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We Appear To Be Very Close To Peak Global Oil Production, And That Has Enormous Implications For The Entire Global Economy
Francesco Abbruzzino, The Uncensored Report, LLC
What do you think is going to happen when we get to a point where the world simply cannot produce any more oil than it is already producing? It is often said that “energy is the economy”, and to a large degree that is true. Very wealthy nations with large GDPs tend to use a great deal of energy, while very poor nations with small GDPs tend to use a lot less energy. Just about every form of economic activity requires energy, and so those countries that have a high level of economic activity require more of it. Of course we live at a time when the total population of the world has been steadily increasing and global demand for energy has soared to unprecedented heights. Production has struggled to keep up with demand, and now it appears that we will soon reach a point where we are simply not able to produce enough for everyone.
The “green revolution” was supposed to rescue us from this fate, but the “green revolution” has failed miserably.
Just look at Europe. They told us that they were shifting to “green energy”, but they just kept becoming more dependent on Russian natural gas instead. Thanks to the war in Ukraine, much of the population of Europe could get extremely cold this winter.
Despite all of the efforts to push us toward “green energy”, our world is powered by traditional forms of energy and that will continue to be the case for the foreseeable future.
And the most important form of traditional energy that we rely on is oil.
Today, there are just three countries that collectively produce close to half of the total global supply of oil…
Despite widespread talk about peak oil demand, the truth is that, for now at least, consumption keeps growing. The world relies heavily on three nations for crude: the US, Saudi Arabia and Russia. Together, they account for nearly 45% of global total oil supply.
Everyone has always assumed that Saudi Arabia could produce a lot more oil per day than it is currently producing, but it turns out that was not true at all…
During US President Joseph Biden’s trip to Saudi Arabia, the world was so focused on how Crown Prince Mohammed bin Salman would respond to his plea to pump more oil immediately that it missed a bombshell: the level at which Saudi oil production will peak.
It’s a lot lower than many anticipated. It’s lower than the Saudis have ever intimated. And with the world still hungry for fossil fuels, it spells long-term trouble for the global economy.
Oh yeah, that definitely means big trouble for the global economy.
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