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Replacement Rate Hits 20-Year Low: Oil Industry Only Replaces 1 In 6 Barrels

This means at some point demand will outpace supply. Higher profit and prices.

Oil and gas companies have discovered 7.7 billion barrels of oil equivalent (boe) year-to-date, according to Rystad Energy’s latest global discoveries report.

The so-called resource replacement ratio for conventional resources now stands around 16%, which is the lowest seen in recent history.


https://oilprice.com/Energy/Energy-General/Replacement-Rate-Hits-20-Year-Low-Oil-Industry-Only-Replace-1-In-6-Barrels.html