The price of oil has peaked

[CUDA]

The Middle East power is gone, and prices will never go crazy again...:thumbsup:


https://www.reuters.com/business/energy/iea-sees-2025-oil-market-supply-surplus-2024-11-14/

Green transition: Once-insatiable appetite for oil is muted as more consumers begin to pivot from gas-powered cars.

[22R]

Damm Trump already MAGA!

Cuda, you still think Tim Walz is gonna be the next VP?:cool:

22R

[ZiemerSTV]

Finally Getting our country back. The Dumocrats are done.

[CUDA]

I guess you CAN'T read,

It has nothing to do with the big Fat Rump at all.

People are truly

Ignorant:cheers:.


World faces historic oil glut ahead, report warns

The globe is expected to have an abundance of at least one commodity: oil.

Why it matters: This new reality might keep a lid on consumer energy prices even as geopolitical strife intensifies. It could also wreak havoc on the longstanding economics that underpin oil production.

The big picture: New forecasts from the World Bank show an oil glut next year with a supply-demand gap that's been this large only twice before. A collision of trends explains why.

Green transition: Once-insatiable appetite for oil is muted as more consumers begin to pivot from gas-powered cars.

In China, electric and hybrid vehicles made up half of monthly car sales over the summer for the first time.
Government subsidies make China-produced EVs cheap and more appealing to consumers (though other countries are making them pricier to import).
Slower growth: The global economy is not the growth machine it once was. That blunts oil demand.

Growth in five years is expected to be 3.1%, the lowest in decades, according to the International Monetary Fund.
That reflects weak growth outlooks in Latin America and Europe and, perhaps most importantly, China, where a historic growth slowdown is already underway.
U.S. as a top producer: In the past decade, America has emerged as a major oil producer — helping add to global supply. Former President Trump, if elected, has promised to increase oil production further.

The U.S. produces more crude oil than any nation ever has — last year was the sixth straight period that has been the case, according to government data. Guyana is also a newly significant contributor.
OPEC+, the cartel of oil-producing nations, does not plan to start unwinding production cuts until December.
By the numbers: Next year, global oil production is expected to exceed demand by an average of 1.2 million barrels per day, according to the World Bank's annual Commodity Markets outlook. That supply-demand mismatch has rarely been exceeded.

The last time was in 2020 when the world entered pandemic lockdown and economic activity — and, in turn, demand for oil — ground to a halt.

Before that, there was the oil price crisis of 1998 when demand stagnated on the back of crises around the world.
Yes, but: Conflict in the Middle East has contributed to recent oil price volatility.

The World Bank modeled what might happen if conflict there escalated and reduced the global oil supply by 2 million barrels per day by the end of 2024 — similar to the disruption seen during the Iraq War in 2003.
In that case, the researchers say oil prices might initially surge, but that spike might be short-lived: Other countries unaffected by the conflict would step in and boost production.
The bottom line: "The good news is that the global economy appears to be in much better shape than before to cope with a significant oil shock," World Bank deputy chief economist Ayhan Kose said in a release.

The oversupply dynamic "opens up some rare opportunities for policymakers," Kose adds, noting that lower commodity prices aid central bank efforts to cool inflation.

[CUDA]

Solar power, and wind power are changing everything, they expect China to greatly reduce its population size in coming years also.

https://www.pewresearch.org/short-reads/2022/12/05/key-facts-about-chinas-declining-population/

The UN forecasts that China’s population will decline from 1.426 billion this year to 1.313 billion by 2050 and below 800 million by 2100. That’s according to the UN’s “medium variant,” or middle-of-the-road projection. The large population decline is projected even though it assumes that China’s total fertility rate will rise from 1.18 children per woman in 2022 to 1.48 in 2100.

[22R]

Are you as certain about all this as you were the election? You was saying Trump could not win, going to prison blah blah blah.
BTW we are not touching any links so if you wanna reach us you better learn to type.....and think

22R

[Chaz]

Gentleman, please don't feed the village idiot.

Greg, please move this thread to the zoo or lounge, whatever you call it ... :)