Quote:
Originally Posted by Clayton
lol great bump
RIP jiggs, confirmed bankrupted anyone and everyone who ever followed your wisdom
Legions of trolls, mostly Pepe types, still wildly unclear on the difference between short term volatility and long-term promise. ... As if crushed demand due to a global pandemic has nothing to do with sunk oil price, saving their argument for another round.
Meanwhile:
https://oilprice.com/Energy/Oil-Pric...ly+News+Update)
According to the IEA report, since 2014, the global average level of resources approved for drilling for new conventional crude oil projects each year has been closer to 8 billion barrels, or about half of what is required to fully meet global demand by 2025. The same report estimated that US tight liquids production would need to grow an additional 6 mb/d by 2025, roughly equivalent to adding Russia’s production to the global oil balance over the next 7 years, to meet the shortfall.
and, before anyone says it, the prognosis for shale to keep riding to the rescue was terminal long before COVID-19:
https://oilprice.com/Energy/Energy-G...ly+News+Update)
That adds up to a gap of around 1.4 billion barrels of oil and gas over 30 years, the WSJ says, or around $60 billion at current prices. Put another way, the 29 largest shale companies are set to produce $60 billion less value than they initially told investors.
nevermind that shale doesn't make diesel. .... We are in the midst of peak. 2020 was always the year. I've been mentioning it here for a decade.