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Page added on April 26, 2010

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Oil: A tale of two cartels

Production

Tony Hayward, group chief executive of British Petroleum, made heads turn at the World Economic Forum in Davos, forecasting a “supply challenge” for the energy industry, which would have to increase output to 100mbd — a new peak for oil from the current capacities of 83-84 mbd. He was strongly backed by Mr Peter Voser, CEO of Royal Dutch Shell, who added to the scare stating that the industry would have to find up to $27 trillion to fund the investment in oil over the next 20 years.

Group Europe’s claim was promptly refuted by Khalid al Falih, Saudi Aramco’s chairman and chief executive. Dismissing claims of a shortage, the head of the largest oil producing corporation in the world said, that a third of his capacity was currently idle, and ready to add four mbd on demand.

India Economic Times



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