Be interested to know how you think we have plenty of oil. The only reason we have softer prices atm is warmer weather and no supply side disruptions.
With world demand edging past 82 million barrels a day if Chinguetti produced 100 million barrels it would met the world's need to for less than 36 hours.
No, we might see some temporary softening in prices as the warmer weather allows inventories to build up in the US but the longer term trend for oil prices is inexorably up.
OPEC (Saudi Arabia) no longer has the same swing capacity that it once had and if concerns about increased water cut etc in Saudi's fields is true then it may not have any at all.
And with China adding 1 million barrels a day of demand each year our once plentiful oil supplies will be no more.
Be interested to know how you think we have plenty of oil. The...
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