The oil market will face a supply shortage by the end of 2025 as the world fails to replace current crude reserves fast enough. OPEC is forecasting global oil demand will grow by 1.8 million barrels per day in 2025 on a solid economy in China, outstripping crude production growth of 1.3 million barrels per day outside the cartel. The forecast implies a supply deficit unless OPEC ditches current production cuts and boosts its own output.
Oil and gas man R.T. Trevino joins Jeff to explain that, despite oil production increasing in the US, it's not enough to stop a shortage.