BAKU, Azerbaijan, February 8. Liquid hydrocarbon supply from new wells of shale companies and traditional oil and gas producers to purchasers worldwide will decline eightfold between 2024 and 2050, Director of Research in the MENA region of the leading analytical consulting group Rystad Energy, Aditya Saraswat said during the drilling conference in Baku, Trend reports.
According to him, the drop began in 2023, and by 2024, about 85-90 million barrels of liquid hydrocarbons per day can be delivered to consumers via new wells around the world. This figure is expected to reduce to 55 million barrels per day by 2030, and 10-15 million barrels per day by 2050.
He ascribed the dramatic fall to the fact that corporations throughout the world will eventually put fewer and fewer new wells online as a result of their commitments to the worldwide climate agreement.
The analyst predicted that investment in fossil fuels would decline dramatically. The world is moving away from traditional energy sources and aims to achieve Net Zero (zero greenhouse gas emissions) by 2050.
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