In March of this year, the International Energy Agency (IEA) published their annual five year oil market outlook called the Oil Market Series report This week’s SnapChart plots the biggest sources of oil supply gains and losses to 2023 according to the publication.
In the report, the IEA assumes that the vast majority of production growth to 2023 comes from the United States. Meanwhile, Saudi Arabia and Russia grow very little. Assuming the future unfolds this way, the situation casts some doubts on the longevity of the OPEC plus alliance. Could the group hold together and continue to restrain their production, even if that much market share was lost to the United States?
To hear more about OPEC plus strategy and the future of global oil supply, join the ARC Energy Idea’s podcast for November 16, 2018.