Low oil prices drawing to an end, say experts

The age of persistently weak oil prices is nearing its end, with demand booming and a supply squeeze in the offing, according to trading giant Trafigura.

The global market could face a shortage by 2019, Ben Luckock, co-head of group market risk at the third-largest independent oil trader, said at the S&P Global Platts conference.

As much as 9 million barrels a day of supply could be lost to crude-well declines by 2019, and the company is bullish on demand, he said, especially in India, the world’s fastest-growing oil consumer.