Investment Goldman . C . Management Risks of an Oil Shock Look Contained Division 1. OECD Inventories — Adjusted for Days of Demand 2. World Oil Demand and Oil Demand Intensity per Unit of Global GDP 69 40 —World Oil Demand = — Oil Intensity (RHS) 1.00 2010-2014 range —Actual 2010-19 09 67 one 35 ae ty °° o? \ e \ 65 30 sy 0.75 x ‘. ~ z 63 25 - Su i a 5 a yA 3 3D 61 iF 7] a —} o 60.3 s 20 Sigs 0.508 Ww a es 5 : 59 § 10.4 ri g G15 £ b] "] QO 57 + é a 6 al 10 0.25 53 2 51 0 : : 0.00 2010 2011 «2012-2018 2014. 2015-2016» 2017 2018 += 2019 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 = 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. og . 15 Source: Investment Strategy Group, IEA, World Bank, BP Statistical Review. HOUSE_OVERSIGHT_026959