Oil Surplus Forecast Sparks Debate Over Long-Term Supplies

Wang Chuanfu, Chairman of BYD, recently stated that oil will eventually run out. However, according to the International Energy Agency (IEA), global oil supply will see a surplus in 2027.

The IEA predicts that by 2027, oil production will surge by 8 million barrels per day while demand will only grow by 2 million barrels per day, resulting in a surplus of 6 million barrels per day. This contradicts Wang Chuanfu's statement that petroleum will be exhausted one day.

The concept of 'peak oil' was first proposed by Shell geologist Hubbert in the 1950s, predicting that global oil production would peak and then decline. However, new technologies have emerged to overcome this predicted shortage, such as hydraulic fracturing and horizontal well technologies, which have increased U.S. oil production.

Some experts believe that the Earth's interior may be a huge energy factory where petroleum is continuously generated, with usable reserves lasting hundreds of millions of years.