Speaking at the Gaidar Forum, Head of the Russian Sberbank Bank German Gref said that Russia appeared to be among the countries that "are losing".

According to Gref, the world will follow the path of development of renewable energy only, Censor.NET reports citing the Russian media.
He has noted that China is going to increase the total capacity of power plants generating renewable energy to 560 GW in the coming years.
"As a comparison, this is 2.5 times more than the total capacity of the Russian Federation," the head of Sberbank said. Source:

"The closest forecast is that China will consume ... about 45 percent less conventional energy sources at the rate which it currently develops alternative energy. This is our coal, which we develop and deliver on a large scale and keep making substantial investment in coal intended for the Chinese market. And hydrocarbon. One can say that this era has become history," RBC quoted German Gref as saying.
German Gref also spoke about the crisis in the oil market, which, according to him, was caused by the "sweeping changes in consumption". "The era of hydrocarbons is over. As the Stone Age was over not because there were no stones, the oil age is over the same way," Gref said.
"The future has come sooner than we expected. We already live in this future now. Welcome to the future!" the head of Sberbank said.
German Gref believes that the question of oil price is irrelevant. "We will be very far behind, if we do not change the concept of our social approach," Gref warned.
"We lost the competition and ended up in the camp of countries that are losing, the countries-downshifters. The countries and people, who have managed to adapt and invest in it in due time, are the winners. Those who have not are going to lose a lot," he concluded. According to Gref, Russia is facing "a huge income gap" compared to the "countries-winners".

MFW adrtho has gone back to posting about Russia.


-PB

The was an "Oil Crisis" in 1973 and we survived that.

8-[ ....never ceases to amaze

Edited by Socawho: 16/1/2016 02:27:30 PM

This bloke.

Well as long as the Saudi's can slide into irrelevance, I'll be pretty chuffed.

it clear the US want (is) to pull out from Middle East , there just no reason for USA to protect world Oil supply when USA has 100% of it own capacity....those oil countries that haven't diversified are f-cked

this oil Crisis, is more about the world no longer needing oil..and those countries who are depend on oil export are now all fucked

it clear the US want (is) to pull out from Middle East , there just no reason for USA to protect world Oil supply when USA has 100% of it own capacity....those oil countries that haven't diversified are f-cked

China lie about all of there figures to please Western greenies, and just before the latest gathering of Eco-fundamentalists in Paris they announced that they have been lieing about their CO2 emissions which are actually 18% higher than claimed (although even that is an understatement). Those countries who have diversified are fucked because they are pissing money away on the most inefficient forms of power generation at a time when fossil fuels are cheaper and more abundant than ever.

China lie about all of there figures to please Western greenies, and just before the latest gathering of Eco-fundamentalists in Paris they announced that they have been lieing about their CO2 emissions which are actually 18% higher than claimed (although even that is an understatement). Those countries who have diversified are fucked because they are pissing money away on the most inefficient forms of power generation at a time when fossil fuels are cheaper and more abundant than ever.

when USA kills oil pipe line from Canada to Gulf of Mexico, when USA make deal with Iran to end there sanctions , which is a fuck you to Saudi Arabia and other Sunni Arabs oil producing countries,,this is a sign the USA no longer see oil as the energy Source that needs to be secure

Oil is dead, get on broad , or be a loser over the next 10 years

No, that was a combination of green lunatics and the Saudis driving down the price of oil to make US domestic production less economically viable.

Yeh but sparky cars wont give me the torwue of a phat V8 m8 so your points are invalid.

-PB

Plunging oil prices have been blamed for a sharp rise in the number of UK oil and gas companies going bust.
Last year, 28 oil and gas service firms entered insolvency, up from 18 in 2014, according to research by accountancy firm Moore Stephens.
The company said the increase was "an almost inevitable result" of the drop in the oil price and the consequent cancellation of projects worldwide.
It estimates some $200bn (£140bn) worth of projects were cancelled last year.
Moore Stephens said the rise in oil and gas firm insolvencies was in stark contrast to 2010, when just four firms went bust in the 12 months to the end of September.
"Oil and gas service companies expanded their businesses over the last decade based on an oil price well above the current one.
"The pain caused by the oil price fall has translated into a rising tide of financial distress across the sector," said Moore Stephens head of restructuring and insolvency, Jeremy Willmont.
The figures from Moore Stephens come just days after oil services giant Schlumberger said it had cut 10,000 jobs in the past three months amid the plunge in oil prices.
Norwegian company DNV GL, an industry consultant, said its survey of 921 senior industry players showed the majority believed the industry was repeating the same mistakes of previous downturns, with 56% concerned over loss of jobs and experience.
Nearly three quarters of those it surveyed said they were preparing their company for a sustained period of low oil prices.
Opec resolute
Law firm Pinsent Masons said its survey showed that many of those in the oilfield services industry were hoping to capitalise on the drop in oil prices by buying up distressed firms.
In total, 70% of the 200 senior executives it surveyed were actively considering an acquisition within the next year, it found.
Oil prices have fallen by 70% in the past 15 months.
The drop in the price of oil has been driven by oversupply, mainly due to US shale oil flooding the market.
At the same time, demand has fallen because of a slowdown in economic growth in China and Europe.
Historically, Opec has cut production to support prices. But led by Saudi Arabia, by far the group's most powerful member, the group has resolutely refused to trim supply this time.
Many analysts have slashed their 2016 oil price forecasts, with Morgan Stanley analysts saying that "oil in the $20s is possible."
[size=8]Economists at the Royal Bank of Scotland say that oil could fall to $16, while Standard Chartered predicts that prices could hit just $10 a barrel.[/size]
http://www.bbc.com/news/business-35397038

:lol: Tesla car shit all over V8 for torque

[youtube]6eGhjhx8O9M[/youtube]



Edited by adrtho: 25/1/2016 12:00:28 PM

Yeh but sparky cars wont give me the torwue of a phat V8 m8 so your points are invalid.

-PB

How are you measuring the torque?

Here's the long-term Crude Oil chart to provide some context:



People who know a thing or two about investing aren't writing off oil just yet. Buffett has recently spent pocket change on a Texan oil company (US$4.5 billion). Goldman Sachs president discusses his thoughts on oil:

http://www.bloomberg.com/news/videos/2016-01-22/cohn-the-oil-market-is-rebalancing-now

There's no guarantees in this world, but i'd take the opinion of market big boys over a couple of quacks on a football forum...