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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"
MASTERMIND on Tue, 26th Jun 2018 2:19 pm
Greg
Keep sucking Putin’s cock you Nazi scumbag..
Russia’s oil dependent economy is crumbling, and Putin is having to make threatening postures to divert attention from his problems. His oil age is ending in a different way and yet we cannot tell if his posturing is just that, but a shortage of resources in the past has invariably brought conflict.
IEA: Russia’s oil output to reach its peak in 2020
http://vestnikkavkaza.net/news/IEA-Russia%E2%80%99s-oil-output-to-reach-its-peak-in-2020.html
Anonymouse1 on Tue, 26th Jun 2018 2:27 pm
No eturd, the world you inhabit is the delusional world. And it is magical place no doubt(to you anyhow). The internet, is just the means you use you to get around. You know, since you dont actually ‘work’ on that alleged ‘farm’, of yours in any meaningful capacity.
Davy on Tue, 26th Jun 2018 2:31 pm
Wow, Asperger retorts. This is a sure sign he is hot and bothered. Lol. Keep it up Asperger, no matter how hard you try me you walk away the same dumb kid.
Duncan Idaho on Tue, 26th Jun 2018 2:51 pm
GregT–
I understand.
It is pleasure meeting someone else who does.
GregT on Tue, 26th Jun 2018 2:53 pm
“Keep sucking Putin’s cock you Nazi scumbag..”
I said that the article was an ‘interesting take’ MM.
You’re kind of overreacting a little, don’t you think?
Cloggie on Tue, 26th Jun 2018 3:00 pm
Congratulations Juan, Uruguay is now a serious candidate, like Germany, Croatia, England, Belgium, Spain and Portugal.
GregT on Tue, 26th Jun 2018 3:00 pm
Duncan,
I’ve fished many of the tributaries over the years, but the one we kept returning to was the Copper. My largest Steelhead from the Copper was a 23lb Doe, and I’ve had many days on that stream with over 20 steelies to the beech. We always had the entire river pretty much to ourselves. Wonderful memories and some amazing photos. I’m looking at one of them right now.
Cloggie on Tue, 26th Jun 2018 3:05 pm
“Keep sucking Putin’s cock you Nazi scumbag..”
Nazi? Nazi?
That’s mr Nazi for you! Can we at least have some decorum here.
GregT on Tue, 26th Jun 2018 3:10 pm
“Wow, Asperger retorts.”
There is nobody on this forum with the username Asperger Davy.
Another one of your delusions.
Davy on Tue, 26th Jun 2018 3:13 pm
Greggie, go back to talkin with your rich buddy Idaho about fly fishing. Then whine a little about social justice and the climate tragedy. That will be the icing on the cake of the hypocrisy you live in. .
GregT on Tue, 26th Jun 2018 3:18 pm
What makes you think that Idaho is rich Davy?
I don’t remember him ever talking about having a private family jet, or a retreat in the Bahamas. Do you?
Davy on Tue, 26th Jun 2018 3:26 pm
Ask him greggor, you guys are buddies. I read people’s comments.
JuanP on Tue, 26th Jun 2018 3:27 pm
Delusional Davy “Bony Juan, what did you do with bony joe? I would like to talk to him”
Your belief that I am Joe is nothing more than another one of your delusions, exceptionalist! You keep projecting like there is no tomorrow! LOL! You are a pathetic loser!
Duncan Idaho on Tue, 26th Jun 2018 3:29 pm
I’ve helicopter fished the Copper.
Wonderful river.
Never got a 23lb steehead.
Biggest on the Bulkley.
GregT on Tue, 26th Jun 2018 3:56 pm
Our favourite spot was always just above the Clor SP? It usually blew out in the fall and silted up the Copper below pretty badly.
The photo in this wiki article looks very much like it could be that exact spot.
https://en.wikipedia.org/wiki/Zymoetz_River#/media/File:Zymoetz_(Copper)_River_Steelhead.jpg
Davy on Tue, 26th Jun 2018 3:58 pm
Bony Juan, I outed you. Nothing worse than a hipocritical manic puppet master. I liked you better depressed and reserved.
GregT on Tue, 26th Jun 2018 4:06 pm
There is nobody on this forum with the username Bony Juan Davy.
Yet another one of your delusions.
JuanP on Tue, 26th Jun 2018 4:15 pm
Delusional Davy “Bony Juan, I outed you. Nothing worse than a hipocritical manic puppet mast…”
Please explain to me how exactly you “outed” me, exceptionalist. Ah, the fun you bring to my life with your delusions never ends. LOL!
Davy on Tue, 26th Jun 2018 4:28 pm
Ah, use your elaborate puppet master imagination bony Juan. Ask your buddies Asperger and grehggie juan to assist you if you get stuck.
GregT on Tue, 26th Jun 2018 4:34 pm
All three of the usernames; bony Juan, Asperger, and grehggie juan, only exist in your deluded little mind Davy.
Like I told you before, the longer you remain in your deluded little world, the further detached from reality you will become.
Your condition is much worse now, than it was even a year ago Davy. You are in desperate need of psychiatric help buddy.
Davy on Tue, 26th Jun 2018 5:09 pm
“All three of the usernames; bony Juan, Asperger, and grehggie juan, only exist in your deluded little mind Davy.”
Ah, grehgster, then what about the names your groupie guys put on me what is that asswipe? Quit your dumb Anti-American Canadian prick fest and quit wasting space here with your dumbass. Can’t you go fishing or something?
“Like I told you before, the longer you remain in your deluded little world, the further detached from reality you will become.”
Like I told you before bite yourself until you taste your blood then maybe you will taste reality.
“Your condition is much worse now, than it was even a year ago Davy. You are in desperate need of psychiatric help buddy.”
I would like for you groupie buddies to take your social media shit elsewhere. Maybe you should start a Facebook page for PO dot come extremist who want to also talk football and fishing. You guys are losers.
MASTERMIND on Tue, 26th Jun 2018 5:13 pm
CLogg
Immigration boosts a countries economy (GDP) substantially and creates jobs.
Source: Wharton School of Business
http://budgetmodel.wharton.upenn.edu/issues/2017/8/8/the-raise-act-effect-on-economic-growth-and-jobs
Almost half of Fortune 500 companies were founded by American immigrants or their children
https://www.brookings.edu/blog/the-avenue/2017/12/04/almost-half-of-fortune-500-companies-were-founded-by-american-immigrants-or-their-children/
1/3 of all American Nobel Prize winners in Science from America were immigrants..
GregT on Tue, 26th Jun 2018 5:25 pm
“Can’t you go fishing or something?”
I could, but I really don’t feel like going fishing right now Davy. Thanks for asking though.
“Like I told you before bite yourself until you taste your blood then maybe you will taste reality.”
I have absolutely no desire to bite myself, or to taste my own blood. That would be a really stupid thing to do.
“I would like for you groupie buddies to take your social media shit elsewhere. ”
I really could care less what you like, or don’t like Davy. Your problem, not mine. Get over it, or move along.
“Maybe you should start a Facebook page for PO dot come extremist who want to also talk football and fishing.”
Maybe I don’t want to start a Facebook page, and I have no desire to talk about football. Watching other people play games doesn’t really do it for me.
“You guys are losers.”
That’s funny, I don’t remember losing anything. How about you Davy? Found your sanity lately?
JuanP on Tue, 26th Jun 2018 5:40 pm
Delusional Davy “I would like for you groupie buddies to take your social media shit elsewhere. Maybe you should start a Facebook page for PO dot come extremist who want to also talk football and fishing. You guys are losers.”
I know you want me to go, pussy, but you can’t make me. I will be here having fun with you indefinitely, exceptionalist! LOL!
MASTERMIND on Tue, 26th Jun 2018 5:45 pm
Davy and Greg
Can you guys please wrap it up..you guys go back and forth so many fucking times..It becomes meaningless..
Davy on Tue, 26th Jun 2018 5:46 pm
I enjoy disrespecting you bony juan so what you do is not important. My point is if you want to be considered intellectually relevant take your social media noise elsewhere. This is not a social media place it is an idea place. It is you groupie gangsters that are the perpetrators of this nonsense.
MASTERMIND on Tue, 26th Jun 2018 6:04 pm
Iowa Rep. Steve King says America is heading toward another civil war
https://www.usatoday.com/story/news/politics/onpolitics/2018/06/25/steve-king-america-civil-war/733226002/
Republicans want a civil war and seem to be doing anything and everything they can to start it. They fucking get off on the thought of being some white knight crusader killing off the ‘libruls’
JuanP on Tue, 26th Jun 2018 6:07 pm
Delusional Davy “I enjoy disrespecting you bony juan so what you do is not important. My point is if you want to be considered intellectually relevant take your social media noise elsewhere. This is not a social media place it is an idea place. It is you groupie gangsters that are the perpetrators of this nonsense.”
I know that you enjoy disrespecting others and it’s very honest of you to admit it. It is not healthy for you to live like that, though. I don’t know how many times I’ve told you that I don’t care what others think of me, particularly not on an online forum like this. I am not going anywhere, so enjoy! LOL!
GregT on Tue, 26th Jun 2018 6:08 pm
“This is not a social media place it is an idea place.”
Actually Davy, this is a social media place.
“Social media are computer-mediated technologies that facilitate the creation and sharing of information, ideas, career interests and other forms of expression via virtual communities and networks.”
https://en.m.wikipedia.org/wiki/Social_media
But don’t let reality continue to get in the way of your paranoid delusions.
Davy on Tue, 26th Jun 2018 6:13 pm
I know that you enjoy disrespecting others and it’s very honest of you to admit it.
Bony juan if you are going to attack me on a regular basis unprovoked then expect to be punished. That is the way it is going to be so quit your whining. Man up.
“It is not healthy for you to live like that, though.”
Translation: stupidity
“I don’t know how many times I’ve told you that I don’t care what others think of me, particularly not on an online forum like this. I am not going anywhere, so enjoy! LOL!”
Liar, you are all about how you look and that is important to you this is why you try to deny the truth when I expose your poor behavior. You are a slimy playboy gallivanting as an intellectual which you are not. Go fishing or go watch the stupid world cup football nonsense. Go have your bread and circus but leave the idea crunching here to smarter people.
Davy on Tue, 26th Jun 2018 6:16 pm
“Actually Davy, this is a social media place.”
No it isn’t groupie grehgster but you try to make it into that. Your stalking and pricking is not idea based. It is your way for you to play grab ass with your friends and trash your enemies. You are a lonely 50 year with nothing to do so you come here to feel something
GregT on Tue, 26th Jun 2018 6:21 pm
“You are a lonely 50 year with nothing to do so you come here to feel something.”
You’re projecting again Davy.
” It is your way for you to play grab ass with your friends and trash your enemies. ”
No one on this site is my friend, or my enemy Davy.
More delusions.
MASTERMIND on Tue, 26th Jun 2018 6:22 pm
Investors Should Brace for a ‘Frightening’ Recession
Billionaire hedge fund manager Paul Tudor Jones, noteworthy for predicting the 1987 stock market crash, is becoming increasingly worried about the direction of the U.S. economy and stock market. “The next recession is really frightening because we don’t have any stabilizers,” he said on June 18, as quoted by MarketWatch. “We’ll have monetary policy, which will exhaust really quickly, but we don’t have any fiscal stabilizers,” he added. Jones was participating in a Talks at GS event, interviewed by Goldman Sachs CEO Lloyd Blankfein. Former Federal Reserve Board Chairman Ben Bernanke also warns that the U.S. economy is likely to nosedive, once the massive dose of fiscal stimulus delivered by federal tax cuts and spending hikes wears off.
https://www.investopedia.com/news/investors-should-brace-frightening-recession/
GregT on Tue, 26th Jun 2018 6:24 pm
“Bony juan if you are going to attack me on a regular basis unprovoked then expect to be punished.”
You aren’t ‘punishing’ anybody Davy, and Juan P warned you that if you did not stop attacking him that he would retaliate, as did I.
Davy on Tue, 26th Jun 2018 6:34 pm
Shut up grehggie, all your attacks today were started by you. Go back to your last comment last night and it was an attack that was answered. The same is true of bony juan. You two are just being normal assholes. It really doesn’t bother me. I enjoy toying with the both of you. Where it is wrong is for you two dumbasses to take up so much space here with your useless noise. Add into that your social media nonsense and multiply that by the 5 of you and we can see how you are ruining this board. You guys are not contributing, you are taking. All of you groupies are selfish pricks.
GregT on Tue, 26th Jun 2018 6:38 pm
Learn how to treat others with basic common courtesy and respect, put an end to your non stop five year long barrage of personal attacks against both myself, and others, or this does not stop Davy.
Your choice.
Makati1 on Tue, 26th Jun 2018 6:45 pm
” This is not a social media place it is an idea place…” As long as the “idea” is one Delusional Davy can agree with winch is the narrow minded, brainwashed version of American exceptionalism. This will get a typical Davy emotional response…which I will just ignore.
“American Farmers Are Killing Themselves At An Unprecedented Rate”
“The suicide rate for people in the field of farming, fishing and forestry is 84.5 per 100,000 people – more than five times that of the broader population… For example, suicide rates are highest in rural areas – where the bulk of farming is done… Finances are probably the most pressing reason: Since 2013, farm income has been declining steadily according to the US Department of Agriculture. This year, the average farm is expected to earn 35% less than what it earned in 2013… Farmers are at the mercy of extreme weather like hurricanes that threaten crops to agricultural commodity prices that have fallen below breakeven production levels. And prices will likely only continue to fall as America’s trading partners slap tariffs on American agricultural products.”
https://www.zerohedge.com/news/2018-06-26/american-farmers-are-killing-themselves-astounding-rate
America is self sufficient for food it is claimed by some here, but not for long it seems.
Slip slidin’…
JuanP on Tue, 26th Jun 2018 6:54 pm
Delusional Davy “Bony juan if you are going to attack me on a regular basis unprovoked then expect to be punished. That is the way it is going to be so quit your whining. Man up.”
Am I being punished? LOL! If your idea of punishing is to make me laugh and entertain me the way you’ve been doing these past few days, then I must be a glutton for punishment cause I want more.
JuanP on Tue, 26th Jun 2018 7:01 pm
Delusional Davy “I enjoy toying with the both of you. Where it is wrong is for you two dumbasses to take up so much space here with your useless noise. Add into that your social media nonsense and multiply that by the 5 of you and we can see how you are ruining this board. You guys are not contributing, you are taking. All of you groupies are selfish pricks.”
You are a ridiculous fool, exceptionalist! Your whole comment is nothing more than lies, BS, and delusions. You’ve been ruining this board for over five years now! God, you are thick!
Davy on Tue, 26th Jun 2018 7:10 pm
“Learn how to treat others with basic common courtesy and respect”
Gregter, stop your unprovoked attacks that are creating noise that is taking up space and say something intellectually relevant, otherwise you are taking not giving. This seems to be your nature as a selfish prick.
Davy on Tue, 26th Jun 2018 7:13 pm
“America is self sufficient for food it is claimed by some here, but not for long it seems.”
When we quit sending food exports over to Asia you will know it 3rd world so be careful for what you want.
MASTERMIND on Tue, 26th Jun 2018 7:15 pm
Madkat
Oh well for the farmers, deporting a dreamer will make them fell better..
Davy on Tue, 26th Jun 2018 7:16 pm
“Am I being punished? LOL! If your idea of punishing is to make me laugh and entertain me the way you’ve been doing these past few days, then I must be a glutton for punishment cause I want more.”
Being the selfish prick you are I can understand the fun you get in all this. You could give a shit about the forum as an idea place. Instead it is a place to shag people or talk social media nonsense. You are intellectually irrelevant bony juan. When was the last time you said something that was a contribution?
GregT on Tue, 26th Jun 2018 7:17 pm
“Gregter, stop your unprovoked attacks that are creating noise that is taking up space and say something intellectually relevant, otherwise you are taking not giving. This seems to be your nature as a selfish prick.”
Learn to treat people with a basic level of common courtesy and respect, put an end to the constant personal attacks against both myself and others, or this does not stop Davy.
Your choice.
Davy on Tue, 26th Jun 2018 7:19 pm
“You are a ridiculous fool, exceptionalist! Your whole comment is nothing more than lies, BS, and delusions. You’ve been ruining this board for over five years now! God, you are thick!”
I have prevented this board from becoming an extremist magnet and you hate that. I have achieved my goals and you hate that. You can’t stand the fact that 5 of you at one time come at me and you can’t run me off. This has been going on for years too. This is not the first time several of you extremist have ganged up on me and like last time I have handed you your asses. You would think you dumbasses would learn. What a bunch of pussies that have to gang up to do a fight.
JuanP on Tue, 26th Jun 2018 7:22 pm
Delusional Davy “Being the selfish prick you are I can understand the fun you get in all this. You could give a shit about the forum as an idea place. Instead it is a place to shag people or talk social media nonsense. You are intellectually irrelevant bony juan. When was the last time you said something that was a contribution?”
I already told you that my main goal here this Summer is to play games with you, Davy, and, yes, I am enjoying it. I contribute here regularly when I want to! LOL! But, mostly, I want to have fun with you; you are quite funny! LOL!
Davy on Tue, 26th Jun 2018 7:22 pm
“ Learn to treat people with a basic level of common courtesy and respect, put an end to the constant personal attacks against both myself and others, or this does not stop Davy. Your choice.”
Quit stalking and pricking Americans grehgster. You deserve no respect at all. What is worse you have said nothing today…nothing that is intellectual. It has been shagging or social media talk about fly fishing. What a moron to talk as you do like you deserve respect.
GregT on Tue, 26th Jun 2018 7:24 pm
Learn to treat people with a basic level of common courtesy and respect, put an end to the constant personal attacks against both myself and others, or this does not stop Davy.
Your choice.
Davy on Tue, 26th Jun 2018 7:25 pm
“I already told you that my main goal here this Summer is to play games with you, Davy, and, yes, I am enjoying it. I contribute here regularly when I want to! LOL! But, mostly, I want to have fun with you; you are quite funny! LOL!”
Translation: I could give a shit about others and contributing to topics here. I want to be selfish and enjoy attacking Davy. Why, because I am a selfish playboy South American that thinks I deserve to do as I please because I got a vasectomy.
Davy on Tue, 26th Jun 2018 7:26 pm
“Learn to treat people with a basic level of common courtesy and respect, put an end to the constant personal attacks against both myself and others, or this does not stop Davy. Your choice.”
Quit repeating your stupid self, grehgster. If you have nothing to say shut up