Good discussion here about rising supply and falling demand forces that are bigger than OPEC efforts to talk up oil prices in the short run. The biggest game changer today is technology advancement. Moore’s Law has changed the energy market permanently. Time and technology are not on OPEC’s side: longer term, tech innovations in alternative fuels and higher efficiency are not supportive of oil demand: “this is an entirely new market.”
PK Verleger President Phil Verleger and Oppenheimer Senior Energy Strategist Fadel Gheit discuss OPEC’s oil production cuts and U.S. shale oil output. They speak on “Bloomberg Daybreak: Americas.” Here is a direct video link.