There is tremendous uncertainty in the oil markets right now, particularly on the supply side. For example, Venezuela’s production decline began to accelerate in late 2017, contributing to the higher oil prices. This year, production in the country has moved into an apparent free fall and is forecast to take 1 million bbl/day out of the market by year-end, said Susan Farrell, VP of IHS Markit. In this interview from the 2018 IADC World Drilling Conference in Copenhagen, Denmark, on 19 June, Ms Farrell also discuss potential impacts from Iran sanctions, as well as US unconventionals production, which is expected to increase both in 2018 and 2019. Watch the video to learn more about Ms Farrell’s forecast.
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