It goes, “Thirty years from now there will be a huge amount of oil — and no buyers. Oil will be left in the ground.”
No buyers, huh?
These words came from an interview with a former Saudi oil minister in 2000. Sheikh Ahmed Zaki Yamani might’ve been on to something. His thinking was that new discoveries, new technology, and strong E&P activity will crash prices within five years... and it looks like he was a few years off of predicting the U.S. shale boom.
