The peak oil crisis: a turning point?

If the report that OPEC exports are really down by 4.3 million b/d is true, we are likely to be seeing some sort of reaction in the form of higher prices shortly. All the evidence suggests that while oil demand dropped last fall, reports from the major agencies, the IEA and EIA, do not suggest that the drop in consumption is as much as the 4.3 million b/d that OPEC is trying to cut.

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