,' said Mr Hansen. Personally, I had assumed that there would be one final supercycle for oil over the early){kind=link}
The breathtaking pace of global electrification will hasten the decline of oil in car and bus transport
Watch what Saudi Arabia does, not what it says.
Saudi and OPEC officials self-evidently do not believe their own claim that world oil demand will keep growing briskly for another generation as if electric vehicles had never been invented, and there was no such thing as the Paris Accord.
OPEC had to slash output last October in order to shore up prices. It had to cut again in April. The Saudis then stunned traders with a unilateral cut of one million barrels a day (b/d) in June.
All told, the OPEC-Russia cartel has had to take 2m b/d of production off the table at a high point in the economic cycle, after China’s post-Covid reopening and at a time when the US economy has been running hot with a fiscal expansion roughly equal to Roosevelt’s world war budget.