Oil could very well go up from here
IN September 2018 I wrote in this Blog,
oil could very well go down
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Now I feel that the opposite might happen. Why
No investment. No one is investing in fossil
Some people might think that is better to let oil on the ground and take it 10/20 years from now at a much higher price vs take oil now and invest the money in Treasuries
Renewables can't compare in productivity
And finally people don't want to be poor. Energy = Economy and the cheapest energy has the best economy.
The demand for oil has been growing 1 million barrel every year in the last 30 years. We had a pause with covid -19 but if emerging markets have a little money demand will keep rising.
I don't think Russia is the key here. I think Russia oil will keep going to the market in a different circuit.
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