The growth of crude oil supply in 2020 and 2021, in terms of new projects coming online around the world, is slowing down, therefore the outlook for crude oil pricing is looking very bullish in the near term, says one investment bank.

“A key reason for that is the sharp slowdown in long-lead-time oil project startups,” said Raymond James analysts in a recent note.

In a new bottoms-up analysis, the firm compiled a list of 200 oil development projects that started up from 2015 through 2019, and compared those data to preproduction projects that, according to their operators, are expected to come online in 2020 and thereafter.

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