A rise in U.S. shale oil output and lackluster global demand will create volatility for oil markets, according to Dan Yergin, IHS Markit’s vice chairman.
“The pipeline bottlenecks are in the process of being resolved, so a lot more oil is going to come onto the market by the end of the year. We expect the U.S. (crude oil output) to be up to 13 million barrels a day. And at least we’re looking right now at fairly weak demand,” he told CNBC’s Hadley Gamble in Abu Dhabi Tuesday.
