Rystad Energy says this is the price needed to incentivize oil to meet incremental demand to 2030

There will be a massive need for “new barrels” of oil in the coming years, no matter what kind of oil demand scenarios you consider, whether high case (2.2º) or low case (1.6º), according to Lars Eirik Nicolaisen, deputy CEO at Rystad Energy.

Speaking at the 2024 IADC World Drilling Conference in Madrid on 18 June, Mr. Nicolaisen forecasted that, by 2030 under a base case scenario (1.9º), the world would a need an additional 56 million bbl/day on top of current supply, including the barrels already under development. While it might initially seem that $60 oil would be sufficient to incentivize development of that 56 million bbl/day, he asserted that the actual price needed will be higher.

Watch DC’s video with Mr Nicolaisen to hear more about his energy market outlook.