RE:Vitol ceo sees 70-80$ bbl oil in 2025:This is from Wikipedia:
Ghawar (Arabic: ) is an oil field located in Al-Ahsa Governorate, Eastern Province, Saudi Arabia. Measuring 280 by 30 km (170 by 19 mi) (some 8,400 square kilometres (3,200 sq mi)), it is by far the largest conventional oil field in the world,[1] and accounts for roughly a third of the cumulative oil production of Saudi Arabia as of 2018.[2][3]
The article goes on to state that they still have 38 billion barrels in the field. I call BS. It's been pumping for 73 years! It's been pumping 3.8 million barrels a day for decades. In the past 40 years this field alone has pumped 55 billion barrels!!! (3.8 million a day x 365 x40.) You will note that no one in Opec ever decreases their reserves for how much oil they pumped last year. Granted we are better with secondary and tertiary recovery, but stories are surfacing about the edges of the formation no longer producing oil, just water from the water flooding. How much oil do the Saudis actually have? It's a state secret. Everyone gets excited that there will not be any growth in demand from China. The real question should be: Can we even sustain existing output indefinitely?
Happy to own a company with many years of new drill locations.