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Investment Gola man Risks of an Oil Shock Look Contained ae piven 1. OECD Inventories — Adjusted for Days of Demand 2. World Oil Demand and Oil Demand Intensity per Unit of Global GDP 69 | 40 5 —World Oil Demand = — Oil Intensity (RHS) r 1.00 2010-2014 range —Actual 2010-19 35 67.0 67 5 1 65 | 30 - 63 61 4 60.3 J 59 5 : 5f 4 J 65.7 10 - N a Billion Barrels N oO a Barrels per $1,000 GDP Days of OECD demand 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 0.00 " Global oil inventories look adequate, with OECD inventories still well above historical norms. = The US could release oil from its Strategic Petroleum Reserve if needed. = Oil consumption represents a much smaller share of the economy than in the late 1970s and early 1980s. 15 HOUSE_OVERSIGHT_026959 Source: Investment Strategy Group, IEA, World Bank, BP Statistical Review.