Global oil supply may see potential shortage after 2020: International Energy Agency


Global oil supply may see potential shortage after 2020: International Energy Agency

The record two-year investment drop in oil industry due to weak prices may lead to a potential shortage of global oil supplies in three years, the International Energy Agency warned today. According to the latest five-year oil market forecast by IEA, global oil supply could struggle to keep pace with demand after 2020, risking a sharp increase in prices, unless new projects are approved soon, said Fatih Birol, Executive Director of IEA at CERAWeek conference. The global picture appears comfortable for the next three years but supply growth slows considerably after that, according to ‘Oil 2017’, the IEA’s market analysis and forecast report previously known as the medium-term oil market report. Read More…

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