{"id":56199,"date":"2020-12-28T08:31:05","date_gmt":"2020-12-28T13:31:05","guid":{"rendered":"https:\/\/olduvai.ca\/?p=56199"},"modified":"2020-12-28T08:31:05","modified_gmt":"2020-12-28T13:31:05","slug":"the-very-real-possibility-of-peak-oil-supply","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=56199","title":{"rendered":"The Very Real Possibility Of Peak Oil Supply"},"content":{"rendered":"

The Very Real Possibility Of Peak Oil Supply<\/a><\/h3>\n
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Three months ago, British oil giant\u00a0BP Plc.<\/strong>\u00a0(NYSE:BP) sent shockwaves through the oil and gas sector after it declared that Peak Oil demand was already behind us. In the company\u2019s\u00a02020 Energy Outlook<\/a>, chief executive Bernard Looney pledged that BP would increase its renewables spending twentyfold to\u00a0$5 billion a year by 2030<\/strong><\/a>\u00a0and \u2018\u2018…\u00a0not enter any new countries for oil and gas exploration<\/em>.\u2019\u2019\u00a0That announcement came as a bit of a shocker given how aggressive BP has been in exploring new oil and gas frontiers.<\/p>\n

The investing universe appears to concur with BP\u2019s sentiments, with the oil and gas sector consistently emerging as the worst performer over the past decade. The sector suffered yet another blow after the largest investor-owned oil company in the world,\u00a0ExxonMobil\u00a0<\/strong>(NYSE:XOM), was kicked out of the\u00a0Dow Jones Industrial Average<\/strong>\u00a0in August, leaving\u00a0Chevron<\/strong>\u00a0(NYSE:CVX) as the sector\u2019s sole representative in the index.<\/p>\n

Meanwhile, oil prices appear stuck in the mid-40s with little prospects of climbing to the mid-50s that most shale producers need to drill profitably.<\/p>\n

Delving deeper into the global oil and gas outlook suggests that it\u2019s peak oil supply, not peak oil demand, that\u2019s likely to start dominating headlines as the quarters roll on.<\/p>\n<\/picture>\"\"<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Peak Oil Demand<\/strong>
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When many analysts talk about Peak Oil, they are usually referring to that point in time when global oil demand will enter a phase of terminal and irreversible decline.<\/p>\n

According to BP, this point has already come and gone, with oil demand slated to fall by at least 10% in the current decade and by as much as 50% over the next two. BP notes that historically, energy demand has risen steadily in tandem with global economic growth with few interruptions; however, the COVID-19 crisis and increased climate action might have permanently altered that playbook.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Very Real Possibility Of Peak Oil Supply Three months ago, British oil giant\u00a0BP Plc.\u00a0(NYSE:BP) sent shockwaves through the oil and gas sector after it declared that Peak Oil demand was already behind us. In the company\u2019s\u00a02020 Energy Outlook, chief executive Bernard Looney pledged that BP would increase its renewables spending twentyfold to\u00a0$5 billion a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[23185,5332,617,13669,19009],"class_list":["post-56199","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-alex-kimani","tag-oilprice-com","tag-peak-oil","tag-peak-oil-demand","tag-peak-oil-supply"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56199"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56199\/revisions"}],"predecessor-version":[{"id":56200,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56199\/revisions\/56200"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}