IEA Warns Of Supply Crunch As Capex Cuts Bite

By Zainab Calcuttawala By 2020, the limited exploratory capital expenditures of the past two and a half years will make meeting global oil demand difficult, according to a report by the International Energy Agency on Monday. Growing global demand paired with a contraction in new oil projects in 2015 and 2016 will cause a “supply crunch” if new projects do not get approved soon, according to the five-year outlook included in the “Oil 2017” report. A majority of short-term supply growth will come from American shale producers set to increase output…

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