According to Goldman Sachs, in Energy Voice, the market is ‘rebalancing rapidly’ and ‘demand will significantly exceed production’, according to the IEA’s Head of Oil Industry and Markets, Neil Atkinson. US stockpiles fell by the 5.2 million barrels in one week. So much for the risk to prices posed by shale. The global supply deficit is predicted to be as wide as 2 billion barrels per day by July.
This is just more evidence along the same lines of several earlier pieces:
Don’t let anyone tell you the North Sea is past its peak.