Revealing comments from Christophe de Margerie, head of exploration for Total and heir presumptive to the leadership of the French energy multinational. Interviewed by the Times earlier in the week he argued that the world lacks the means to produce enough oil to meet rising projections of demand for fuel over the next decade
He told the Times that the world is mistakenly focusing on oil reserves when the problem is capacity to produce oil. Forecasters, such as the International Energy Agency (IEA), have failed to consider the speed at which new resources can be brought into production, he believes. “Numbers like 120 million barrels per day will never be reached, never,” he said.
Hmmm – when the oil industry says we are in trouble -you know you are in trouble.