Investment Gola man
Risks of an Oil Shock Look Contained eee ivilon
1. OECD Inventories — Adjusted for Days of Demand 2. World Oil Demand and Oil Demand Intensity per Unit of Global GDP 69 |
40 5 —World Oil Demand = — Oil Intensity (RHS) r 1.00
2010-2014 range —Actual 2010-19
35
67.0
67 5 1 65 | 30 - 63 61 4
60.3 J 59 ‘ 5f 4
4 65.7
10 -
N a
Billion Barrels N oO
a Barrels per $1,000 GDP
Days of OECD demand
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
0.00
" Global oil inventories look adequate, with OECD inventories still well above historical norms. " The US could release oil from its Strategic Petroleum Reserve if needed.
= Oil consumption represents a much smaller share of the economy than in the late 1970s and early 1980s.
15 HOUSE_OVERSIGHT_026959
Source: Investment Strategy Group, IEA, World Bank, BP Statistical Review.