Updated September 30, 2018 17:30:52 The next major energy shock is already here, and it’s happening far more rapidly than previously thought.
According to a recent report by the London-based Centre for Economics and Business Research (CEBR), by 2025 the world will run out of oil.
In its latest forecast, the CEBR estimates that the world is on track to have around 9.5 trillion barrels of oil and gas reserves.
The report states that this number is expected to double to 10 trillion barrels within the next 15 years.
The report further notes that this is a much more rapid rate of depletion than previous estimates have shown.
The CEBR predicts that by 2025, the world may be running out of almost 50% of the remaining oil.
By 2025, this will mean that there will be an estimated 17.6 trillion barrels in the ground.
In its report, the CEA cites “massive” losses of global oil reserves as a reason for the need for action.
The CEBR notes that the “total amount of oil in the world today is roughly equivalent to more than 80 percent of global production” and that by 2035, this could be more than 150 percent of the world production.
This huge decline in global oil production is “likely to increase dramatically in the future”, it states.
This rapid depletion of the oil resources is due to a number of factors.
Firstly, global demand for oil has dropped by a staggering 80 percent since the 1990s.
Second, the decline in world demand has been linked to a “decoupling” of production from oil prices.
Third, the global population is growing rapidly, which is pushing the global economy to the brink.
According the CEPR, by 2030, the current level of oil production will be “just 1.4 million barrels per day [bpd]”, which is less than one percent of current global oil consumption.
By 2035 that figure will be down to just 7.3 million bpd.
However, the report goes on to predict that by the end of the century, the number of oil-producing countries will double.
According, by 2025 “there will be a doubling of global CO2 emissions” due to the increased demand for energy.
In other words, this rapid depletion is likely to put the world on course for another massive increase in the number and severity of catastrophic climate change events.
This is not the first time the CEBL has warned of a potential catastrophic oil shock.
The agency published a report last year in which it estimated that a rapid decrease in global production of conventional oil would put the entire world on track for a catastrophic climate-related event.
In a separate report published earlier this year, the International Energy Agency (IEA) also predicted a catastrophic oil-related drop in world oil production by 2040.
However the CEB’s report is the first to predict the global oil industry will experience a massive decline in production in the next two decades, the IEA said.
A major oil company has already filed for bankruptcy.