This article appeared online at TheNewAmerican.com on Monday, July 10, 2017:
Claiming that the worldwide demand for crude oil will jump by 20 million barrels of oil per day over the next five years, Amin Nasser, the CEO of Saudi Aramco, said, “Investments in smaller increments such as [U.S.] shale oil will just not cut it.” Speaking at the World Petroleum Congress in Istanbul last week, Nasser said:
If we look at the long-term situation of oil supplies, for example, the picture is becoming increasingly worrying.
Financial investors are shying away from making much-needed large investments in oil exploration, long-term development and the related infrastructure….
New discoveries are also on a downtrend. The volume of conventional [non-shale] oil discovered around the world over the past four years has more than halved compared with the previous four.
Speaking to his own interest, Nasser is trying to talk up the value of his company, which remains on schedule to sell five percent of itself in what some are calling “the world’s largest IPO [initial public offering].” To stress the point, Nasser said