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Wood Mackenzie said in a new report that upstream development is too sparse to satisfy demand in the years ahead. A lack of spending, new FIDs, and new discoveries spell trouble.
“A supply gap opens up in the mid-2020s, reaching 3 million b/d by 2030, 7 million b/d by 2035 and a formidable 12 million b/d by 2040. Barring technology breakthrough beyond what we already assume, we’ll need new oil discoveries,” WoodMac said.