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       #Post#: 29--------------------------------------------------
       Elon Musk's AI and how it will affect the technology industry
   DIR By: chandna rani
       Date: September 9, 2023, 6:10 am
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       On the supply side, this crisis has several causes. Conventional
       oil production – excluding shale and tar sands – has been
       virtually stagnant since 2005. In the early 2000s, when
       questions arose about whether the world's largest conventional
       oil field – located at Ghawar, east of Saudi Arabia – was in
       decline, the Saudi national oil company, Aramco, was quick to
       deny it, which gave a political twist to the matter. But a bond
       issuance prospectus published by Aramco in April 2019 revealed
       that Ghawar was only capable, in a maximum production scenario,
       of supplying 3.8 million barrels per day, two million barrels
       less than the working hypothesis of the market agents.
       Kuwait, another member of OPECalong with Phone Number List
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       Arabia, has even more obvious production
       problems. In 2021, Kuwait continued to produce almost 300,000
       barrels less crude oil per day than in 2019, a drop of 10%. In
       March 2020, a consortium of North American, European and
       Japanese banks lent Kuwait $1 billion to help it increase its
       production capacity.
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       Meanwhile, the Russian deposits in Western Siberia had been in
       decline for a decade by 2019. While production from these large
       old fields has become more difficult, relatively few new
       conventional fields have replaced them. The discovery of new
       fields has followed a marked downward trend since the 1960s, and
       the last decade has been no exception: annual discoveries of
       conventional oil were just over a quarter in 2019 of what they
       had been in 2010. , and only in one of the middle years of the
       decade was 50% of the 2010 total reached. After the collapse in
       prices in 2014, oil companies drastically reduced their
       investments. In 2021, investment in oil and gas exploration and
       production was only 50% of what it was in 2014, with most of the
       decline coming from the five largest Western companies. At the
       beginning of the last decade, Iraq was the great hope for
       improving the conventional supply landscape.
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