“In this scenario, global production of oil and natural gas liquids will fall below 50 million barrels per day by 2050. Exploring, developing, processing and consuming this amount of commercially extractable oil will lead to gross greenhouse gas emissions of less than 450 gigatonnes of CO2 from now until 2100. This is compliant with IPCC’s carbon budget for global warming limited to 1.8˚C by 2100,” says Rystad Energy’s Head of Analysis, Per Magnus Nysveen.
In terms of absolute volumes removed from non-OPEC producers, remaining recoverable resources in the US are reduced to 214 billion barrels, losing 30 billion barrels from last year’s estimate. China suffers the second-largest loss with its remaining recoverable resources now limited to 50 billion barrels, a downwards revision of 26 billion barrels.
The remaining recoverable resources of OPEC countries are reduced by 53 billion barrels to 741 billion barrels. Iran and Saudi Arabia have the largest revisions, losing 11 billion barrels each, with Saudi recoverable oil volumes now calculated at 288 billion barrels and Iranian volumes at 101 billion barrels.