J. Jay Park | Source | CEO and Founder at ReconAfrica

New exploration discoveries are far below the quantity of oil produced and consumed again in 2019, as it has been the case for the past five years. I think this difference will lead to a supply crunch as existing fields continue their natural 4% annual decline. US shale, especially Permian and Eagle Ford, has been a major new supply source for the last few years but tightening finance, capacity constraints, and challenging geology at current prices will mean that US shale growth will be substantially less in 2020.