“What a maroon!”
WHAT A MORON¹
October 2024
‘Superforecaster’ says World War III is about to begin and US will ‘collapse by 2032’
Reminder posted elsewhere:
The Bible of oil and gas, The World Statistical Report, published annually for 70 years, was released yesterday.
The key items relevant:
1) Russian gas production increased 7% in 2024
2) Russian oil production did not fall off a cliff as Zeihan has been quoting (to generate speaking fees). It was down a small amount aligned with Saudi Arabia’s small decline in accordance with OPEC+ agreements
3) Russian oil consumption was increased from 3.6mbpd to 3.8 mbpd.
4) UK and Norway both suffered double digit % oil production declines as the North Sea goes empty. Norway down to 1.8 mbpd and UK now sub 1 mbpd
5) US oil consumption was down 18,000 bpd, out of 19 million bpd. Essentially flat.
6) India’s oil consumption +2%, China flat. A surprise for both, though not unheard of. Both have had low growth years and followed with high single digit% growth.