The Oil and Gas Cliff: Production Decline Deepens
Global oil and gas production is in a steeper decline than previously thought, with existing fields losing output at an alarming rate due to reliance on shale and deepwater sources. The IEA warns that nearly 90% of investments are now just to maintain current levels, not increase supply. Without continued investment, oil supply could drop by over 5 million barrels daily each year, and natural gas by 270 billion cubic meters. This decline, coupled with debates over green energy transitions, poses a significant threat to energy security and market stability, demanding urgent attention from investors and policymakers. Hosted on Acast. See acast.com/privacy for more information.