OPEC says oil supply gap looms later this year

Not like it wasn’t expected or anything. Is there a plan B? hell no. I am no fan of nuclear power really but it seems all countries are decommissioning their nuclear plants right about the time we will need them more than ever.

LONDON (Reuters) – OPEC followed this week’s failure to reach an output deal with a forecast world oil supplies would begin to fall short later this year, draining inventories just when demand is expected to hit a seasonal peak.

In its monthly report published Friday, OPEC said world demand for its oil would average 30.7 million barrels per day (bpd) in the second half of the year, much higher than the 28.97 million bpd the 12-member group produced in May.

The figures suggest the world will be undersupplied by 1.73 million bpd — enough to meet demand in an economy the size of France.


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