, Columnist
Saudis Are Right to Warn of a Collapse in Oil Supply
The world’s need for affordable oil isn’t going to disappear anytime soon. If supply doesn’t pick up, that won’t bode well for any of us.
Be careful what you wish for.
Photographer: Julian Lee/BloombergThis article is for subscribers only.
This won’t win me any friends among the green lobby, but Saudi Arabia’s Oil Minister Abdulaziz bin Salman is right to warn of a potential energy crisis resulting from falling investment in fossil fuels. Here’s why.
The prince warned that worldwide oil production could fall by 30 million barrels a day by the end of the decade because there is not enough being spent on the exploration for and development of new resources. That implies production of less than 70 million barrels a day.