The global oil market is broken, drowning in crude nobody needs
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Re: The global oil market is broken, drowning in crude nobody needs
#2The demand will rise again once this virus is done with.
Re: The global oil market is broken, drowning in crude nobody needs
#3The demand will rise again once this virus is done with.
Remember that the initial fall in oil price was a supply shock (Saudi Arabia upping production) that was only exacerbated by lack of demand. If demand comes back it won’t push oil back into the 50s/60s.
Re: The global oil market is broken, drowning in crude nobody needs
#4I find it odd that the article does not mention the oil price war between Saudi Arabia and Russia.
https://www.reuters.com/article/us-opec-oil-policies-idUSKBN...
Re: The global oil market is broken, drowning in crude nobody needs
#5The demand will rise again once this virus is done with.
Wouldn’t it be nice if it didn’t, though. Large numbers of people working from home, cruise and airlines running fewer routes, people staying local instead of traveling so much, more local farming and manufacturing so less money spent on shipping....
Re: The global oil market is broken, drowning in crude nobody needs
#6The demand will rise again once this virus is done with.
Wouldn’t it be nice if it didn’t, though. Large numbers of people working from home, cruise and airlines running fewer routes, people staying local instead of traveling so much, more local farming and manufacturing so less money spent on shipping....
It wouldn't be too nice if you lose your job in the process.
Re: The global oil market is broken, drowning in crude nobody needs
#7Earlier quoted context omitted.
Wouldn’t it be nice if it didn’t, though. Large numbers of people working from home, cruise and airlines running fewer routes, people staying local instead of traveling so much, more local farming and manufacturing so less money spent on shipping....
It wouldn't be too nice if you lose your job in the process.
Unless "jobs" stopped being an end goal. Then it would still be nice.
Re: The global oil market is broken, drowning in crude nobody needs
#8The demand will rise again once this virus is done with.
Wouldn’t it be nice if it didn’t, though. Large numbers of people working from home, cruise and airlines running fewer routes, people staying local instead of traveling so much, more local farming and manufacturing so less money spent on shipping....
Would be nice.... hordes of people on roads in metro areas driving their 3ton chunks of metal, one person per chunk is just obnoxious unbelievable waste, and all to mostly sit and write emails and chitchat a bit at “work”.
Re: The global oil market is broken, drowning in crude nobody needs
#9What happened to "Peak Oil"? Was there some assumption in those projections that proved to be wrong?
Re: The global oil market is broken, drowning in crude nobody needs
#10What happened to "Peak Oil"? Was there some assumption in those projections that proved to be wrong?
A near-instantaneous drop in global demand almost 50 years later?