for Demand Growth
U.S. Sets Record for Oil Production Growth in 2018; U.S. Expected to Drive Global Supply Growth Through 2024
Both BP and the IEA expect U.S. production to drive global supply growth in the coming years, but uncertainty about shale's production trajectory was marked out as a potential concern.
Weakening demand has become the overarching concern for the oil markets, topping even a potential conflict in the Persian Gulf, a once unthinkable dynamic.
The dramatic slimming down over the past half-decade by the oil and gas industry has led to a steep drop off in spending, exploration and final investment decisions on new projects—raising the possibility of a supply crunch in the early 2020s.
As "Peak Demand" has faded from the industry dialogue, international oil companies examine how to meet growing global energy demand while keeping prices low.