Saudi Aramco CEO Amin Nasser said Tuesday that a global oil supply shortage would reach 20 million barrels daily in five years, which would have a "profound effect" on many aspects of life
LONDON (Pakistan Point News / Sputnik - 26th February, 2019) Saudi Aramco CEO Amin Nasser said Tuesday that a global oil supply shortage would reach 20 million barrels daily in five years, which would have a "profound effect" on many aspects of life."We are facing crisis of perception. Only recently you saw what supply deficit of a couple of million of barrels per day can do to the oil market. When I talk about supply deficit, it is only 1.5 million barrels and you have cries from all parts of the world about significant jump in prices. Imagine what 20 million barrels per day of supply deficit would do, which will be the shortfall in five years?" Nasser said at the International Petroleum Week conference in London.
Saudi Aramco CEO added that the result would be "even more profound for economies, societies, and people if demand continues to grow over the next five years as we expect."
In the last few years, the Organization of the Petroleum Exporting Countries and several non-cartel producers have been attempting to stabilize oil prices by curbing their oil output and decreasing supply.
