Good morning, here's what the Oilman has for you today:

• API Boss Teaches IEA a Lesson

• Millionaire of the Week: Chris Wright

• Upcoming Oil and Gas Events

• Tweet of the Day

API Boss Teaches IEA a Lesson

In case you missed it, the IEA just forecasted peak oil demand in a few years. Again.

In response, the president of the API advised the IEA not to mistake wishful thinking for fact.

Call them as you see them

The IEA’s head, Fatih Birol, said earlier this month that oil demand was going to peak before 2030.

As usual, he cited EVs as the reason, along with solar, for some reason.

In response, Mike Sommers noted how the IEA itself forecast record-breaking demand this year.

He also noted how the IEA has forecast continued growth in oil demand over the next five years.

To add insult to injury, Sommers even cited last year’s World Energy Outlook by the IEA…

Which said oil demand will continue growing until 2040.

Awkward.

But not as awkward as that monthly oil market report by the IEA from October 2021.

In it, the IEA actually called for more oil and gas—five months after “forecasting” we don’t need more oil and gas.

The end of credibility

Once upon a time, the International Energy Agency was a reputable source of energy data.

Now, it has turned into a cheerleader for the energy transition.

Facts don’t matter for cheerleaders.

And it is clear from the above that facts don’t matter for the IEA, either.

The problem is that many still view the IEA’s reports as credible, even when they contradict themselves.

And governments base their policies on them.

Not the wisest thing to do.

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Millionaire of the Week: Chris Wright

The unapologetic oilman

Until two years ago, probably few outside the oil industry had heard about Chris Wright.

But then he shot a video in which he thanked North Face for being such a good client of the oil industry.

Why? North Face had just refused to make jackets for a Liberty rival, Innovex because it did not want to be associated with the oil industry.

Chris Wright became an instant star.

From MIT to the shale patch

Wright graduated with a degree in mechanical engineering from MIT and continued with electrical engineering.

Then, he went on to set up a company that basically created a whole industry: hydraulic fracturing mapping.

This mapping was essential in unleashing the full potential of U.S. shale.

Liberty Oilfield Services continues its work today as one of the biggest providers of fracking services.

And Wright has since turned his criticism of virtue-signalling companies into a regular gig.

Somebody has to do it

Many, if not most, oil executives, under activist and government pressure, have become weirdly shy about their business.

Wright is an exception.

He talks openly about the many benefits of oil and gas and the equally many drawbacks of an energy transition as pursued today.

Perhaps emboldened by this, other executives from the industry have started opening up on the world’s energy realities, too.

All it took was one man who was not intimidated by activists.

Upcoming Oil & Gas Events

• September 26-28: Turbomachinery and Pump Symposium, Houston TX

• September 27-28: Eastern Kansas Oil and Gas Association annual meeting, Kansas Crossing Casino, Pittsburg, KS

• September 27-28: Permian Basin Petroleum Association, Midland, TX

• September 27-28: LAGCOE Executive Summit, The Houston Club, Houston, TX

• October 1-5: 2023 SGA GMRC Gas Machinery Conference, Phoenix, AZ

• October 2: Energy Capital Conference 2023, Statler Hotel, Dallas TX

• October 2-6: SPE Gulf Coast Section-Electric Submersible Pumps, The Woodlands, TX

Around the Global Patch

🇺🇸 Government shutdown threatens U.S. clean energy progress.
🇨🇳 China boosts fuel exports amid surging demand.
🇸🇦 Saudi Arabia eyes surprising investment in Iranian energy.

Tweet of the Day

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