The world may never see its last barrel of oil. So far, consensus views are yet to emerge regarding the precise point when the world will arrive at peak oil. Beyond 2030, petrochemicals, which are widely used in everyday products, will account for almost half of global oil demand. Regardless, that last barrel will likely come from the MENA region, given its low production costs and declining break-even prices for new oil projects. However, this assumption is built on extreme forecasts of potential, climate-inspired changes on the supply side, disregarding a complex array of factors needed to achieve a mythical “zero oil” world.

Source: The North Africa Journal November 21, 2021 04:57 UTC