‘The world should be worried’: spare oil capacity that is extremely low

[Knight]

‘The world should be worried’: Saudi Aramco — the world’s largest oil producer — issued a dire warning over 'extremely low' capacity.
Story by Jing Pan • 19h ago

The global oil market remains tight according to Saudi Aramco, the largest oil producer in the world. And that does not bode well for a world that still relies heavily on fossil fuels.

“Today there is spare capacity that is extremely low,” Saudi Aramco CEO Amin Nasser said at a recent conference in London. “If China opens up, [the] economy starts improving or the aviation industry starts asking for more jet fuel, you will erode this spare capacity.”

Nasser warns that oil prices could quickly spike — again.

“When you erode that spare capacity the world should be worried. There will be no space for any hiccup — any interruption, any unforeseen events anywhere around the world.”

If you share Nasser’s view, here are three oil stocks to bet on. Wall Street also sees upside in this trio.

https://www.msn.com/en-us/money/mar...pc=U531&cvid=a4e47c1775bd496e9c0f75efad06f32a

 

[SeniorBen]

Some EVs are selling for under $30k! If I drove more, I would definitely buy one.

 

[Jean-Paul]

The gov and environuts been predicting " peak oil" for half century...
Voila! the USA petroleum industry keeps discovering new resources and more advances in technology of exploration, surveys and methods of extraction.

Necessity is the Mother of Invention.

Jon

 

[Alligatorob]

The gov and environuts been predicting " peak oil" for half century...

It's been longer than that, and by competent petroleum scientists. The term was invented by a Shell Geologist in 1956 https://en.wikipedia.org/wiki/Peak_oil The problem with the predictions have been a failure to take future changes in technology into account. Of late fracking has significantly increased the recoverable oil from some formations.

I agree that will continue, however it takes time between shortage and runup in price and the development and bringing online of new resources. Five to ten years or more. So the price and availability ups and downs will continue.

Hard to say if there really is anything to this latest scare out of ARAMCO, you hear a lot more of these things than are real.

Of course long run oil is a limited resource and we will eventually reach a production peak, but not likely in our lifetimes...

 

[David777]

Great, all for it. Hope it runs low and crimps the insane endless Wallstreet and wealth seeker growth and development, environmental destruction, especially planet overpopulation of we arrogant selfish Earth monkeys.

 

[Jean-Paul]

The Wash DC politicians, lobbyists, bureaucrats and mandarins with sinecures, are quite happy to doom us lowly serfs into cold dark poverty.

Their unconstutional laws and decisions, about energy and environment degrade existing US (and EU) energy sources and infrastructures. What do they care?!?!?Just as long as they have their private jets, travel incessantly, live at taxpayer expense in the warmth and security of sybaritic luxury they denied to everyone else.

A moment please, in History ......in France, 1789, (told that her French subjects had no bread) Marie-Antoinette (bride of France's King Louis XVI) is said to comment: “Qu'ils mangent de la brioche”—“Let them eat cake.” Thus the Queen became a hated symbol of the decadent monarchy and fueled the French Revolution that year.

Aux Armés Citoyens !

Vive la France !

Jon

 

[Gaer]

The Wash DC politicians, lobbyists, bureaucrats and mandarins with sinecures, are quite happy to doom us lowly serfs into cold dark poverty.

Their unconstutional laws and decisions, about energy and environment degrade existing US (and EU) energy sources and infrastructures. What do they care?!?!?Just as long as they have their private jets, travel incessantly, live at taxpayer expense in the warmth and security of sybaritic luxury they denied to everyone else.

A moment please, in History ......in France, 1789, (told that her French subjects had no bread) Marie-Antoinette (bride of France's King Louis XVI) is said to comment: “Qu'ils mangent de la brioche”—“Let them eat cake.” Thus the Queen became a hated symbol of the decadent monarchy and fueled the French Revolution that year.

Aux Armés Citoyens !

Vive la France !

Jon

H @Jon. I just looked that up and the internet said there is no historical evidence that Marie-Antoinette ever actually said that
specific thing. (Not that that is valid either) but I've heard that a few times. I sure don't know.

 

[Packerjohn]

Many years ago National Geographic Magazine said that cheap oil and gas will be almost gone by 2035. That's only 12 years from now. Unfortunately many people believe "National Enquirer" a lot more than National Geographic and there lies the problem.