Oil demand is still expected to grow in the coming year, but more slowly, and especially in China.
Even if the prediction’s right, Big Oil will be with us much longer.
Domestic oil production is running around a million barrels a day ahead of predictions.
The expectation was that OPEC countries would continue cutting back supply. Some think the delay may mean there’s disagreement about that.
Since the end of September, Brent Crude has been sliding — down to the $84-a-barrel range, more than a 10% decline in just over a week. This is also playing out at the pump, with gas down about eight cents a gallon in the last week.
The International Energy Agency expects demand to grow, but more slowly than this year. OPEC expects it to stay about the same.
The Saudis invited the Russians to the table and rolled out the red carpet. But the Russians haven’t always done what the Saudis want.
The economies of China, the U.S. and Europe will all be affected by the cartel’s move to boost energy prices.
There’s a disconnect between the ongoing demand for fossil fuels and White House messaging about reaching net-zero emissions.
Ramping up production when demand is still weak could have major consequences on a relatively stable oil market.
