- US shale oil production will continue to surge;
- US will take market share from OPEC;
- OPEC is in a bind -- a strategy to manipulate the price of oil by increasing production / cutting production is full of risks;
- Mark Papa continues to beat the drum that US shale is reaching peak production; and,
- oil demand growth to shift to petrochemicals, away from motor vehicles
Boosted by economic growth in Asia and a resurgent U.S. petrochemicals industry, global oil demand will increase by 6.9 million bpd by 2023 to 104.7 million, according to the IEA.
2023: that's only five years from now. That's still within my investing lifetime. And Sophia will just get started.
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