Oil Production Could Be Hitting Near Term Peak In 2024: Bloomberg
Bloomberg reports that in the near term global oil production could peak in 2024 as demand continues its steady rise back to pre-pandemic lockdown levels, production capacity that was idled during price instability during lockdowns is used up, and production of more equipment to increase capacity continues to lag demand.
“Oil will rise back above $100 a barrel this year and may face a serious supply problem in 2024”
As energy increases are playing havoc with inflation measures, having petroleum prices edge higher than $100 a barrel over two years after the Fed began its credit tightening efforts shows how difficult some of the challenges will be for manufacturers, shippers, and ultimately consumers.
“Are we going to run out of spare production capacity? Potentially by 2024 you start to have a serious problem,’ Goldman Sachs energy analyst Jeff Curie told Bloomberg at an energy conference in Saudi Arabia.
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