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Article: Former Aramco executive expects oil supplies to fall short of demand.(Saudi Arabian Oil Co.)
- Article from:
- The Oil Daily
- Article date:
- October 22, 2009
- Author:
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The world will struggle to supply enough oil to meet demand in the coming years, according to the former upstream head of Saudi Aramco, despite the drop-off in consumption during the global recession.
"You just don't have enough projects" for supply to keep up with reviving demand, Sadad al-Husseini, now an independent consultant, told Energy Intelligence's Oil & Money conference in London.
Even with modest 0.5% annual increases in demand, the crude supply shortfall "becomes substantial" in the 2009-20 period examined, al-Husseini said. And even with other sources such as natural gas liquids thrown into the pot, "It will be very hard to meet demand ...