{"id":60183,"date":"2021-11-01T05:39:57","date_gmt":"2021-11-01T10:39:57","guid":{"rendered":"https:\/\/olduvai.ca\/?p=60183"},"modified":"2021-11-01T05:39:57","modified_gmt":"2021-11-01T10:39:57","slug":"world-should-brace-for-global-oil-shortage-and-skyrocketing-price-due-to-worsening-crisis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=60183","title":{"rendered":"World Should Brace for Global Oil Shortage and Skyrocketing Price Due to Worsening Crisis"},"content":{"rendered":"
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World Should Brace for Global Oil Shortage and Skyrocketing Price Due to Worsening Crisis<\/a><\/h3>\n<\/div>\n
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According to economists, chronic underinvestment in new oil supply since the 2015 crisis, as well as pressure on oil and gas corporations to reduce emissions and even “keep it in the ground,” would likely\u00a0lead to global oil output peaking sooner than initially projected<\/a>.<\/p>\n

This would be a positive outcome for green energy proponents, net-zero agendas, and the environment if it weren’t for one simple fact:\u00a0oil demand is recovering<\/a>\u00a0from the pandemic-induced dip and is on track to reach a new annual average record as early as next year.<\/p>\n

Nearing Peak Oil Consumption?<\/strong><\/p>\n

Analysts have predicted that peak oil consumption will arrive sooner than envisaged just a few years ago, thanks to the energy transition and numerous government initiatives for net-zero emissions.<\/p>\n

However, based on current oil and gas investment trends, global oil production may peak before global oil demand, creating a supply imbalance resulting in increased market volatility, price spikes, and perhaps fundamentally higher oil prices by the middle of this decade.<\/p>\n

In a report published by Reuters this week, Morgan Stanley’s research department noted, “On present trends, global oil production is projected to peak much earlier than demand.”<\/p>\n

“The planet establishes limits on how much carbon may be safely released. As a result, oil consumption must peak, according to Morgan Stanley analysts.<\/p>\n

The problem with the globe is that oil consumption is not peaking, despite wishful thinking, investment pressure, and other factors. According to most forecasts, it will not peak until the end of this decade at the earliest.<\/p>\n

OPEC Report<\/strong><\/p>\n

According to\u00a0OPEC’s latest annual estimate<\/a>, global oil consumption will continue to climb through the mid-2030s, reaching 108 million barrels per day (BPD), then plateauing until 2045.<\/p>\n

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

World Should Brace for Global Oil Shortage and Skyrocketing Price Due to Worsening Crisis According to economists, chronic underinvestment in new oil supply since the 2015 crisis, as well as pressure on oil and gas corporations to reduce emissions and even “keep it in the ground,” would likely\u00a0lead to global oil output peaking sooner than […]<\/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":[265,32055,588,1039,594,2292,596,617,32054],"class_list":["post-60183","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-energy-crisis","tag-nature-world-news","tag-oil","tag-oil-consumption","tag-oil-prices","tag-oil-shortage","tag-oil-supply","tag-peak-oil","tag-rain-jordan"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60183","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=60183"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60183\/revisions"}],"predecessor-version":[{"id":60184,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60183\/revisions\/60184"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}