*The IEA’s first projections for global markets in 2020 make daunting reading for Opec. The IEA says “non-Opec supply growth will accelerate from 1.9mn b/d this year to 2.3mn b/d in 2020.”
*Of course the key element of this growth it set to come from US shale output. And whilst the latest forecasts from the US government’s Energy Information Administration revise down output projections, the EIA is still predicting a whopping 1.4mn b/d of US output growth this year followed by a further 940,000 b/d in 2020, when it predicts the US will be a net oil exporter. (CONTINUED - 506 WORDS)
