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Commodities Briefing - Categorized | Oil, Research more

The world needs 390 bln barrels of new oil production by 2035

Posted on 23 September 2013

Production from legacy oil wells is declining each year. At the same time, demand from emerging markets is rising rapidly. When those two things collide, it leaves a production gap of 390 billion barrels of oil that energy companies need to make up between now and 2035.
Just to put that number into some perspective, current U.S. proven oil reserves, which are 12th in the world, were just 29 billion at last count. That means the world’s oil companies have a lot of work to do if they want to add enough production to both offset declines while meeting growing demand. The following slide shows our current conundrum………………………………..Full Article: Source


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VRS - who has written 37015 posts on Opalesque Commodities Briefing.


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