Analyst firm Wood Mackenzie warns of global oil deficiency

Countries across the globe will thirst desperately after crude oil within a few decades, projects an international analysis bureau in a new report.

Photo: Wintershall

The current oil crisis has analyst firm Wood Mackenzie sounding the alarm. Ever since the price of oil began to nosedive in the summer of 2014, exploration activity has plunged accordingly. And it will give rise to a major oil deficiency by 2035, writes the firm according to Norwegian business daily Dagens Næringsliv.

"We predict an oil deficiency of 4.5 million barrels per day by 2035 if the current average discovery rate of 8 million barrels per year continues," states the report.

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