US, Saudi Energy Officials See Need For Cooperation

Bodman noted that Cambridge Energy Research Associates Chairman Daniel Yergin estimates that lack of investment in Nigeria, Venezuela, and Russia as well as the Middle East has reduced oil production worldwide by 2 million b/d.

“That may be conservative. There may be a limit to supply. There is a perception of concern about what’s going to happen in the future,” he added.

When former US Energy Sec. James Schlesinger, who moderated the forum, asked the officials for their views of concerns that the world is approaching an oil production peak, Naimi replied, “I believe there are at least 14 trillion bbl of reserves left, 7 trillion of which are conventional. With advancing technology, we’ll produce more of it.”

Bodman said: “Eventually, we’ll run out of it. We had peak oil production in the US in 1970, and it’s been declining ever since. I am comfortable that the nations which supply our country are working hard to keep oil coming to the marketplace.”
Oil & Gas Journal