LONDON - Saudi Arabia’s share of the oil market is set to rise this decade to its highest since the 1980s as investment in production elsewhere dries up in the wake of the coronavirus crisis, J.P. Morgan said in a report.
The investment crunch will lead to a loss of output that is set to push benchmark Brent oil prices to $60 a barrel within two years, J.P. Morgan analyst Christyan Malek told Reuters. But changes in consumption patterns will lead to a permanent demand loss of 3 million bpd this decade compared with previous forecasts, J.P. Morgan forecasts.
U.S. shale oil production, which grew sharply throughout the 2010s, will barely rise this decade, climbing only to 11 million bpd by 2030 from 10.9 million this year, the bank forecast.
This doesn't end well
Pandemic has meant less driving,big energy trying to leverage the small window of re-opening
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil drops more than 6% as fears over second wave of coronavirus cases hit the marketOil prices dropped more than 7% on Thursday amid a broader market sell-off as fears over a second wave of coronavirus cases led to investors shedding assets. No fears last week during protests About goddamn time come on guys stop panicking
Source: CNBC - 🏆 12. / 72 Read more »
The real reason for the stock market’s 7% plunge shouldn’t surprise you — and it happens every timeOPINION: Mark Hulbert has a very simple explanation for why the U.S. stock market plunged on Thursday. BIY CHEAP STOCKS NOW AND BIY MORE YO KEEP FOR INTERMEDIATE TERM Because states are loosening restrictions far too soon and in all the states that have previously loosened restrictions cases of Coronavirus have increased as is happening in California this week while restrictions started to be lifted I think we need to pull a Travolta-Broken-Arrow on Market Watch. Step away from the graph. You're too close to it. This is what it actually looks like. As you can see: there are no plunges. These are just fluctuations. It's going sideways.
Source: MarketWatch - 🏆 3. / 97 Read more »