Post by
geezer21 on Aug 29, 2024 11:47am
Exxon See 15% Annual Production Decline
Irina Slav via Oilprice.com:
"According to the supermajor, global oil production is facing a natural decline at a rate of some 15% annually over the next 25 years. For context, the IEA sees the rate of natural decline at 8% annually. Exxon points out, however, that the faster decline rate is a result of the shift towards shale and other unconventional oil production, where depletion happens faster than it does in conventional formations."
https://oilprice.com/Energy/Energy-General/Exxon-Joins-OPEC-in-Warning-of-Looming-Oil-Supply-Crisis.html