Quote:
Originally Posted by Table 5
The fact that we basically skipped 2020, and oil consumption only dropped by around 10% (7% is the stat I saw) shows how integrated into life it remains...and probably will for quite some time.
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I always tell the story of how in June 2014 a 1% change in supply and demand when the Saudis started pumping tanked prices and I went from O&G to working at a bank.
Right now the kingdom is holding back 3mmbbld of production...they tanked prices by pumping 1mmbbld in 2014. Pre-covid, oil demand was growing 1-1.5% per year driven by Asia.