"Not that he short-changed supply. The IEA recently realized how critical the decline of the existing oil production base is to future oil production rates. That prompted an in-depth field-by-field study of decline rates. Birol warned that the equivalent of 4 new Saudi Arabias must come on line by 2030 just to offset expected decline, 2 more on top of that if we are to ‘grow’ production to the Reference Scenario. I’m not sure the audience fully appreciated the enormity of those statements."

Like two documents in the last two weeks have come out saying how grim our situation is. I hope people start to listen.