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In One Chart: Why oil prices will never return to $100 a barrel, in one chart

A persistent global glut of oil that has dogged markets for around two years may never truly subside, says one industry expert.

According to Spencer Dale, chief economist at oil giant BP PLC BP., +0.76%BP, -1.24% the global oil market suffers from an abundance of oil that’s going to add pressure on the industry for decades. As this chart shows, BP estimates that there are about 2.5 trillion barrels of technically recoverable oil resources left in the world, enough to cover the world’s entire oil demand out to 2050—twice.

BP

“This is my killer chart. It’s very simple, very straight forward, but it makes a very powerful point,” Dale said, when presenting BP’s 2017 Energy Outlook to delegates at the International Petroleum Week in London on Wednesday.

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