In this episode, Energy Aspects' Chief Oil Analyst Amrita Sen discusses our outlook for oil supply with Head of Geopolitics Richard Bronze and Head of Upstream Virendra Chauhan.

The market is focussing on the demand fallout from COVID-19 but it is supplies that have entered a new paradigm. Not only are both OPEC and non-OPEC supplies falling at a record pace, the return of some of these supplies will also be challenging, as some shuttered wells may be lost forever. This is particularly true for North America and regions with high water cut, so the years of 1+ mb/d of US shale growth are behind us. Not all of the 12 mb/d of current spare capacity globally can return. This means higher OPEC production and exports at a higher price in the medium term.