Only a handful of oil-producing countries are in a position to adequately address this impending supply shortage, which could see a sudden spike in the oil price, although price volatility is unavoidable, Amrita Sen, chief oil analyst at London-based Energy Aspects, said.
“Generally the decline in production is becoming a global phenomenon,” Sen said at ONS in Stavanger on Monday. She pointed to decline rates in the US Gulf of Mexico of between 16% and 17% in the second quarter, up from 9% or 10% last year, with a similar picture in places like Angola.
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