With data showing the availability of proven reserves for only 14 years of current production, Rystad Energy, an energy market intelligence group, has pointed out that in a scenario where oil demand is on the rise, supply may struggle even with high prices, but if the energy transition gets a boost, demand could fall.

Based on Rystad Energy’s latest research, the global amount of discovered, recoverable oil resources has grown by 5 billion barrels over the past year, despite 30 billion barrels produced globally in 2024, driven primarily by the delineation of upside potential in Argentina’s Vaca Muerta play and the Permian Delaware basin in Texas and New Mexico.