{"id":66463,"date":"2024-01-17T06:56:53","date_gmt":"2024-01-17T11:56:53","guid":{"rendered":"https:\/\/olduvai.ca\/?p=66463"},"modified":"2024-01-17T06:56:53","modified_gmt":"2024-01-17T11:56:53","slug":"occidentals-ceo-sees-oil-supply-crunch-from-2025","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=66463","title":{"rendered":"Occidental\u2019s CEO Sees Oil Supply Crunch from 2025"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/Occidentals-CEO-Sees-Oil-Supply-Crunch-from-2025.html\">Occidental\u2019s CEO Sees Oil Supply Crunch from 2025<\/a><\/h3>\n<div id=\"key_points\" class=\"wysiwyg clear\">\n<ul>\n<li><strong>The ratio of discovered resources versus demand has dropped in recent decades and is now at around 25%.<\/strong><\/li>\n<li><strong>Oxy CEO Hollub: \u201c2025 and beyond is when the world is going to be short of oil.\u201d.<\/strong><\/li>\n<li><strong>Oil industry executives have been warning that new resources, new investments, and new supply will be needed just to maintain the current supply levels as older fields mature.<\/strong><\/li>\n<\/ul>\n<\/div>\n<div class=\"articleImageContainer\"><picture class=\"singleArticle__articleImage\"><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/420x175\/2024-01-16_ogxmifayhj.jpg\" media=\"(max-width: 480px)\" \/><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2024-01-16_ogxmifayhj.jpg\" media=\"(min-width: 480px)\" \/><img class=\"singleArticle__articleImage\" title=\"Permian\" alt=\"Permian\" data-src=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2024-01-16_ogxmifayhj.jpg\" \/><\/picture><\/div>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>The world would find itself short of oil from 2025 onwards as exploration for longer-producing crude reserves is set to lag demand growth, Vicki Hollub, chief executive of Occidental Petroleum, said at the Davos forum on Tuesday.<\/p>\n<p>For most of the second half of the 20<sup>th<\/sup>\u00a0century, oil companies were finding more crude than global consumption, around five times the demand volumes, Hollub said, as carried by\u00a0<a href=\"https:\/\/www.reuters.com\/business\/energy\/market-be-short-oil-2025-onwards-occidental-ceo-davos-2024-01-16\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a>.<\/p>\n<p>The ratio of discovered resources versus demand has dropped in recent decades and is now at around 25%.<\/p>\n<p>\u201cIn the near term, the markets are not balanced; supply, demand is not balanced,\u201d Oxy\u2019s CEO said.<\/p>\n<p>\u201c2025 and beyond is when the world is going to be short of oil.\u201d<\/p>\n<p>According to the executive, the oil market will find itself moving from an oversupply in the near term to a long period of supply shortages.<\/p>\n<p>Oil industry executives have been warning that new resources, new investments, and new supply will be needed just to maintain the current supply levels as older fields mature.<\/p>\n<p>One of the most persistent warnings has come for years from Saudi Arabia, the world\u2019s largest crude oil exporter, and its state oil giant Aramco.<\/p>\n<p>The Kingdom and Aramco have repeatedly said that the focus of the energy sector and the debates on the energy transition should be on\u00a0<a href=\"https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/Saudi-Aramco-The-World-Needs-To-Cut-Emissions-Not-Oil-Production.html\" target=\"_blank\" rel=\"noopener\">how to cut emissions<\/a>, not on reducing oil and gas production.<\/p>\n<p>\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Occidental\u2019s CEO Sees Oil Supply Crunch from 2025 The ratio of discovered resources versus demand has dropped in recent decades and is now at around 25%. Oxy CEO Hollub: \u201c2025 and beyond is when the world is going to be short of oil.\u201d. Oil industry executives have been warning that new resources, new investments, and [&hellip;]<\/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":[12294,589,596,5332],"class_list":["post-66463","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-charles-kennedy","tag-oil-demand","tag-oil-supply","tag-oilprice-com"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/66463","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=66463"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/66463\/revisions"}],"predecessor-version":[{"id":66464,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/66463\/revisions\/66464"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=66463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=66463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=66463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}