Good Morning Mermaids , Todays Bloomberg ; " Big oil abandons...

Good Morning Mermaids , Todays Bloomberg ; " Big oil abandons $2.5 bl US Artic Drilling Rights , Royal Dutch Shell and Conoco Phillips walked away after plunking dawn $2.5 bl plus millions in annual rent "
Estimated reserves were in the order of 25 bl bls and trillions of cubic feet of gas . Potentially more oil and gas off the market . Also a good read " OPEC'S Trillion Dollar Miscalculation by Robert Rapier , Also from Forbes , how OPEC is loosing a TRILLION dollars a year in revenue . Also from Robert Rapier " An $840 billion US decline in US oil and gas reserves . Only 10% of shale oil is recoverable . From GFP , average Global consumption 93.7 ml bpd , of which USA 19 ml China 10.2 ml. Production figure are not yet available for 15/16 as increases in Saudi Arabia and Russia are off set by decreases around the World . So although the picture is not clear , far more oil is off the market than is being produced . And without investment in E & D Over one Trillion dollars extra per year for the next ten years will be required to meet demand . these are OPEC figures . Costs are split %30 OPEC %70 non OPEC . So what does less oil and higher demand mean..... I will leave you to ponder ......Cheers