{"id":57030,"date":"2021-03-09T07:10:59","date_gmt":"2021-03-09T12:10:59","guid":{"rendered":"https:\/\/olduvai.ca\/?p=57030"},"modified":"2021-03-09T07:10:59","modified_gmt":"2021-03-09T12:10:59","slug":"is-the-world-about-to-see-an-oil-shortage","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=57030","title":{"rendered":"Is The World About To See An Oil Shortage?"},"content":{"rendered":"
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Is The World About To See An Oil Shortage?<\/a><\/h3>\n<\/div>\n<\/div>\n
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It\u2019s possible we could be headed for a shortfall in global oil supply as soon as next year \u2013 pretty remarkable considering where oil demand was last spring, with economies slowing under the weight of the pandemic.<\/p>\n

Based on projected rising demand, the natural production decline from existing wells and decreases in drilling activity and industry investment \u2013 especially in the U.S. \u2013 the world\u2019s oil needs could outpace production in 2022. An undersupply potentially could put upward pressure on costs, impacting consumers, manufacturers and, generally, any process that utilizes oil.<\/p>\n

API\u2019s\u00a0outlook<\/a>\u00a0has maintained that global oil markets would improve in tandem with the economy, but uncertainties remain about the timing and extent to which the U.S. could participate in that recovery. As a primary source of U.S. petroleum data and analysis, API is able to shed some light on recent developments. Consider:<\/p>\n