OPEC+ Faces 5-Year Fight to Avoid Price Meltdown, Rapidan Says - Bloomberg
OPEC+ Faces 5-Year Fight to Avoid Price Meltdown, Rapidan Says - Bloomberg
OPEC+ Faces 5-Year Fight to Avoid Price Meltdown, Rapidan Says
- Booming US, other supplies threaten collapse in oil prices
- Predictions for peak in oil demand this decade are ‘a mirage’
Oil rigs on Lake Maracaibo in Cabimas, Zulia state, Venezuela. Photographer: Gaby Oraa/Bloomberg
OPEC+ will need to carefully control oil supplies for another five years to avoid a “meltdown” in crude prices, according to Rapidan Energy Group.
While global oil demand won’t peak for at least another decade, supplies from outside OPEC — particularly the US — are growing much faster than previously estimated, the Washington-based consultant said in its latest long-term report.
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OPEC+ Faces 5-Year Fight to Avoid Price Meltdown, Rapidan Says
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.