OPEC raises U.S. oil supply outlook, sees lower demand for own crude

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By Dmitry Zhdannikov

LONDON (Reuters) – A steady rise in U.S. oil output will gather pace in the next five years, OPEC said on Sunday, predicting that demand for the producer group’s crude will decline despite a growing appetite for energy fed by global economic expansion.

“Declining demand for OPEC crude is a result of strong non-OPEC supply in the 2017–2023 period, most notably from U.S. tight oil,” the Organization of the Petroleum Exporting Countries said in its long-term world oil outlook.

“The U.S. remains by far the most important source of medium-term supply growth, contributing … two-thirds of new supply, driven by surging tight oil output,” it said.

The United States has pushed oil output to record levels in recent years on the back of a shale revolution that allowed new technology to unlock reserves previously seen as uneconomic.

Read more at : https://www.investing.com/news/commodities-news/opec-raises-us-oil-supply-outlook-sees-lower-demand-for-own-crude-1620366

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