Record global oil prices have been blamed on the war in Ukraine, and surging demand as economies recover from the pandemic.
Another reason is a lack of refineries to turn crude oil into products such as petrol, diesel and jet fuel.
Saudi Arabia’s foreign minister has called for more investment in refineries.
Global refinery output has fallen by 3.3 million barrels a day since 2020.
So what are the solutions to boost production?
Presenter: Nastasya Tay
Guests:
Bob Cavnar – Energy and oil industry analyst
Thomas O’Donnell – Energy and geopolitical analyst
Josh Young – Chief investment officer, Bison Interests
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23 Comments
Great video. you've remind me of what someone once said❤The richest people in the world build networks; everyone else is trained to look for work.” “There is a difference between being poor and being broke. I once attended similar and ever since then i been waxing strong financially, and i most tell you the truth..👍
Oil is enough. Blame the west because of sanctions.
🇺🇲MORE LIES🇺🇲. JUST KEEP EVIL MEN PROFITABLE.
shortage of oil and gas america to be blamed
This is just more BS. The oil companies make mega profits during crises. As well as ALL corporate and political corporate trash. We bail out the rich while they're breaking profit records. Both parties are guilty of corporate and political greed. They're in bed together, while the one's that pay and work for this Country sleep on the floor. Party players are fools and blind sheep.
A guy invents a part that goes on our car engine that allows us to get 100 miles to the gallon, and very little admissions into the air. Shell oil murders him. And the car he installed this on, has never been seen again. Corporate politicians and corporate trash murder to keep us depending on corrupt corporate businesses and corrupt corporate politicians. This is happening in the great free America. Freedom is bought. This needs to change. One way or another..
💪👪👪👪🇺🇸
BECAUSE OF MAN'S GREED. IT'S EASY TO DO EVIL THAN GOOD IN THIS PLANET.
Try taking the war machine out of the picture
How come we didn't have this problem 2021 but suddenly it's a problem so why all this b***** lying to people when oil companies are freaking stealing from us
Nice 🧡
Screw more investment into fossils, that is how we ended up with this problem, next time it may be worse! Investment into inexhaustible alternatives, and energy independence. Yes it will be hard, we should of heavily invested on this path much sooner, now we are going to have to struggle and do it quicker.
Jesus Christ, we are talking about oil like we can't see the effects of climate change already! It takes years to build refineries and depots, then years before they bring back the money. When will we stop pumping CO2 into the atmosphere then?? 20 years from now when it's already f-ing too late??????? This is stupid!
simply the GREED of MBS
With the actual Venezuelan regime, there is no chance to get that extra oil from that country.
Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy referring to those questioning the effectiveness of EU sanctions on Russia recently said:
“They don’t have eyes? They don’t look to the graphs? They don’t consider figures”.
Ok, let's have a quick look ( IEA):
– 2005 Crude oil Peak. Top Quality , the most versatile one.
– 2019 Total oil Peak : Production 84,5 mbd. Includes Crude, Fracking, Extra heavy Oil and Biofuels ( Excluded Natural Gas Liquids, basically used to produce plastics ). You'll find some higher numbers around that do includes this liquids. Makes things look better but energy wise, what really matters, they're despicable.
Producción 2022: 80.4 mbd.
– 2018 Diesel Peak. A 15% drop till the date. The BLOOD of the system.
– 2019 Coal Peak.
– 2016 Uranium Peak. A 23% drop till the date. Besides the main producer right now, 40% of total world production, is a country very much under Russia influence, Kazakhstan. So much so it recently asked Russia to sent the army in to deal with internal social unrest.
– 2030 Natural Gas expected Peak.
One funny note from a delusional past, that in a way resembles present times. Around the middle of the past century, in the midst of nuclear power fever , people were told this new energy was going to provide so much electricity at such a low price that electricity comsuption meters wouldn't be necessary anymore. At that time Camel cigarettes were recommended by doctors too.🤥🤥🤥🤥🤣
Now seriously, this looks to me like a structural mess in energy supply. And a IEA wishful thinking on its demand scenario unless recession or depression takes place in big parts of the world economy. Consider this green new deal is gonna take a few decades so in the meantime it's not clear how we are gonna do it.
I guess we'll see.
1) It takes many years and hundreds of millions of dollars to build a new refinery
2) The world has begun to realize to the dangerous consequences of a global economy that is dependent on fossil fuel.
3) Hence, there is significant political / societal / market pressure to transition away from traditional, carbon combustion energy sources.
Conclusion: it seems unlikely and financially risky for energy companies to try to build new oil refineries at this point. The money seems better spent positioning themselves in the other energy sources, such as electric and hydrogen for vehicles, and renewables like offshore wind and even nuclear for power generation. Obviously there will still be a need for fossil fuels for decades, but there is huge opportunity and demand in some areas for alternatives.
It is a good, informative presentation. Oustanding, thank you
US r being good actors and so is Europe. Its their fault – others. Hahahaha. How much are u getting paid to say this bullsh!t?
All oil can be made into gasoline, to say otherwise is bs… we’ve always used “sweet crude”. In U.S. refiners until recently they say otherwise, why?!
Shale, and fracking produces gasses and thin crude… very easy to refine and is sold as liquid petroleum directly… so more bs
Electric vehicles will be self powered, no additional external power is required
For the last 100 years, retailers have been paying news agencies to report on false shortages. First, speculation is made on the commodities market and they make tons of money, and then retailers and suppliers charge 10 times. Consumers are idiots so they pay 10 times more and they buy more of the item as well as focus groups showing that they go to the store more often. Shortages are an old scam that you'd think that even the most basic person wouldve got by now
Lady you don't dig all up you drill for it seriously
Only way make more electronic vehicles and solar cars