HOUSTON — A surge of oil production is coming, whether the world needs it or not. The flood of crude will arrive even as concerns about climate change are growing and worldwide oil demand is slowing. And it is not coming from the usual producers, but from Brazil, Canada, Norway and Guyana — countries that are either not known for oil or whose production has been lackluster in recent years. That boost in production, along with global efforts to lower emissions, will almost certainly push oil prices down. Lower prices could prove damaging for Aramco and many other oil companies, reducing profits and limiting new exploration and drilling, while also reshaping the politics of the nations that rely on oil income.

Source: New York Times November 03, 2019 23:37 UTC