In the Great Peak Oil Poker Game, BP saw the IEAs 2029 Peak Demand by 2029 and raised to 2025. Bloomberg apparently also is betting with the shorts on this. I will maintain my opinion this has less to do with conversion to EVs, Net Zero and Carbon Credits and more to do with the likelihood of a major recession getting underway.
Far as the trading goes, it's been hanging range bound between $80-85 for about the last month, after the initial panic in June when it dropped to the $70s after the IEA announcement. Based on recent stories, I'm expecting a recession announcement in 2-3 months. That will be a good test if it comes to pass.
https://oilprice.com/Latest-Energy-News/World-News/BP-Predicts-Global-Oil-Demand-Will-Peak-In-2025.html
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BP Predicts Global Oil Demand Will Peak In 2025
Started by RE Jul 10, 2024, 07:20 PM
Message path : / Planetary Material Conditions / Peak oil / Peak Oil 101 #41
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