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Could Oil Supply Fall 20 Million BPD Over Next Three Years?
Randy Ollenberger, managing director of oil and gas research at BMO Capital Markets, said global oil supply could decline by as much as 20 million barrels a day over the next three years if the oil industry stops investing new capital, whether by building new projects or sustaining existing ones, because oil prices are too low. This would dwarf a decline in demand of about 2.25 million barrels a day over the same period.
"The market is fixated on the demand side and ignoring the supply side, and if oil prices remain at these levels, what we will see is…
29Jan2009 | The Real Deal | 0 comments | Continued
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