GREY:TBTEF - Post by User
Post by
blondeBondon Feb 02, 2015 1:06pm
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Post# 23388717
last paragraph from a Globe article
last paragraph from a Globe articlewritten by respected former oil boss, Gwyn Morgan:
Long term, there’s one factor that ensures a strong future for oil producers. Every barrel produced must be replaced if global production is to be sustained. Tomorrow morning, there will be 94 million fewer barrels of oil than existed this morning. And despite moderating demand among industrialized countries, the International Energy Agency (IEA) forecasts developing world growth will drive global demand to 120 million barrels a day by 2040, while the current global capacity surplus is only four million barrels a day. No one knows how long it will take, but the coming corporate retrenchment combined with global demand growth will, once again, see the Canadian oil sector humming. It will be a stronger, more resilient industry. And just maybe, history lessons will become compulsory.