OilPrice.com - While oil and gas companies come under pressure to reduce production, the world’s thirst for new supply is only growing
- Without a significant uptick in investment, demand for oil and gas will surpass supply in the not-so-distant future
- This disconnect between the political desire for less fossil fuels and the global hunger for fossil fuels could drive the price of oil up to $100
Chronic underinvestment in new oil supply since the 2015 crisis and the pressure on oil and gas companies to curb emissions and even “keep it in the ground” will likely lead to peak global oil production earlier than previously expected, analysts say.
