Members in Transition Committee The Role of Oil and Gas in the Next 100 Years. March 3, 2017 Outline

WEO 2016 Oil Market Outlook

Source: WEO 2016, Oil Market Outlook, Highlights, p 107

• The pledges made at the Paris Agreement do not induce a peak in oil demand before 2040 in the New Policies Scenario.
• Tight oil production in the United States has been more resilient to the drop in oil prices than anticipated.
• United States all but eliminates net imports of oil by 2040.
• One or two years of suppressed project approvals extended into 2017, combined with the level of demand growth seen in the New Policies Scenario, could lead to more volatile oil prices and a new boom-and-bust cycle for the industry.
• Investment in oil and gas remains an essential component of an orderly transition to a low-carbon future.