Oil demand is forecast to drop by alittle over 1% by 2030. However, its consumption in absolute termswill increase from the current 77 million barrels/day (MMbpd) to120 MMbpd. To satisfy demand, a min..
Oil demand is forecast to drop by a
little over 1% by 2030. However, its consumption in absolute terms
will increase from the current 77 million barrels/day (MMbpd) to
120 MMbpd. To satisfy demand, a mind-boggling 200 MMbpd of new
production will have to come onstream. So says a global perspective
presented at a recent industry forum by Luis E. Giusti of the
Center for Strategic & International Studies.
He has analyzed data from IEA and the
US DOE to assess the rate of growth in oil, gas and LNG. According
to his assessment, the downstream sector alone will need
investments of $412 billion to meet future needs.
Although 70% of total oil sector
investment – exclu
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