Shell CEO warns industry must refill 6 million bpd yearly as demand growsThe global oil industry must replace roughly 6 million barrels per day (bpd) of production each year just to offset natural declines, Shell CEO Wael Sawan said."We're losing around 5% of overall supply due to depletion. So every single year, you're having to refill 6 million barrels per year," Sawan told an investor conference, attributing the loss to depletion. He emphasized that this massive replacement requirement persists even as world oil demand is projected to grow by about 1 million bpd annually in the near term.The CEO framed this necessary investment in new sources as essential to meet global consumption, not a driver of oversupply. Current market concerns about a surplus are being tempered by geopolitical risks, he noted, particularly those related to Venezuela and Iran.Sawan said Shell is actively evaluating new production opportunities in several countries, including Kuwait, Libya, and Iraq, as well as in Venezuela's gas sector. (ICE ALMATY)

Fonte notizia: INTERFAX