"In the nearest decade we will face structure deficit of oil as growing oil demand is accompanied with drop of production at the exhausting fields of majors and reduction effect of investments in the past five years," he said.
In his words, by 2025 oil demand may go above proposal by 700-750 mln tons per annum. The US and Saudi Arabia are lowering tax burden in the oil field.
Russia and Saudi Arabia had offered OPEC+ states to increase oil production by 1.5 mln bpd in the third quarter 2018 due to growing demand. Iran, Iraq and Venezuela oppose the proposal.
Photo source: picture from an open source