Jamie Spellings, head of ExxonMobil’s corporate planning division, was honest about demand but not supply on a webcast today. Spelling projected world energy demand would go up 60 percent by 2025, but claimed that OPEC members would be able to boost production by 40 percent. Spellings said technology and efficiency savings are already factored in the demand projections.
Do people at Exxon really believe OPEC can ramp it up 40 percent? Are they smoking crack at the same table as the House of Saud?
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