Gregor Macdonald
“Global giants such as Royal Dutch Shell and Exxon Mobil have essentially abandoned the effort to meaningfully expand their oil reserves. Instead, they are now shifting course in favor of a strong, natural gas emphasis. The result is that Russia in the past decade has accounted for nearly all of the supply growth in crude oil, among Non-OPEC producers. Indeed, without Russia, Non-OPEC supply would be in steep decline. Instead, it’s merely flat.”
