That’s just common sense to anyone in the oil industry. No great shakes in admitting peak oil but it changes based on price. We will run out of useful production rate first but we will never run out of oil in the ground. It will just become too hard and expensive to produce and at a rate too low to fuel society. Something else that is effective needs to be found before it becomes a real crisis but it will not. Politicians and people live by crisis and just about never plan ahead.
The Aramco CEO seems to think there may be a few more decades of economical oil production. Is that pretty much the industry consensus?
A few decades will pass before we know it. I’ve been on FR for almost 25 years and it feels like just yesterday I signed up. If peak oil happens in the timeframe they’re expecting, we really do need to get cracking on it.
My impression is that this realization is starting to take hold at pretty high levels. Just this past September there was a big summit where the US and several other countries announced a plan to triple nuclear energy capacity. Last summer Sweden announced a huge course correction way from wind & solar and towards nuclear which is now the focus of their national energy plan. A week or so ago Japan announced they were dropping their ban on new nuclear capacity. France recently announced they were greenlighting a dozen or so new nuclear plants. Poland is getting ready to build a new nuclear plant.
Maybe the problem is real enough and close enough that it’s starting to scare some realism into our decision makers.