Opec expects oil glut in 2020 due in part to US shale supply
Despite increased demand, Opec is producing more oil than will be required in 2020, which is likely to suppress oil prices for consumers
14 June 2019 - 12:06
London — Global oil supplies will increase far more than demand in 2020 with the start of a host of new projects, putting further pressure on oil cartel Opec, the International Energy Agency (IEA) has said.
Even though growth in world oil demand will accelerate to 1.4-million barrels per day (bpd) in 2020, it will be eclipsed by a 2.3-million bpd surge in output, as the ongoing boom in US shale is augmented by oil field start-ups in Brazil, Norway and Canada...
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