Saudi Arabia's share of the oil market is set to rise this decade to its highest since the 1980s as investment in production elsewhere dries up in the wake of the coronavirus crisis, J.P. Morgan said in a report.
LONDON - Saudi Arabia’s share of the oil market is set to rise this decade to its highest since the 1980s as investment in production elsewhere dries up in the wake of the coronavirus crisis, J.P. Morgan said in a report.
The investment crunch will lead to a loss of output that is set to push benchmark Brent oil prices to $60 a barrel within two years, J.P. Morgan analyst Christyan Malek told Reuters. But changes in consumption patterns will lead to a permanent demand loss of 3 million bpd this decade compared with previous forecasts, J.P. Morgan forecasts.
U.S. shale oil production, which grew sharply throughout the 2010s, will barely rise this decade, climbing only to 11 million bpd by 2030 from 10.9 million this year, the bank forecast.
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