Well that's one way to stop anyone who's thinking of putting money into exploration from doing so.
From Energy Voice, April 26:
Demand for oil is projected to peak in the next five years, driven largely by an increase in the uptake of electric vehicles.
McKinsey’s Global Energy Perspective 2022 report, published on Tuesday, says the need for the hydrocarbon will hit its highest between 2024 and 2027.
Gas demand on the other hand is likely to increase up to 2035, after which it will be subject to “large uncertainties”, in part due to the development of hydrogen.
The report has been published at a time when global energy markets are facing “unprecedented uncertainty”.
Russia’s illegal invasion of Ukraine has amplified underlying supply and demand issues that have forced commodity prices through the roof, sparking inflationary concerns.
And there are fears it could get worse before it gets better, as western governments try to rapidly reduce imports of Russian gas and oil.
According to the management consultancy’s report, the European Union might become independent of Russian gas imports by 2030....
....MUCH MORE
Here's McKinsey & Co.'s Global Energy Perspective 2022 page.
