Coronavirus will hasten ‘peak oil’ by three years, says research firm

FINANCIAL TIMES 🔒| An influential research firm has cut its estimate of potential oil production by an amount that exceeds the reserves of Saudi Arabia, as the coronavirus crisis accelerates longer-term structural changes to the market.


In an annual report published on Thursday, Oslo-based Rystad Energy said its estimate of “recoverable” oil resources — the volume that could be extracted from the earth, given constraints of technology and demand — has fallen since 2019 by 282bn barrels to 1.9tn barrels, as consumption habits change and oil companies abandon exploration plans. The proven reserves of Saudi Arabia, the world’s second biggest producer, come to 267bn barrels.


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