"However, in case you haven't noticed, they are not the only fossil fuel company that is getting out."
The conscience-assuaging, ideologically-driven leftward shift of the supply curve, huh?
Like I said, coal boom currently underway, oil boom coming [*].
Will barely impact you and me living in our domains of comfort and affluence, but the same can't be said for billions of other less fortunate people around the world.
[*] According to WoodMackenzie, one of the world's pre-eminent oil & gas consultancies, to maintain global oil output at the current 91 m bpd, around US$600bn pa needs to be spent on oil exploration and development globally. For the past few years, the world has been running at roughly US$300bn, so half of the rate required to maintain output.
And according to none other than the International Energy Agency, in its report, "Oil 2021 - Analysis and Forecast to 2026":
Between 2020 and 2026, global oil demand will increase by 14% (9% in OECD countries and 19% in Non-OECD countries), from 91m bpd to 104 bpd.
On the supply side, non-OPEC supply will increase by a mere 7%, from 63.1m bpd to 67.6m bpd.
So the ex-OPEC deficit will rise by a very significant 31%, from 27.9m bpd to 36.5 m bpd.
