Oil prices28 Sep 2018 23:09
The warning signs are there – the industry isn’t finding enough oil.”
That’s the start of a new report from Wood Mackenzie, which concludes that a supply gap could emerge in the mid-2020s as demand rises at a time when too few new sources of supply are coming online. By 2030, there could be a supply shortfall on the order of 3 million barrels per day (mb/d), WoodMac argues. By 2035, it balloons to 7 mb/d, and by 2040, it reaches 12 mb/d. “Barring technology breakthrough beyond what we already assume, we’ll need new oil discoveries,” the report says.