Note the drawdown in global crude oil reserves forecast through the end of 2017 (this graphic was posted in 2Q17). The forecast:
- a global drawdown in crude oil reserves in the first three quarters of 2017;
- some small increases in global reserves into early next year; and,
- followed by a huge increase in 2Q18 which won't be offset by what follows
I don't think any of this is new for regular readers of the blog.