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re: US Reliance on Russian Oil Surges to Record High
Posted on 6/18/21 at 9:50 pm to TigerDog83
Posted on 6/18/21 at 9:50 pm to TigerDog83
quote:
We are about to have an energy crisis and amazingly almost nobody sees it coming.
It will be an energy crisis at the whim of opec+ since they have spare capacity…I also think shale is going to ramp up but there have been some hard lessons which have led to some serious capital constraints. Most of these guys have no idea the carnage in the O&G industry from about late 2014 - 2020.
1
Posted on 6/18/21 at 9:55 pm to cwill
quote:
It will be an energy crisis at the whim of opec+ since they have spare capacity…I
They have declines too and I fall into the matthew simmons camp on some of their reserves. Ghawar is past peak and saudi is working harder and harder to even stay at the 9.5 mmbpd max they can likely produce without causing reservoir damage. Venezuela is in shambles, non opec is suffering from lack of capex, and Iran is already putting most of their oil to market through back channels. Us shale is down 2 mmbpd plus and canada has had little investment in the last few years. Bakken and Eagleford core is exhausted and permian isn’t far from plateau. Demand is soon to eclipse 2019 levels and where is the extra oil going to come from?
This post was edited on 6/18/21 at 9:57 pm
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