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🛢️Billionaires of the Week: The Wilks Brothers
IEA Admits the Obvious, Sees Higher Oil Demand
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IEA Admits the Obvious, Sees Higher Oil Demand
Billionaires of the Week: The Wilks Brothers
Upcoming Oil and Gas Events
Tweet of the Day

IEA Admits the Obvious, Sees Higher Oil Demand
The International Energy Agency said in its latest report that oil demand is set to grow both this year and next.
And it actually revised its growth forecasts.
This is the same IEA that expects demand growth will peak before 2030.
It’s like the world can’t function without oil
Earlier this year, the IEA expected oil demand for 2023 will grow by 2.3 million bpd.
Now, it expects a growth rate of 2.4 million bpd for this year.
Guess what – OPEC also sees oil demand growth at around 2.4 million bpd.
For next year, however, the IEA expects a major slump in demand growth to 930,000 bpd.
Yet this figure is still much higher than an earlier forecast for 880,000 bpd in demand growth.
What do you think are the chances of that slump happening?
Given that this year, most economies stumbled on their way to growth and demand is still up by 2.4 million bpd?
Yeah, not great. Unless someone bans gas cars and diesel trucks tomorrow.
Luckily, no politician is that suicidal.
A world of surprises
It looks like the IEA was really surprised by two things when it comes to oil.
One of these things was the resilience of U.S. production.
The other was the resilience of Chinese demand.
U.S. production of oil is set for a record this year.
So is Chinese oil demand, which broke a few records earlier this year.
Demand elsewhere also remains resilient despite the onslaught on hydrocarbons.
But sure, that same demand’s totally going to grow by a measly 930,000 bpd next year.
Something tells me the IEA is in for more surprises in 2024.

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Billionaires of the Week: The Wilks Brothers
From Masonry to Fracking
Dan and Farris Wilks grew up in a goat shed in a small Texas town.
The sons of a bricklayer, Dan and Farris, followed in their father’s footsteps.
They set up a firm called Wilks Masonry in 1995.
The firm did so well that they decided to diversify.
Into fracking.
Frac Tech and the Way to Billions
Dan and Farris Wilks launched their fracking business in the early 2000s.
The golden times of the shale boom.
Frac Tech grew and thrived during the boom, supplying trucks for frackers.
You’d think its owners would keep at it, taking advantage of the massive demand for fracking services.
Yet they chose to cash in less than 10 years after they founded the company.
In 2011, Dan and Farris sold Frac Tech to a consortium led by Singapore-based Temasec.
And they got $3.5 billion for it.
Sermons and land
Farris Wilks is a pastor in a church his father founded in the small town of Cisco, Texas.
The Assembly of Yahweh is a very conservative church with a strict dress code and equally strict beliefs.
But besides religious believers, the Wilks brothers are also among the biggest landowners in the U.S.
In fact, they rank as the 12th largest landowners in the country, with estates across six states in the West.
And they still have interests in oil and gas, with holdings in U.S. Well Services and Dawson Geophysical Company.
Not bad for two poor kids from the Texas backwater.

Upcoming Oil & Gas Events
November 15-16: Petroleum Alliance of Oklahoma Fall Conference and Auction, Oklahoma City, OK
November 16: 29th Annual Executive Oil Conference and Exhibition, Midland Country Horseshoe Arena, Midland, TX
November 28: TIPRO/IPAA Leaders in Industry Luncheon, Petroleum Club of Houston, Houston, TX
November 28: NDPC Christmas Gala, Lumen Vitae University Center, Bismarck, N.D.
November 28-29: UTA Oil and Gas Conference, Hilton Americas, Houston, TX
November 29: DUG Appalachia Conference & Exhibition, David L. Lawrence Convention Center, Pittsburgh, PA
November 30: IPAA Texas Hold’Em Tournament, The Post Oak Hotel, Houston, TX

Around the Global Patch
🇰🇼 Kuwait's swift efforts: mega refinery restart.
🇿🇦 South Africa's push for a national energy company.
🇩🇪 German court nullifies $65B climate funding.

Tweet of the Day
This was stolen by me. FYI.
— A Crude Awakening (@allengilmer)
10:50 PM • Nov 15, 2023

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