Reuters
Houston Chronicle/Bloomberg: Oil supply to swamp demand, squeeze OPEC in 2020, IEA says
Global oil supplies will increase far more than demand next year with the start of a host of new projects, putting further pressure on the OPEC cartel, the International Energy Agency said.
Even though growth in world oil demand will accelerate to 1.4 million barrels a day in 2020, it will be eclipsed by a 2.3 million barrel-a-day surge in output, as the ongoing boom in U.S. shale is augmented by new fields in Brazil, Norway and Canada.
As a result, the world will need significantly less crude from the Organization of Petroleum Exporting Countries, the IEA, which advises most major economies, predicted in its monthly report on Friday. Though Saudi Arabia and its allies have been deliberately cutting supply this year, and political crises have crushed exports from Venezuela and Iran, OPEC is pumping much more oil than will be required in 2020.
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WNU Editor: I am old enough to remember when the "experts" and politicians were talking about peak oil and the decline of the oil industry.
Update: OPEC is still trying to stabilize the price of oil .... OPEC set to extend oil production curbs by nine months (CNBC).
