The Bloomberg report based on data from Wood Mackenzie fails to explain just why profit-making concerns would actually be doing this and relies on self-congratulatory but non-explanatory references to earlier investment in the fields when prices were higher but we all know none of that would matter unless they confidently expected that big profits were coming their way.
We’ve already seen numerous experts predicting global shortages and consequent price hikes. See just these two examples from the Aramco and Haliburton CEOs:
This year alone, 14 fields with a projected production of 230 000 barrels will start-up but that will make only a tiny impact on global shortages and prices will be high. Global demand is currently approaching 125 billion barrels per day and 92 million oil-based cars will be bought this year alone. See this if you think, regardless of how green you’d like things to go, the demand for Scotland’s oil is not going to be massive and consequently very lucrative for a small independent country:
‘The Steady Drumbeat of More Global Oil Demand’