Peak Oil Review – 28 October 2019
Prices were up about $2 last week on an unexpected drawdown in US crude stocks and rumors that OPEC+ is considering another production cut. Forecasters see a supply glut continuing in 2020 due to slowing economies and growth in US shale oil production. Beyond that, prices could increase considerably as supply growth slows to a trickle. Goldman Sachs says that slowing US shale production growth combined with a shortage of investment in long-term projects will lead to a new boom.