The former non-executive chairman of Shell UK has issued a stark warning about the world’s oil supply at a conference in Ireland this week. Lord Oxburgh expects that global oil demand will outstrip supply within twenty years as production hits plateau, and that the oil price could hit $150 in the long term. He accuses some in the industry of having their heads “almost in the sand” about oil depletion, and concludes “we may be sleepwalking into a problem which is actually going to be very serious and it may be too late to do anything about it by the time we are fully aware”.
Read the full interview here.
Conference details here.