Sadad Al-Husseini is talking
Sadad Al-Husseini, former executive of ARAMCO (Saudi Arabia's national oil company), is now talking about what could bring a halt to the ever increasing of oil production.
Indeed, according to him, production is not going to increase much between now and 2020 (and then will start declining inexorably), the official reserves are overestimated by 300 billion barrels and oil price should go up $12 a year from now on.
So how are we going to produce the 116 millions barrels per day (mbpd) needed in 2020 (which is the forecast) if we are stuck at 85 mbpd from now on?
We might manage to affect the amount we need in the future by being more efficient at using what we have, but ultimately it means that world growth will have to be fueled with something else.
The source article is here.
Another one here.
Indeed, according to him, production is not going to increase much between now and 2020 (and then will start declining inexorably), the official reserves are overestimated by 300 billion barrels and oil price should go up $12 a year from now on.
So how are we going to produce the 116 millions barrels per day (mbpd) needed in 2020 (which is the forecast) if we are stuck at 85 mbpd from now on?
We might manage to affect the amount we need in the future by being more efficient at using what we have, but ultimately it means that world growth will have to be fueled with something else.
The source article is here.
Another one here.
Labels: Geopolitics, PeakOil
posted by Bambitroll at
14:56
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