WorldOil OPEC sees new oil surplus in 2020 as U.S. shale surges again A week after OPEC agreed to keep oil production restrained until early next year, the group’s first forecasts for 2020 showed it faces an even longer and tougher challenge. Why oil's outlook could be even bleaker than expected As storm clouds gather over the world’s top oil-consuming region, OPEC and its allies would be advised to pay close attention as they prepare to make a key decision on output curbs early next month. Oil supply to swamp demand, squeeze OPEC in 2020, IEA says Global oil supplies will increase far more than demand next year with the start of a host of new projects, putting further pressure on the OPEC cartel, the International Energy Agency said. IEA: Asia demand set to power global gas growth over the next five years After another record year, global demand for natural gas is set to keep growing over the next five years, driven by strong consumption in fast-growing Asian economies and supported by the continued development of the international gas trade. U.S. cuts oil production forecast for the first time in six months The U.S. government cut its oil production forecast for the first time in six months as drillers scale back in smaller shale plays and the U.S. Gulf of Mexico. Implications of the 2018 mid-terms for the oil and gas industry In the November 2018 mid-term elections, all 435 seats in the House of Representatives, 35 Senate seats, and 36 governorships were contested. U.S. oil production is only 23 years ahead of schedule, EIA says A year ago, the U.S. government saw American crude production averaging 11.95 MMbpd in 2042. Shale drillers are set to exceed that this year. Deep petroleum industry reforms set Angola on path to growth in 2019 Angola’s economy is set for recovery in 2019, in large part due to a series of regulatory reforms opening the country to new investment. What industry leaders expect for 2019 By all measures, most of 2018 has been an improvement on 2017, which was markedly better than 2016. World Oil launches 2018 year-end drilling survey while entering 93rd year of forecasting history Attention operators! World Oil has launched its 2018 year-end drilling survey, and we need your input to make the upcoming World Oil first-of-year Forecast a success.