Citibank: Oil market to face shortage of supply

Baku. 26 September. REPORT.AZ/ "In oil market by 2018, it is necessary to prepare for the supply shortage instead of surplus in supply”. 

Report informs citing the Bloomberg, the United States' famous Citibank said.

Global Head of Commodities Research at Citigroup Ed Morse believes, oil production in five OPEC member countries Libya, Nigeria, Venezuela, Iran and Iraq have reached a maximum level this year: “However, due to the decline in investments in exploration and research, we can face the decline in production in 2018 instead of growth”.

Speaking at the S&P Global Platts APPEC conference in Singapore, Morse said that there are risks in oil market that OPEC production can significantly increase: “But on the contrary, we can see a shortage in market”.