Chronic Oil Volatility Becomes Oil’s New Normal ...Middle East

As the IEA is about to revise its peak oil demand scenario radically, the global oil market is undergoing a shift that looks like it’s going to be permanent. Demand growth is being driven by Asia. Supply growth is mostly taking place in the Americas. Meanwhile, politics is playing a growing role in oil flow. The demand and supply trends were highlighted this week by Reuters energy commentator Clyde Russell, who wrote that most of the world’s oil supply growth was coming from non-OPEC countries in North and South America, notably…

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