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IEA: US leading charge in growing oil supply, but prices could still soar by 2020

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The US is leading the charge in increasing global oil production, but despite this massive contribution, world oil supplies might not meet demand after 2020 without approval of new projects “soon,” warned a new International Energy Agency report. The IEA report, “Oil 2017,” was unveiled at CERAWeek by IHS Market on 6 March in Houston. IEA Executive Director Dr Fatih Birol cited two main takeaways from the study. “We are witnessing the start of a second wave of US shale oil,” he said, cautioning, “We see significant risk of prices rising sharply starting with 2020, unless significant new projects are sanctioned.” While oil supply and demand over the next three years are “comfortable,” IEA projects that supply growth will slow significantly afterward. ...

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