WSJWhatsNow: Investors’ preference for renewable resources could mean oil producers will now struggle to meet demand. AmrithRamkumar explains.
will struggle to catch up to demand, which the International Energy Agency projects will rise
at least through 2026. Spending on oil extraction fell last year to about $330 billion, less than half the total from its 2014 record, according to research firm Wood Mackenzie. That figure is expected to rise just modestly this year and in the years ahead. Leigh Goehring, managing partner at commodities-focused investment firm Goehring & Rozencwajg Associates, said he thinks prices will soar in coming years as consumption tops production capacity for a sustained period for the first time ever. His firm lifted its investments in energy producers during last year’s crash and has maintained those holdings.Analysts say an oil-price surge could happen like this: As more people resume travel following the pandemic, demand is expected to rise.
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