Two arguments.
- Spending cuts for large oil projects will result in supply crunch in the next two years
- investment banks, many of which finance new projects
- majors, including Total and Eni
- Wood Mackenzie
- Morgan Stanley
- Looming recovery in US output with an avalanche of new conventional projects on the back of high oil prices will create a substantial surplus by 2019
- Goldman Sachs
- predicts the coming two years will see a huge burst of development
- the huge burst of development will complicate OPEC's efforts to rebalance the market
- will result in material oversupply in 2018 - 19
- warns that new projects and rising shale output could add 1 million bopd by 2018-19
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