Iran’s news agency Shana reports, oil reserves in Asia and the Pacific will be completely depleted by the next ten years. To make things worse, oil price at around $100 per barrel will be hardly retrieved. Such gloomy conclusions were made in the course of the research by Iranian analysts. Estimates show that the current output of 8.3 million barrels per day by Asian and Pacific suppliers will completely die out.
Then, European, Eurasian, and African oil wells are doomed to shrink dramatically. In case the current oil output is kept at 31 million barrels per day in these regions, the overall production will diminish sharply in a few decades.
Iranian specialists state that severe depletion of vast oil reserves will have to be compensated by an inevitable spike of global prices. In particular, the conventional technology of oil extraction will be replaced with hydraulic fracturing or fracking. This technology means a higher production cost. However, experts do not rule out that such an outlook will have to be updated due to the boom of hydrocarbon production in the U.S.
