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  "documentTitle": "Global Oil Outlook 2040",
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      "text": "5. Even in an accelerated energy-transition scenario, we see need for new oil drilling by 2040. While most offshore-oil-producing regions will be under pressure in an accelerated energy-transition scenario, the sector will still require new production of nearly 23 MMB/d to meet demand by 2040. Demand in a 1.5°C-pathway will force shut-ins.",
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      "text": "1. Demand recovery to 2019 levels is in sight. Liquid demand is likely to return to 2019 levels by late 2021 or early 2022. Slower demand recovery would be due to a slow vaccination rollout or if COVID-19 control remains a potential risk.",
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      "text": "2. Oil capital expenditures are unlikely to fully recover. Investments in oil capital expenditures are expected to gradually recover but remain below the pre-COVID-19 outlook. We expect a slow rebound in shale and offshore in North America.",
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      "text": "4. New oil drilling is needed to meet demand by 2040. By 2040, exploration and production companies need to add 38 MMB/d of new crude production from unsanctioned projects to meet demand. Most new supply is expected to come from offshore and shale resources.",
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      "text": "3. Long-term oil demand is exposed to large variations across all scenarios. After more than 30 years of stable growth of more than 1 percent per year, oil-demand growth slows in the late 2020s and peaks in 2029. Various energy-transition drivers could cause peak to occur six to ten years earlier.",
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