If Washington is upset about the influence of the OPEC+ cartel over global oil markets, wait a few years – because it will only get worse.
Many analysts are now forecasting that U.S. oil production could peak around 2024, which means the global oil market will have to make do without its most crucial short-cycle “swing” producer to keep up with growing global populations and demand for energy.
It’s a troubling thought.
The theory that global oil demand peaked in 2019 has been thoroughly debunked. Even the most pessimistic forecasters, like the International Energy Agency (IEA), expect it to surpass pre-pandemic levels in 2023. Indeed, despite today’s recessionary pressures, most analysts now do not foresee peak oil demand happening until 2030 at the earliest.