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Started By
Message
Market to be short oil from 2025 onwards, says Occidental Petroleum CEO
Posted on 1/16/24 at 9:54 am
Posted on 1/16/24 at 9:54 am
quote:
DAVOS, Switzerland, Jan 16 (Reuters) - The oil market could be heading for a supply crunch from 2025 onwards as oil exploration fails to keep pace with demand, Occidental Petroleum (OXY.N) Chief Executive Vicki Hollub said on Tuesday.
Hollub, who spoke on the sidelines of the World Economic Forum in Davos, said U.S. WTI crude prices could trade in the $80-$85 a barrel range from 2025. Prices averaged about $78 a barrel last year.
"In the near term, the markets are not balanced; supply, demand is not balanced," Hollub said, adding that: "2025 and beyond is when the world is going to be short of oil".
Hollub said that from the mid-1950s to the late 1970s, oil companies were finding around five times as much oil as was used, a ratio that has steadily declined to about 25% in 2023.
She said that from 2012, U.S. oil companies moved away from exploration and focused on tapping shale oil reserves, which have a much shorter lifespan than conventionally produced oil.
She added that she expected energy transition scenarios will have to be adjusted to accommodate for more oil exploration.
"I think the industry is looking at a scenario where we will be able to do all the things that we need to do as a part of the transition".
The market will move from near term oversupply, to a long period when the world is going to need more oil, she added.
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Posted on 1/16/24 at 9:59 am to ragincajun03
Ironically we actually need more renewable energy investment. Not to replace oil, but to keep up.
Posted on 1/16/24 at 10:00 am to ragincajun03
Folks, this is all deliberately managed decline. All around us they're planning to lower your standards of living.
Posted on 1/16/24 at 10:04 am to ragincajun03
I don’t need her to womansplain it to me
Posted on 1/16/24 at 10:04 am to ragincajun03
Aaaaaaaaaaand it's on purpose. again.
Posted on 1/16/24 at 10:04 am to ragincajun03
Time to average [Up]
Posted on 1/16/24 at 10:04 am to jcaz
quote:
Ironically we actually need more renewable energy investment. Not to replace oil, but to keep up
Funny, you found the conclusion they led you to by your nose
Posted on 1/16/24 at 10:05 am to tiggerthetooth
quote:
Folks, this is all deliberately managed decline.
Dude. Peak oil is something we all knew was a possibility.
Posted on 1/16/24 at 10:07 am to tiggerthetooth
Yeah, a doom and gloom statement coming from those people should always be treated with skepticism.
Posted on 1/16/24 at 10:08 am to SlowFlowPro
quote:
quote:Folks, this is all deliberately managed decline. Dude. Peak oil is something we all knew was a possibility
They been saying that since the 70’s. There is plenty of oil out there. It is just cost prohibitive relative to shale plays in terms of risk and $/bbl to produce.
As oil goes up and shale plays are drilled up, you will see more offshore and conventional drilling, waterflood/CO2 injection aka old school oil production.
The shale plays were a cheat code
Posted on 1/16/24 at 10:09 am to ragincajun03
?
This post was edited on 1/16/24 at 10:11 am
Posted on 1/16/24 at 10:11 am to PetroAg
quote:
They been saying that since the 70’s.
Somehow, this makes sense to you as argument against the possibility
Posted on 1/16/24 at 10:12 am to ragincajun03
sounds like a CEO trying to temper investor expectations for production demands
Posted on 1/16/24 at 10:23 am to ragincajun03
We're producing more per well (read: fewer wells, yet producing more than ever before) than possibly any other time in history, but somehow we're now going to run short? 
And notice what she said, not that there aren't enough reserves but that there just isn't enough exploration. Supply/demand will address that.
And notice what she said, not that there aren't enough reserves but that there just isn't enough exploration. Supply/demand will address that.
Posted on 1/16/24 at 10:24 am to jcaz
quote:
Ironically we actually need more renewable energy investment. Not to replace oil, but to keep up
Nuclear
Posted on 1/16/24 at 10:28 am to Bard
quote:
And notice what she said, not that there aren't enough reserves but that there just isn't enough exploration. Supply/demand will address that.
Bingo.
Companies will just have to move on to 2nd, 3rd and at some point, 4th tier areas. As a result, those barrels may very well come at a higher cost, and the economics will have to work itself out one way or the other.
Posted on 1/16/24 at 10:28 am to SlowFlowPro
quote:
Dude. Peak oil is something we all knew was a possibility.
until every square inch of the Earth is surveyed with seismic we can not even begin to estimate how much oil is out there
environmentalists prevent us from producing areas we know there is oil
off the west coast
off the east coast
rest of GOM coast
federal lands
Posted on 1/16/24 at 10:30 am to ragincajun03
OXY has been very successful, even in tough times. If he is saying it, I might buy it
Posted on 1/16/24 at 10:31 am to supatigah
quote:
environmentalists prevent us from producing areas we know there is oil
off the west coast
off the east coast
rest of GOM coast
federal lands
Unfortunately, even pro-oil Republicans have had a hand in the bolded part as it relates to Florida's coast. From Bush and Trump to Chris and DeSantis.
This post was edited on 1/16/24 at 10:33 am
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