Is OPEC Doing Enough To Counter The Looming Oil Glut?

– Future growth of natural gas consumption is concentrated in Asia. – The gap between production and consumption widens as time goes on. The EIA expects non-OECD Asia to consume 120 bcf/d by 2050, outpacing regional production by 50 bcf/d. – China alone will see its gas consumption triple between 2018 and 2050. – Long-term projections for LNG are highly predicated on this blistering demand growth rate. Market Movers – BP (NYSE: BP) and Kosmos Energy (NYSE: KOS) announced a discovery at the Orca-1 exploration well in offshore Mauritania. The companies…