The 2020 release of Rystad Energy’s annual global energy outlook reveals that the Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result reducing the world’s recoverable oil by around 282 billion bbl. Global total expected remaining recoverable oil resources decrease to 1903 billion bbl, 42% of which are in OPEC territory, with the remaining 58% located outside the alliance.
“Non-OPEC countries account for the lion’s share of “lost” recoverable resources with more than 260 billion bbl of undiscovered oil now more likely to be left untouched, especially in remote exploratory areas,” said Rystad Energy’s Head of Analysis, Per Magnus Nysveen. OPEC countries are much more resilient to the current crisis and will only lose a fraction compared to their non-OPEC counterparts such as the US (-49 billion bbl) and Russia (-31 billion bbl)…
