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Oil market faces supply cliff edge despite US shale boom

The global oil market faces a supply shortage in the next decade as demand for crude rises faster than US shale production. The International Energy Agency warned that unless more investment flows into new oil projects the market will face a supply crunch within five years. The IEA’s findings contradict forecasts for a major US shale boom in the coming years which many fear could threaten the oil market price recovery. The IEA said that US exports are likely to cover around 80pc of the world’s demand growth over the next three years – and growth from Canada, Brazil and Norway will more than cover the remaining 20pc of demand growth.


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