At the World Economic Forum in Davos, the need for a massive increase in global oil production was emphasized as a primary means to alleviate energy poverty. The argument presented is that approximately one billion people, who consume about 13 barrels of oil per person annually, enjoy a high quality of life due to sufficient energy access. In contrast, the remaining seven billion people consume only about three barrels per person each year. To raise the living standards of this majority even halfway to the level of the energy-rich minority, global oil production would need to more than double.

Energy Mix and Fossil Fuel Priority

While acknowledging that cheaper natural gas will displace some oil use and its share of the energy mix will grow, the fundamental position is that the world still requires vastly more oil. The viewpoint is that the global economy runs on hydrocarbons, and energy should be sourced from all available means, with fossil fuels being the clear priority.

Market Dynamics and Industry Challenges

The call for increased production comes amidst concerns of a global oil supply glut, driven by robust supply growth since 2025, which could push prices down further in 2026 and pressure producer profitability. It was argued that lower energy prices, resulting from growing production, benefit consumers. The industry must innovate significantly to maintain profitability as prices adjust from historically high, inflation-adjusted levels to lower market prices, a process framed as a positive driver of capitalist innovation.

Investment and Technological Hurdles

A critical challenge identified for industry growth is the reluctance of investment banks, which had been shunning fossil fuel projects amid the global energy transition. However, there are indications that some financial institutions are reconsidering and re-engaging. Furthermore, a call was made to engage the technology industry more deeply in oil and gas projects, stressing that its understanding and partnership are essential for accomplishing the sector's goals, as both the tech and banking sectors have been described as previously being "very off base" in their approach to energy.