The global oil supply by 2030 is likely to be 6% less than expected due to the sharp drop in crude oil prices caused by the new crown crisis, which has delayed investment by energy companies.
To cope with the situation, global oil and gas companies have slashed investment budgets, pulled out of production projects and delayed the production of projects.
In addition to the North American shale oil industry, only about 10-15 large upstream projects "have a certain chance" to obtain final investment approval this year. Such a low proportion is only seen during the post-2014 oil price crisis.
Before the oil price plummeted, about 50 projects with a mining scale of more than 50 million barrels of oil equivalent had planned to enter the final investment approval stage this year.