -- January 31, 2019

Earlier today, this post: The Oil Shock That Never Was --
From Bloomberg:
Three years ago, influential figures in the oil industry were sounding a clear warning: prices were too low, investment was collapsing and by the end of the decade the world would face a shortage. 
In reality, the market today is looking at several more years of plenty, so much so that OPEC is beginning its third year of production cuts just to prevent a surplus.
“We’re in an age of abundance,” said Ed Morse, head of commodities research at Citigroup Inc. in New York. “A supply crunch is not likely at all.”
Wow, I remember all the discussions on the blog and elsewhere: doom and gloom -- major oil companies were not spending enough on CAPEX and we were going to run out of oil by 2018 ... or 2019 ... or 2020.
Now this, from COP's earnings call today, link here:

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