Via the AFR:
The chance of crude oil prices slumping to $US30-$US35 a barrel for several years, sending the global economy into crisis and multiple producers into bankruptcy, has emerged as a real threat, according to one of the world’s leading forecasters.
Fereidun Fesharaki, chairman of respected energy consultancy FGE, said much higher US production growth was combining with a recovery in production in Libya and Nigeria, and the start-up of a massive field in Kazakhstan, to cancel out the effects of production cutbacks by the rest of the Organisation of Petroleum Exporting Countries.
