02-05-2020, 01:55 PM
Those are big numbers but the problem is the world can easily produce that and more. At least two major oil country's are out of the market now due to sanctions and the market is still oversupplied. The US steps up fracking on short notice whenever oil spikes. It really is a supply demand thing. If it wasn't all the majors would not be near ten year lows while the S&P more than doubled. Renewables are the future challenge but it's coming soon enough.