Oil Economy Focus Rapid Review
Unless petroleum exploration speeds up significantly and capital expenditure of at least $3 trillion is put to the task, the world will not have sufficient oil supplies to meet its needs through 2050, says Rystad Energy. To meet global cumulative demand over the next 30 years undeveloped and undiscovered resources totaling 313 billion barrels of oil need to be added to currently producing assets. Upstream players may have to double their conventional exploration efforts in order to meet global oil demand.
LINK TO THE SOURCE ARTICLE: The world will not have enough oil to meet demand through 2050 unless exploration accelerates
