The 2020 release of Rystad Energy’s annual global energy outlook 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”…
