#OPEC has reported that its daily basket price for crude #oil stood at USD 12.41 which is a price last seen since 1998 (USD 12.28) with the greatest price peak in 2012 (USD 109.45) which created an increased global need for #energy #efficiency and alternative #fuels, not withstanding the climate change and clean air push.
Based on #economic theory, oil is thus finally operating as a true supply and demand #commodity, thus with the #Covid_19 pandemic response by world economies, oil supply has greatly outstripped current demand.
Demand constraints have been further impacted by the #climate change, energy efficiency and alternative fuel actions taken prior to the pandemic. This prior period was also the time when oil being described and classed as a "non-renewable" was being considered depleted based on its high dependency rate and "on its last legs" during our life time.
Based on that theory of oil "running out", can there really be too much oil or are we just currently "pumping" too much oil based on its demand?
The conversation continues: www.rdjconsulting.co.za
https://www.opec.org/opec_web/en/press_room/5818.htm
https://www.statista.com/statistics/262858/change-in-opec-crude-oil-prices-since-1960/
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