By 2050, Meeting Global Oil Demand Will Require Accelerated Exploration and Trillion-Dollar Investments

Written by Roberta Souza

Published on 10/12/2020 at 16:02

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In a Report Released by Rystad Energy, in 30 Years the World Will Run Out of Oil Sufficient to Meet Its Market Needs

In a report published by Rystad Energy, an energy research and business intelligence company, it shows that despite the decline in demand due to the Covid-19 pandemic and the accelerated energy transition, the world is still expected to have insufficient oil supply to meet its market needs by 2050 unless exploration is significantly accelerated and capital spending increases.

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To meet global demand over the next 30 years, undeveloped and undiscovered resources need to be added to the assets currently in production, totaling 313 billion barrels of oil, which will require US$ 3 trillion.

In the report, Rystad Energy estimates that to meet this demand by 2050, the exploration program will need to develop valuable resources of 139 billion new barrels. If the level of exploration activity remains low this decade, this is an impossible task.

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By 2050, Meeting Global Oil Demand Will Require Accelerated Exploration and Trillion-Dollar Investments

In a Report Released by Rystad Energy, in 30 Years the World Will Run Out of Oil Sufficient to Meet Its Market Needs

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By 2050, Meeting Global Oil Demand Will Require Accelerated Exploration and Trillion-Dollar Investments

In a Report Released by Rystad Energy, in 30 Years the World Will Run Out of Oil Sufficient to Meet Its Market Needs

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