"Even if oil demand were to remain flat, the world would need to find more than 40m barrels per day of gross new capacity-equal to four new Saudi arabias-just to offset this decline," says Mr Birol.

“Even if oil demand were to remain flat, the world would need to find more than 40m barrels per day of gross new capacity—equal to four new Saudi Arabias—just to offset this decline,” says Mr Birol.

"Even if oil demand were to remain flat, the world would need to find more than 40m barrels per day of gross new capacity—equal to four new Saudi Arabias—just to offset this decline, " says Mr Birol.