Recent Wood Mackenzie Report Projects Interesting Times For Oil And Gas Industry

Recent Wood Mackenzie Report Projects Interesting Times For Oil And Gas Industry

Share to Linkedin NEW DELHI, INDIA - FEBRUARY 8: A view along NH-9 on a smoggy morning near Mayur Vihar on February 8, ... [+] 2021 in New Delhi, India. Air pollution and fog hindered visibility on roads in Delhi NCR. The concentration of PM 10 particles stood at 175 while PM 2. 5 at 102 in the national capital region.(Photo by Raj K Raj/Hindustan Times via Getty Images) A recent report by the consulting/analytical firm Wood MacKenzie projects what would appear to be devastating impacts on the oil and natural gas industry should the world achieve the emissions targets put forward by the 2015 Paris Climate Accords. In the new study's most aggressive scenario, which it refers to as "AET-2," Wood-Mac projects that global crude oil demand would drop by as much as 70% from today's levels, with the price for crude collapsing to as low as $10 per barrel. The inconvenient truth here is that we don't, and even Wood-Mac itself notes in its executive summary that "To be clear, our AET-2 scenario is just that – a scenario – and not our base-case forecast." Wood-Mac's base case scenario - the one it considers to be most likely