The Oil Drum Europe: Lord Oxburgh Warns Oil Demand To Outstrip Supply

The former non-executive chairman of Shell UK will issue a stark warning about the world’s oil supply at a conference in Ireland later this week. Lord Oxburgh expects that global oil demand will outstrip supply within twenty years as production hits plateau, and that the oil price could hit $150 in the long term. He accuses some in the industry of having their heads “almost in the sand” about oil depletion, and concludes “we may be sleepwalking into a problem which is actually going to be very serious and it may be too late to do anything about it by the time we are fully aware”.
The Oil Drum