Oil prices will remain volatile with strong bull runs and major corrections, but will maintain a high floor barring economic disaster.
This week, the International Energy Agency IEA issued a report predicting that “ peak oil ” the all time high point in oil demand , will come as soon as 2029. My first thought on reading the report was “Here we go again”.
Every time somebody in the world is lifted out of poverty, the first things they buy are energy consumers. Some form of motorized transportation, maybe, a refrigerator or TV, or, more likely these days, a mobile phone. And, for those joining the consumer society, energy efficiency concerns are not a luxury they can afford.
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