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The report asserts that limiting global warming to 1.5°C requires a drastic reduction in oil and gas production, potentially between 58% and 99% by 2050. It highlights a significant 'production gap,' noting that current government plans for 2030 exceed 1.5°C-consistent levels by 29% for oil and 82% for gas. The document advocates for a 'just transition' that prioritizes phase-outs in developed and low-dependency economies while providing financial and technical support to the Global South. Key recommendations include ending new field development, reforming fossil fuel subsidies, and transforming national oil companies into clean energy entities.