OIL: Flood of Oil Is Coming, Complicating Efforts to Fight Global Warming – New York Times

Nov. 3, 2019 – By Clifford Krause – New Your Times

HOUSTON — A surge of oil production is coming, whether the world needs it or not.
The flood of crude will arrive even as concerns about climate change are growing and worldwide oil demand is slowing. And it is not coming from the usual producers, but from Brazil, Canada, Norway and Guyana — countries that are either not known for oil or whose production has been lackluster in recent years.

This looming new supply may be a key reason Saudi Arabia’s giant oil producer, Aramco, pushed ahead last Sunday with plans for what could be the world’s largest initial stock offering ever.

READ MORE:  Flood of Oil Is Coming, Complicating Efforts to Fight Global Warming

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Comments

  • brandli62  On November 7, 2019 at 3:02 am

    “There are no more big, giant new projects except Guyana,” Scott D. Sheffield, chief executive of the Texas-based producer Pioneer Natural Resources, said. “We just have to be patient for a couple of more years.”

    This is highly informative report illuminating the impact of Guyanese oil on the global market. From my perspective, Guyana just made it in time. If the oil would have been discovered in 2019, the interest to develop the oil fields would have been much lower given the projected glut in oil on the market in the coming years. Now the country has to make the best and spend the future revenues wisely. Investments in renewal energy sources would be a first good step.

    • Emanuel  On November 7, 2019 at 7:18 am

      Brandi: “Guyana just made it in time.”

      A British drilling company recently found two big fields offshore. So, I have to disagree that Guyana got lucky with the timing of its oil finds.

      Moreover, the world will need fossil fuel well into the next century.

      The question is, how will the proceeds be managed? Will it be for the good of the people; or for the benefit of government and the oil companies?

  • Trevor  On November 7, 2019 at 7:00 pm

    How much did Exxon pay the writer to lament ‘low oil prices’ for next year, but magically by 2021 there will be profit?

  • Clyde Duncan  On November 13, 2019 at 1:41 am

    Emanuel wrote: “….., the world will need fossil fuel well into the next century.”

    https://carbonengineering.com/

    In Canada, we intend to change that – check out the link to the website ….

    There is a TEDx video there in the website.

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