The 2020 release of Rystad Energy’s annual review of world oil resources reveals that 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.
Global total expected remaining recoverable oil resources decrease to 1,903 billion barrels, 42% of which are in OPEC territory, with the remaining 58% located outside the alliance.
“Non-OPEC countries account for the lion’s share of “lost” recoverable resources with more than 260 billion barrels of undiscovered oil now more likely to be left untouched, especially in remote exploratory areas,” says Rystad Energy’s Head of Analysis, Per Magnus Nysveen.
OPEC countries are much more resilient to the current crisis and will only lose a fraction compared to their non-OPEC counterparts such as the US (-49 billion barrels) and Russia (-31 billion barrels).
“OPEC countries are expected to lose 21 billion barrels of reserves potential as the negative developments in Venezuela and Iran outweigh the increased strength and reserves potential of core OPEC countries in the Arab Gulf region,” Nysveen adds.
Rystad Energy releases its annual outlook following the publication of the BP Statistical Review to provide an independent, solid and clear comparison of how the year has changed the world’s energy landscape.
Learn more in Rystad Energy’s UCube.
A few more regional takeaways
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*All oil volumes refer to crude and lease condensate.
Per Magnus Nysveen
Head of Analysis
Phone: +47 24 00 42 00
Media Relations Manager
Phone: +47 90228994
About Rystad Energy
Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry. Our products and services cover energy fundamentals and the global and regional upstream, oilfield services and renewable energy industries, tailored to analysts, managers and executives alike. Rystad Energy’s headquarters are located in Oslo, Norway with offices in London, New York, Houston, Aberdeen, Stavanger, Moscow, Rio de Janeiro, Singapore, Bangalore, Tokyo, Sydney and Dubai.