Peak oil is over but present lows hurt: Jum’ah

The world’s largest oil producer Saudi Aramco on Wednesday said the time for astronomical crude prices was over but the present low
levels too would not be good in the long run for finding and developing new reserves to ensure security of future energy supplies.

“The peak oil theory has been proven right. The era of peak oil is gone… for many NOCs (national oil companies) oil represents big revenues for development. Producers want enough money to build additional facilites after paying taxes, royalty and shareholders,” Saudi Aramco president and CEO Abdallah S Jum’ah told a conclave of industry captains and experts organised by energy think-tank Great Organisations of the World.

Times of India