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Page added on June 23, 2018
Oil Executive: Industry Needs ‘Another Iraq Or North Sea’ To Meet Demand Growth
The global oil industry needs to find “another Iraq or North Sea every year” to plug the shortfall of oil supply as demand continues to grow, Majid Jafar, the chief executive of the UAE-based Crescent Petroleum, told CNBC on Thursday.
According to the oil executive, the industry continues to see underinvestment as spending on exploration and new projects has not recovered enough from the recent downturn.
“The big message here has been the industry is not investing enough. Investment is down 50 percent from where it was three or four years ago and hasn’t really recovered,” Jafar told CNBC on the sidelines of an OPEC conference attended by many oil industry executives.
“Actually, what we have seen in this meeting is we need to add another Iraq or North Sea every year and it is not clear where it is coming from,” Crescent Petroleum’s chief executive noted.
Currently, the global oil industry has an image problem, with the majority of the public thinking that it’s a dying industry and “not important anymore,” Jafar said, but added that oil and gas still meets 60 percent of global energy output, compared to the 3-percent share met by renewables.
Earlier this month, BP’s Group Chief Financial Officer, Brian Gilvary, said that “We’re not seeing under-investment coming through yet.”
In March, Saudi Aramco’s president and chief executive Amin Nasser warned that the industry would need to invest more in exploration, after record-low discoveries last year.
According to Nasser, the industry—which has already lost US$1 trillion in investments during the downturn—needs more than US$20 trillion over the next 25 years to meet rising demand for oil and gas.
More recently, higher oil prices and lowered development and project costs have led to cautious optimism and measured risk-taking within the industry that is set to see an uptick in global oil investment this year, energy consultants Wood Mackenzie say.
By Tsvetana Paraskova for Oilprice.com
290 Comments on "Oil Executive: Industry Needs ‘Another Iraq Or North Sea’ To Meet Demand Growth"
Davy on Mon, 25th Jun 2018 2:34 pm
“Ignoring the Empire would be a dead giveaway that someone is being driven by an emotional agenda.”
Who is ignoring empire? You extremist are pressuring the conversation with emotional agendas that have packaged bullet points and one of them is the Empire thingy. You want it to sound like Star Wars and the evil death star.
Davy on Mon, 25th Jun 2018 2:42 pm
“We are at it again because some of us still are about finding out what REALLY is going on”
We are never going to know what (“REALLY”) happened and as time progresses and your conspiracies grow like monsters in the moonlight the accuracy of them will deteriorate further. Then we get the history revisions and fantasy pasts.
At least MM concedes the strong case for 911 coverup.
Geeze, did you read my comment. I said my view is elements in the US government may have allowed the terrorist to succeed and may of even assisted them through third parties. That is a long ways away from a grand ZOG conspiracy of wiring and blowing up buildings that the groupie gang is promoting. You suck it in hook line and sinker because that is what you want to believe. It makes everything so simple and meaningful. You have the bad guy and now you feel like truth is on your side. You will never know the truth.
“And I am not here day after day bashing the Empire but sure as hell know they’re is one ie. the US led one”
At least you said US lead one but you failed to mention the Russian and Chinese brands.
Davy on Mon, 25th Jun 2018 2:45 pm
“Even with controlled demolition, structures often do not collapse in on their own footprints as planned.”
So are you implying structures can’t collapse in their own footprint except with controlled demolition?
Anonymouse1 on Mon, 25th Jun 2018 3:03 pm
The death star was not ‘evil’. It was a construct, ie, not alive. Doesn’t possess emotions nor was it driven by motivations like good or evil. Darth Vader otoh, was ‘evil’. The empire itself, in aggregate, was characterized as ‘evil’.
The amero-zionist empire IS evil, its individual tanks and ships and whatnot, are not.
dumbass.
Davy on Mon, 25th Jun 2018 3:17 pm
Wow, Asperger, we found your passion. You are a star war buff. It fits your personality. Do you have the action figures? What about a LEGO Death Star. Lol
GregT on Mon, 25th Jun 2018 3:20 pm
“Nothing delusional about it GregT, Cloggie constantly expresses this and other opinions, which he is entitled to.”
Cloggie did not instigate the 9/11 discussion Davy, as you so wrongly accused him of doing here:
“Neder is constantly hyping his pet agendas so it is like a circle that we end up back here.”
“You enable and support it.”
I am interested in learning the truth Davy. That is what healthy debate is all about. I am not interested in your extremist pro/anti-American view, or your emotional agenda.
“It is part of the groupie gang squad marching orders to conquer the Emprire.”
The Empire will destroy itself without any of our assistance Davy, and when they do, they will bring the entire US to it’s knees. If they don’t bring nuclear war to a location near you first.
GregT on Mon, 25th Jun 2018 3:28 pm
“I said my view is elements in the US government may have allowed the terrorist to succeed and may of even assisted them through third parties.”
“You’re either with us, or you’re with the terrorists.”
LOL
Davy on Mon, 25th Jun 2018 3:35 pm
“Cloggie did not instigate the 9/11 discussion Davy, as you so wrongly accused him of doing here:”
go back to my comment grehggie. I asked how did we get here not neder did it. Secondly this is a standard neder off topic bullet point. If neder did not instigate it he took off running with it
MASTERMIND on Mon, 25th Jun 2018 3:54 pm
Right before peak oil one came they pulled the mother of all false flags ie 911..Now that peak oil 2.0 is coming..I wouldn’t be surprised if they do it again..And people don’t seem to scared of the Russians..Scary what they might do to get everyone to fall back in line..
Anonymouse1 on Mon, 25th Jun 2018 4:10 pm
You dont even know what Aspergers is dumb-ass. The only reason you have latched on that term, is because multiple people have asked, or suggested you are suffering from the condition yourself in the past. Apparently you think using it in a sentence makes you sound what, clever?, witty?
You however, are the target of significant speculation as to the state of your mental well-being.
Since you routinely project your own issues onto others, and also tend appropriate others turns of phrases as your own, this latest little mental tick of yours, is hardly surprising.
Cloggie on Mon, 25th Jun 2018 4:11 pm
“Cloggie did not instigate the 9/11 discussion Davy, as you so wrongly accused him of doing here:”
Actually it was millimind who brought up the subject in the first page of this threac:
“And they said it was a guy living in a cave in Afghanistan who was behind the attack..LOL you can’t make this stuff up..”
He can’t help admiring and defending the act… because he is smart enough to know who was behind the attack: his tribe.
Davy on Mon, 25th Jun 2018 4:14 pm
One thing is certain when Asperger does a follow up you hooked him. He is slimy and slinks around like a reptile. He is hard to get catch in a response but when you get one it is Victory!
Davy on Mon, 25th Jun 2018 4:15 pm
Neder, like your Nazi tribe?
MASTERMIND on Mon, 25th Jun 2018 4:48 pm
When people claim that Capitalism helps people..
https://imgur.com/a/FCK76V9
GregT on Mon, 25th Jun 2018 5:07 pm
“One thing is certain when Asperger does a follow up you hooked him. He is slimy and slinks around like a reptile. He is hard to get catch in a response but when you get one it is Victory!”
His username is Anonymouse1 Davy, he wasn’t doing a “follow up”, and who were you babbling on about when you said “you hooked him” or “when you get one it’s a victory”?
Most normal people refer to themselves as “I” or “me” Davy, not “we”, “us”, or “you”.
MASTERMIND on Mon, 25th Jun 2018 5:11 pm
Greg
Shh…Davy don’t like that..
Davy on Mon, 25th Jun 2018 5:15 pm
Double that victory run!! When the serial stalking pricking enabler come to the rescue of a groupie gang idiot.
Antius on Mon, 25th Jun 2018 5:19 pm
“The global oil industry needs to find “another Iraq or North Sea every year” to plug the shortfall of oil supply as demand continues to grow, Majid Jafar, the chief executive of the UAE-based Crescent Petroleum, told CNBC on Thursday.”
Back to the subject at hand. World oil discoveries haven’t been lower than they were in 2017 for at least 80 years. Regardless of whether we need a new Iraq or North Sea every year, it clearly isn’t happening. Which does raise the question as to how long we have before oil markets face a reckoning, with prices soaring back to 2008 levels and then busting back to $40/barrel.
MASTERMIND on Mon, 25th Jun 2018 5:20 pm
Woman beating neo-Nazi with handbag, Sweden, 13th April 1985.
https://i.redd.it/mtt590hfa5611.jpg
MASTERMIND on Mon, 25th Jun 2018 5:23 pm
Antius
Within the next few years we are likely to have a massive oil shortage and price spike..And that will collapse the global economy into atomic dust..(As it was in the beginning)..
GregT on Mon, 25th Jun 2018 5:30 pm
“Double that victory run!! ”
When you were out on your little “double victory run!!”, you weren’t by any chance being chased by nazis, were you Davy?
MASTERMIND on Mon, 25th Jun 2018 5:47 pm
Greg
I have scared Davy shitless..He doesn’t even read my comments anymore..Because he wants to stay ignorant..I have total control over him now.
The supreme art of war is to subdue the enemy without fighting..
-The Art of War
Antius on Mon, 25th Jun 2018 5:48 pm
“Woman beating neo-Nazi with handbag, Sweden, 13th April 1985.”
Bet she feels silly now. Talk about barking up the wrong tree. There are a lot of young Swedish women that would be feeling a lot less sore if idiots like this had actually looked after their own, rather than inviting all the filth of the world into their country and then handbagging anyone that dares to give a shit.
MASTERMIND on Mon, 25th Jun 2018 6:04 pm
Tesla is building Model 3s in a tent. Elon Musk says it’s ‘pretty sweet’; expert calls it ‘insanity’. “It’s preposterous,” Bernstein’s Warburton said. “I don’t think anyone’s seen anything like this outside of the military trying to service vehicles in a war zone.
http://www.latimes.com/business/autos/la-fi-hy-tesla-tent-20180625-story.html
MASTERMIND on Mon, 25th Jun 2018 6:08 pm
Antius
There are many humorous things in the world; among them, the white man’s notion that he is less savage than the other savages..
― Mark Twain
MASTERMIND on Mon, 25th Jun 2018 6:32 pm
Antius and Clogg
Didn’t your mother ever read to you as a child?
“The Sneetches” by Dr Seuss
The first story in the collection tells of a group of yellow bird-like creatures called Sneetches, some of whom have a green star on their bellies. At the beginning of the story, Sneetches with stars discriminate against and shun those without. An entrepreneur named Sylvester McMonkey McBean (calling himself the Fix-It-Up Chappie) appears and offers the Sneetches without stars the chance to get them with his Star-On machine, for three dollars. The treatment is instantly popular, but this upsets the original star-bellied Sneetches, as they are in danger of losing their special status. McBean then tells them about his Star-Off machine, costing ten dollars, and the Sneetches who originally had stars happily pay the money to have them removed in order to remain special.
However, McBean does not share the prejudices of the Sneetches, and allows the recently starred Sneetches through this machine as well. Ultimately this escalates, with the Sneetches running from one machine to the next until neither the Plain nor the Star-Bellies knew whether this one was that one..or that one was this one..or which one was what one… or what one was who.”
This continues until the Sneetches are penniless and McBean departs as a rich man, amused by their folly. Despite his assertion that “you can’t teach a Sneetch”, the Sneetches learn from this experience that neither plain-belly nor star-belly Sneetches are superior, and they are able to get along and become friends.
https://en.wikipedia.org/wiki/The_Sneetches_and_Other_Stories
JuanP on Mon, 25th Jun 2018 6:32 pm
Delusional Davy “One thing is certain when Asperger does a follow up you hooked him. He is slimy and slinks around like a reptile. He is hard to get catch in a response but when you get one it is Victory”
I wonder if the exceptionalist can understand himself; he seems to be a little bit too far gone for the rest of us! LOL!
GregT on Mon, 25th Jun 2018 7:02 pm
“The Sneetches” by Dr Seuss”
That sounds like a heavy read MM.
A few questions:
If the Sneetches lived on a planet, were the Starred Sneetches hell bent on controlling the entire Planet of the Sneetches?
Did the Starred Sneetches routinely enjoy bombing all of the other Sneetches back into the Stone Age?
Did any of the Sneetches have nuclear capability?
Thanks MM
Makati1 on Mon, 25th Jun 2018 7:08 pm
Davy is so far into Davyland that he is no longer able to respond with more than long, meaningless rants, which no one reads, or childish putdowns that only make the target person laugh. This forum is only a place for him to vent his anger and frustration and to try to be the arrogant bully he really is. Talking to a real live shrink would be better therapy for him and would allow the rest of us to actually present our ideas and views in intelligent debate.
MASTERMIND on Mon, 25th Jun 2018 7:10 pm
Greg
what difference does it make to you? Save me your self righteous bullshit..
GregT on Mon, 25th Jun 2018 7:13 pm
“what difference does it make to you?”
I enjoyed your little book report MM. I was just looking for a bit of clarification.
Davy on Mon, 25th Jun 2018 7:17 pm
bony juan, if you guys act stupid I give you stupid.
Davy on Mon, 25th Jun 2018 7:20 pm
3rd world spare us your denture flappin drivel. Don’t you remember earlier you were pretending you were mr construction and demolition expert talking about thermite paint. LMFAO. It sure helps having a numbnut as a member of the groupie gang.
Anonymous on Mon, 25th Jun 2018 7:36 pm
I’ve been hearing the “need to find another Kuwait per year” since the 1970s. Somehow we managed to do it. And grow production on top of it. Tell that to Jimmy Carter.
Makati1 on Mon, 25th Jun 2018 7:40 pm
Pavlov’s dog chimes in with his immature putdowns. No intelligent rebuttal from Davyland. Just his usual goatshit diarrhea. lol
GregT on Mon, 25th Jun 2018 8:00 pm
“bony juan, if you guys act stupid I give you stupid.”
His username on this forum is JuanP. Not bony juan.
How old did you say you were again Davy?
GregT on Mon, 25th Jun 2018 8:02 pm
“3rd world spare us your denture flappin drivel.”
Stalking and pricking Americans again Davy?
Is there any nationality that you don’t hate?
MASTERMIND on Mon, 25th Jun 2018 8:37 pm
Huge Human Inequality Study Hints Revolution is in Store for U.S.
https://www.inverse.com/article/38457-inequality-study-nature-revolution
I can’t wait to get drunk and go rioting and lynch some rich people! Let their blood run in the streets! We can use their Brooks Brothers suits to clean it up!
LMFAO!
MASTERMIND on Mon, 25th Jun 2018 8:55 pm
Without oil to continue to fire up our industrial society we will be without: public electricity, transport, industry’s processed products (food, clothing, packaging, and machinery), communication and computer services. A little bit of brainstorming shows that the society and its systems would come eventually to a standstill. A totally paralyzing set of circumstances with hunger and deprivation on an unprecedented worldwide scale.
Pause for a moment – just imagine the catastrophic consequences of no electricity: no phones or computers, no industry which is electricity based, no dairy products or processed foods, no refrigeration, no water as the water pumps won’t work, no cars or transport because the petrol pumps won’t work, no schools or universities, no banks which can’t electronically process transactions, no employment, no income –
KillTheRichAndBuildABetterWorld on Mon, 25th Jun 2018 9:23 pm
People have no idea what the international supply chain is and how complex it is.
I order some parts to fix my car. I pass my order on a Wednesday at noon and got them Friday at noon the same week. Two days to ship parts from Texas to Montreal.
My parts were ship through FedEx economical international delivery.
I google FedEx airplane fleet to see how big it was.
FedEx own 657 airplanes of all sizes. When the oil stop flowing so will the packets delivery and international trade as 657 airplane will be grounded to the ground.
UPS also have an impressive airplane fleet.
Most people have no idea of what is coming aheand
VivaLaRevolutionAndANewDarkAge on Mon, 25th Jun 2018 9:24 pm
Forgot to put this link
https://www.statista.com/statistics/524202/aircraft-fleet-fedex/
GregT on Mon, 25th Jun 2018 9:31 pm
“just imagine the catastrophic consequences of no electricity: no phones or computers, no industry which is electricity based, no dairy products or processed foods, no refrigeration, no water as the water pumps won’t work, no cars or transport because the petrol pumps won’t work, no schools or universities, no banks which can’t electronically process transactions, no employment, no income –”
Sounds pretty much like the world that my parents grew up in MM.
no electricity – check
no phones or computers – check
no banks which can’t electronically process transactions – check
no dairy products – other than the family cow
no processed foods – check
no water as the water pumps won’t work – well water pumps were hand operated, same as mine
no cars or transport because the petrol pumps won’t work – horse and buggy, and by foot
no schools or universities – my grandmother was the teacher in the one room schoolhouse, grades 1 through 12
no employment – always plenty to do around the farm
no income -check
FuckIHateThisWoldICanWaitToDie on Mon, 25th Jun 2018 9:32 pm
Better info about FedEx that is a critical link to the international supply chain
https://www.telegraph.co.uk/travel/travel-truths/inside-a-cargo-plane-fedex-express/
Makati1 on Mon, 25th Jun 2018 9:40 pm
Yep MM. Sounds like the early 1900s, or prior, in the Us. The country had a population of about 75 million in 1900. My grand parents had a pump well, an outhouse and a coal furnace when I was a kid. The luxuries of indoor plumbing came later. You went to the physical bank to do transactions. Phones were rare and fastened to the wall with a party line connection and real human operators.
As I said before, many of my neighbors here do not have electric or running water or a bank account. Will they notice the end of BAU? Not much, if at all. They trade and barter even now. A good survival skill, I think.
Makati1 on Mon, 25th Jun 2018 9:51 pm
FuckIHate… FedEx is a minuscule part of world trade. Do you work for them?
Yes, I use FedEx on occasion, or UPS or other carriers for small stuff. But only when necessary or a convenience. Maybe once a year. Too expensive for ordinary use. They do the same thing that regular mail does, only faster and more costly. A luxury, not necessity.
LetStupidPeopleDie on Mon, 25th Jun 2018 9:55 pm
I don’t work for them. But I am still impress at the efficient of the supply chain. FedEx is just on example that I use to illustrate that.
It is still cheaper for me to order certain car parts from the US shipping included then buying them in Canada.
Makati1 on Mon, 25th Jun 2018 10:29 pm
LetStupid… yes, there are times it is practical. I do see their big cargo jets sitting at many of the airports I pass thru.
Cloggie on Mon, 25th Jun 2018 11:14 pm
Huge Human Inequality Study Hints Revolution is in Store for U.S.
https://www.inverse.com/article/38457-inequality-study-nature-revolution
I can’t wait to get drunk and go rioting and lynch some rich people! Let their blood run in the streets! We can use their Brooks Brothers suits to clean it up!
Are you not afraid millimind that such a development could come at great cost of the geopolitical standing of the US and that the US could fall a few rungs down the pecking order? I mean, who is now supposed to carry out the nuclear first strike against Russia, if not you?
GregT on Mon, 25th Jun 2018 11:42 pm
“I can’t wait to get drunk and go rioting and lynch some rich people! Let their blood run in the streets!”
This is exactly the element in society that everyone should be concerned about.
Hopefully the NSA, FBI, CIA, DHS, etc, lock these types down long before things really get out of hand.
GregT on Tue, 26th Jun 2018 12:24 am
There you go Davy,
“I can’t wait to get drunk and go rioting and lynch some rich people! Let their blood run in the streets!”
If you have any brains in your head at all, you’ll jet set off to one of your retreats ASAP. Americans in general already don’t like you and your ilk. It isn’t going to get any better as time goes on.