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- OPEC will be squeezed by U.S. shale until mid-2020s - International Energy Agency.
OPEC will be squeezed by U.S. shale until mid-2020s - International Energy Agency.
By 2024, the Organization of Petroleum Exporting Countries’ capacity to pump crude will actually shrink because of declines in Iran and Venezuela, according to the International Energy Agency.
As rivals grow, the amount of crude the world needs from the cartel each year won’t recover to pre-2016 levels -- before OPEC started cutting production -- throughout the period.
“The United States continues to dominate supply growth in the medium term,” said the IEA.
With American supply growth to be supplemented by Brazil, Norway and Guyana, the IEA substantially raised forecasts for new crude supplies outside OPEC, by as much as 3.3 million barrels a day by 2024.
As a result, estimates for the crude needed from OPEC’s 14 members were slashed. By 2024, the world will still need less crude from the group than it was pumping before production cuts started. That suggests that the group will need to persist with its current output restraints into the next decade, the IEA said.
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