Saudis talking up demand and Shale slacking off…
Saudi energy minister via Reuters
If not action taken, the demand will outstrip demand
Demand in the 2nd half of 2018 will be 2 million barrels per day more than the 1st half of the year.
If we took no action, the supply deficit in H2 could rise to unacceptable high figure of 1.7 million BPD
Expansion of shale oil will slow significantly over the next 2 years