Global markets may face crude shortage by 2019: Trafigura
“We are nearing the end of ‘lower for longer’ oil”
Ben Luckock, co-head of Market Risk at the world’s third-largest independent oil trader, Trafigura, said Tuesday that the end of cheap oil is coming as soon as 2019.
“When we count up the barrels across the next couple of years, we are coming up short,” Luckock was quoted as saying at the annual Asia-Pacific Petroleum Conference in Singapore.
“We are nearing the end of ‘lower for longer’ oil,” he proclaimed.
Trafigura’s view is in line with Citigroup’s commodities research, which sees a market squeeze coming by as early as next year, according to Bloomberg.