Investor Presentaiton
Significant under investment in supply
Oil supply outlook¹
mmbpd²
120
Global oil capital spending³
$Bn
700
100
88
80
60
60
40
40
20
20
0
2015
2020
106
600
New investment required
Global supply with current
500
level of spending
400
300
Global supply at natural decline
with no new investment
2025
200
2030
2010
2015
2021
Estimated capex
required to meet
forecast 2030 demand
Average
2010-21
capex
Estimated capex
required to meet
current demand
2030
To meet demand growth, substantial new investments are
required to compensate for decline of existing fields
Upstream investment has been in decline
• Industry needs to increase investment significantly from
current level
1. Source: IEA (2021) World Energy Outlook. All rights reserved. 2030 expected global oil demand based on IEA's Stated Policies Scenario
2. mmbpd million barrels per day
3. Historic capex sourced from Rystad Energy Ucube, March 2022. 2022-2030 capex based on IEA global oil and gas capex, estimated for oil only component
Saudi Aramco FY 2021 Results | 5View entire presentation