Rystad: Covid-19 Brings Peak Oil Date Closer

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 barrels, Rystad Energy said in its annual global energy outlook released this week.

Per Rystad, a Norway-based energy intelligence firm, global total expected remaining recoverable oil resources will decrease to 1,903 billion barrels, 42% of which are in OPEC territory, with the remaining 58% located outside the alliance.

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