New Report from Raymond James: No Chance Oil Supply Will Grow Faster Than Demand; More Crude Price Rises Loom
Submitted by EnergyTechStocks.com
With oil production in non-OPEC countries “permanently” peaking in five years or less, and with OPEC “struggling to bring fresh capacity online,” there is no chance the world will build an oil supply “cushion” in the foreseeable future, thus “even minor supply disruptions are bound to have a large impact on prices.”
That’s the grim assessment of the Houston-based energy analysts at Raymond James & Associates, the brokerage firm. Their report, issued yesterday, spells further trouble for all concerned, but especially for American motorists who are already struggling under the weight of $4-a-gallon gasoline, for it is bound to give the oil market’s financial players further reason to bid up light sweet crude, which yesterday again set a record, topping $120 a barrel on news of possible supply disruptions in Nigeria.
