Looking ahead a bit, analysts at Barclays suspect that the world may hit an oil supply crunch as soon as 2019.
Delays and cancellations of projects to find and extract new oil sites have dried up due to the slump in oil prices leaving oil companies strapped for cash.
The knock on effect is that gap of 3 million barrels per day is projected by 2019.
Fundamentals are tightening and an increase in oil production by the OPEC cartel may actually be needed in the next few years to fill the looming gap.
