Considering the 2020 Sustainable Development Scenario, global oil production is expected to value at 8.7 trillion U.S. dollars by 2040, with natural gas production coming in at 2.7 trillion U.S. dollars. However, figures are forecast to be considerably higher when taking into account the 2020 Stated Policies Scenario, which would see oil production generate some 12.8 trillion U.S. dollars. The Stated Policies Scenario of each respective year are based on existing and announced policies, where the world is not on course to achieve sustainable results set by the Paris Agreement and following UN's Sustainable Development Goals.
The oil industry and natural gas industry face various challenges as the number of governments pledging to become carbon neutral by the mid century is growing. Future market development uncertainty has set a unique burden on the oil and natural gas industry. Additionally, the 2020's coronavirus pandemic presents yet another challenge, as liquids demand declines.
Forecasted value of oil and natural gas production worldwide in 2040, by scenario*
(in trillion U.S. dollars)
* The Sustainable Development Scenario is aligned with the UN Sustainable Development Goals (SDGs). The Stated Policies Scenario is the scenario where the world is not on course with the UN goals to achieve energy related SDGs.
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Axios. (October 14, 2020). Forecasted value of oil and natural gas production worldwide in 2040, by scenario* (in trillion U.S. dollars) [Graph]. In Statista. Retrieved November 20, 2024, from https://www.statista.com/statistics/1181752/oil-natural-gas-production-forecast-by-scenario/
Axios. "Forecasted value of oil and natural gas production worldwide in 2040, by scenario* (in trillion U.S. dollars)." Chart. October 14, 2020. Statista. Accessed November 20, 2024. https://www.statista.com/statistics/1181752/oil-natural-gas-production-forecast-by-scenario/
Axios. (2020). Forecasted value of oil and natural gas production worldwide in 2040, by scenario* (in trillion U.S. dollars). Statista. Statista Inc.. Accessed: November 20, 2024. https://www.statista.com/statistics/1181752/oil-natural-gas-production-forecast-by-scenario/
Axios. "Forecasted Value of Oil and Natural Gas Production Worldwide in 2040, by Scenario* (in Trillion U.S. Dollars)." Statista, Statista Inc., 14 Oct 2020, https://www.statista.com/statistics/1181752/oil-natural-gas-production-forecast-by-scenario/
Axios, Forecasted value of oil and natural gas production worldwide in 2040, by scenario* (in trillion U.S. dollars) Statista, https://www.statista.com/statistics/1181752/oil-natural-gas-production-forecast-by-scenario/ (last visited November 20, 2024)
Forecasted value of oil and natural gas production worldwide in 2040, by scenario* (in trillion U.S. dollars) [Graph], Axios, October 14, 2020. [Online]. Available: https://www.statista.com/statistics/1181752/oil-natural-gas-production-forecast-by-scenario/
