Unlike wool, global growth in demand for oil and petroleum products shows no sign of abating at this stage. Demand typically increases by at least 1M barrels per day each year. Baker hughes rig count shows the fix will come sometime in the 2nd half of this year IMO because there is insufficient exploration and well drilling to ensure that supply will continue to exeed demand.
News: WPL Woodside Petroleum posts Q4 production of 24.9 mmboe versus 23.4 mmboe last year, page-15
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