OPEC+ Faces 5-Year Fight to Avoid Price Meltdown, Rapidan Says
- Booming US, other supplies threaten collapse in oil prices
- Predictions for peak in oil demand this decade are ‘a mirage’
Oil rigs on Lake Maracaibo in Cabimas, Zulia state, Venezuela.
Photographer: Gaby Oraa/BloombergThis article is for subscribers only.
OPEC+ will need to carefully control oil supplies for another five years to avoid a “meltdown” in crude prices, according to Rapidan Energy Group.
While global oil demand won’t peak for at least another decade, supplies from outside OPEC — particularly the US — are growing much faster than previously estimated, the Washington-based consultant said in its latest long-term report.