A 5 Year Low in Oil Supply
Oil is having its worse supply issues since 2011 according to the EIA (Energy Information Administration). Canada had wildfires raging which also disturbed the supply and only now it's starting to get back on track as it was considered a temporary disrupt. Other places around the world are suffering too. Nigeria is dealing with constant attacks by the Niger Delta Avengers on pipelines and as a result, Nigeria's oil production dived to about half of what it was producing. The problem with the Niger Delta Avengers attacks is that it doesn't have a defined end and it's seems as though it is here to stay, at least in the near future.
The Nigerian government is trying its best to stop these attacks but unfortunately the avengers reject all contact with them. Furthermore, oil companies in the region can't approach the damaged pips due to the avengers' persistence in attacking it.
But not all supply abruptions are caused by terror attacks. For instance, Venezuela lost many barrels due to poor maintenance and the Iraqi government doesn't have sufficient funds to pay oil companies to produce oil, hence, production is being compromised.
What do you think? Will oil supply continue to decline? Or will it bounce back?
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