pstarr wrote:Sanctions? Not really, Sanctions against Iran have nothing to do with this price explosion. Not when the rest of OPEC (and especially SA) promised just last week to add 1 mbpd.
This is peak. Get over it.
Just making stuff up without any reference to the facts or the timing of things as usual, I see. You're on the internet. You COULD look at the news.
https://www.nasdaq.com/markets/crude-oi ... meframe=1mFirst, WTI had slid from about $72 to below $65 on the news that OPEC was going to add supply.
Then the news came out that OPEC was going to raise prices by about a million barrels, on June 22nd. There are all kinds of stories about it like the following link.
https://www.usnews.com/news/business/ar ... n-increaseThat day WTI jumped about $3 in response. Given that it had fallen about 10% in response to the news that OPEC/Russia were going to produce more oil, apparently the $1 million wasn't as much additional production as expected, so the price jumped.
Then oil was relatively steady for a couple days as this news was digested by the market.
Then, the 26th, you had the story that the US was telling all countries not to accept oil imports from Iran.
https://www.cnn.com/2018/06/26/politics ... index.htmland from there we've had WTI steadily rise about another $5 a barrel in the past few days.
That's called news events. That's called geopolitics. And the Iranian sanctions are clearly a significant chunk of that whether you deny it or not.
...
And whether it's peak (which we can't know at this point) or not, we DO know the world will continue to demand more oil along with GDP growth, just as it has for many years, which (all things being equal) will tend to push up oil prices over time. Peak or not.
https://www.eia.gov/outlooks/steo/report/global_oil.phpAnd below the global consumption chart for the decade, the additional production by non-OPEC countries is shown. An additional 4 million BPD in the US for 2016 through 2018, with about a third of that for 2018. How is that peak, again?
Show me a few years of globally declining production. THEN we can talk about the possibility of a peak. Not necessarily THE peak long term, but THAT would at least be a real sign of a peak and not just your endless FUD with zero citations or facts.
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.