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Legacy Oil Producers May Define Next Chapter of Global Supply ...Middle East
Global oil markets are entering a pivotal phase as exploration-driven reserve replacement lags. With only a few bright spots like Namibia and Guyana, estimates suggest that just 25–30% of the oil consumed each year is currently being offset by new discoveries. This growing shortfall, combined with forecasts that US shale production will peak in the 2030s, sets the stage for a tightening global supply outlook. If no major new discoveries are made, the world could face an 18 million barrels per day deficit by 2040, assuming demand projections…
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