The bulk of the replacement in the last three years was through acquisitions. The easy oil has been discovered.
More Quotes from Fadel Gheit:
It's a normal pullback after a sharp rise that was driven more by speculation than fundamentals.Fadel Gheit
If we don't have a particularly cold winter, we won't see prices rise dramatically.
Fadel Gheit
The surge in oil prices took companies by surprise. They didn't expect the windfall profits and were ill prepared to handle the instant wealth. It's like winning the lottery.
Fadel Gheit
The only good news about the first quarter is that it's over,
Fadel Gheit
Every producer around the world is producing the marginal barrel to take advantage of high prices. Right now, OPEC is not holding back. But OPEC wants to have its cake and eat it, too.
Fadel Gheit
There's hope that an increase in demand will bring down what is perceived to be current high level of inventory, ... But that has not happened. We haven't seen significant declines in inventory levels around the world. That has influenced OPEC's decision.
Fadel Gheit
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