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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