Less flaring, better infrastructure to get the abundant clean fuel to power plants and shipping terminals will be important going forward. The demand for gasoline is rising and will be strong this winter, which may keep the supply side out of the manipulation by OPEC and Russia.
Today the US build in inventory of 7.9 mm barrels points to the infrastructure weakness. No small part is the cost of converting old heavy crude refineries to light or flexible refineries that process shale AND heavy crude oil. Both Russia and Saudi Arabia are pumping at record levels. The lack of Iranian supply is the political reason oil is staying high. Putin blames Trump.
SA and Russia may be opposite on Iran politically, but Putin also blames Trump for Venezuela, and Libya's problems. OK What Collusion then?
Bottom line: Predictions of world economic growth outpacing oil supply is fairly accurate amid all the political issues that will always be present. Economies around the world depend on energy income.
JMO
-pete
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