The influential International Energy Agency sees oil markets rebalancing in 2017 thanks to falling US production but the decline will prove short-lived as efficiency gains will push U.S. output to new records by the beginning of the next decade.
Job cuts, lack of capacity and failure to invest in field development could lead to a oil supply shortage in coming years, according to research by oil and gas consultants Rystad Energy.
Concerns about the climate change impact of burning the world's remaining oil resources mean the reserves will never be fully exploited, BP chief economist Spencer Dale has said.
