https://www.eia.gov/forecasts/steo/report/global_oil.cfm
Agree entirely Whisky. The other factor is the short term forecast consumption of liquid fuel will increase modestly as the graph in the attached link references (from US Energy Information Administration). Sorry not savvy to put the graph on the response.....
Other Oil price factors:
Offshore costs are dropping dramatically in response to the sustained nature of low oil. This will have a profound long term impact and should see short term oil prices rebound but well below $100 / barrel (but their will still be sexy margins for the producers).
The deferral of exploration programs will have a long term impact on oil prices given there will be a significant gap in the replacement (discovery finds) and the continued rates of daily oil consumption.
Best of luck to all the FAR longs.
Cheers
BF
https://www.eia.gov/forecasts/steo/report/global_oil.cfm Agree...
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