Bleak News from the Oil Zone

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“Be afraid


“Slide after slide, chart after chart, speaker after speaker told the tale of the world’s oil fields peaking in output and, in due course, going into irreversible decline. From the North Slope to the North Sea, Saudi Arabia to Siberia, Canada to China, Iran to Indonesia, output of oil greatly exceeds new discovery. Many of the world’s largest oil fields and provinces, such as Saudi Arabia’s Ghawar, Kuwait’s Burgan, Russia’s Romashkino, Mexico’s Cantarell and others, are decades old, with no real replacements anywhere on any horizon,” he tells us.

Legendary oilman T. Boone Pickens was at the conference and on top of saying that world oil production peaked last year, he commented, “I think we are going to see $100 oil before we ever see $80 again. There might be a recession that would pull the price back to $80, but we’ll see $100 first.”

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