Occidental Petroleum Corp's (OXY) CEO Vicki Hollub recently spoke out about future oil shortages, stating, “2025 and beyond is when the world is going to be short of oil.” Hollub's warning is the latest in a string of cautionary messages from oil industry executives, pondering the implications of a future where demand overshadows the present reserves and investments into new resources are at a historic low.
1. OXY CEO, Vicki Hollub, warns of potential future oil shortages, starting from around 2025.
2. This warning of future oil shortages is shared by other oil industry executives, due to demand overshooting current investments and reserves.
3. Hollub highlights 2025 as a critical year for both the oil industry and the global economy, marking the beginning of these shortages.
4. Industry executives are worried about insufficient investments being made into the discovery of new oil resources to meet the growing demand.
5. The shift towards sustainability and clean energy has led to an attention shift away from immediate concerns about oil production and supply.
According to the International Energy Agency, global oil demand is set to rise from 97 million barrels per day (bpd) in 2021 to 104 million bpd by 2026.
According to Hollub, the chief executive of Oxy, the 2025 timeline marks a significant moment for the industry and the global economy at large. The looming shortage of oil is an issue that's been repeatedly highlighted by oil industry executives who believe that insufficient investment is being made to discover new resources. They argue that the growing demand for oil, coupled with the depletion of existing reserves, paints a troubling picture for the future. The siren calls for sustainability and the shift towards clean energy have, it seems, veered attention away from the immediate concerns lying within oil production and supply.