Do they really expect the world to come crawling to them, like moths toward some overripe flame? Do they fancy themselves the hot woman in a bar, sipping cocktails while every man within range drools and dreams of palaces in the sun? Oil producers have lived that fantasy long enough. They were coddled for decades, spared the burden of building real industries or nurturing their own people’s productivity. No need for invention, no need for enterprise. Just hand out drilling licenses the way medieval kings dispensed fiefs and titles, and watch the tribute roll in.
That game worked while it lasted. But the board has changed. Oil prices now hover below the levels many projects need just to break even, and the broader macroeconomic horizon is anything but bright. Yes, analysts will hallucinate silver linings where none exist—that is their trade—but the world economy is sliding deeper into the doldrums, and we are nowhere near the bottom. And when the economy stalls, it doesn’t burn as much oil.
So the old act won’t cut it anymore. Time to try harder.