Global Oil & Gas Demand Will Keep Rising For Some Time. Canada Can Either Profit From This, Or Watch Foreign Competitors Benefit

DM

Our increasingly naïve and virtue-signalling obsessed approach to the energy sector does nothing except hurt our own prosperity. There are many people who have an interesting in convincing you that the era of oil & gas is over. Politicians like Justin Trudeau & Jagmeet Singh love to demonize the oil & gas sector — particularly in Alberta — in an effort to gain votes elsewhere. And many international institutions like the United Nations are regularly campaigning against the oil & gas sector, and blaming it for all the world’s problems. As a result, many are surprise to see that — contrary to claims that the industry is dead — oil and gas production is projected to continue increasing for a significant amount of time. According to the International Energy Agency, world oil demand will rise from a projected 96.5 million barrels per day (mb/d) in 2021, to 104.1 mb/d by 2026. McKinsey, in a report from February 26, 2021, says “38 MMb/d of new oil drilling is needed to meet demand by 2040.” They further add, “Even in an accelerated energy-transition scenario, we see need for new oil drilling by 2040.”

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