During the entire time that global oil supply has been held at a ceiling
of 74 mbpd, since 2005, a lot of new production in the Americas and
Africa especially has come online. But it has not been enough to increase
total world supply. And the price of oil has finally started to price
in that new reality.
Artikel von Gregor MacDonald über Peak Oil, fehlende Spare Capacity und die neue Preisdynamik auf den weltweiten Ölmärkten, erschienen auf Gregor.us (16. März 2012). Auf ASPO Deutschland mit freundlicher Genehmigung von Gregor MacDonald veröffentlicht.
In the Spring of 2011, when Libyan oil production — over 1 million barrels a day (mpd) — was suddenly taken offline, the world received its first real-time test of the global pricing system for oil since the crash lows of 2009. Oil prices, already at the $85 level for WTIC, bolted above $100, and eventually hit a high near $115 over the following two months.
Artikel von Gregor MacDonald über Peak Oil, fehlende Spare Capacity und die neue Preisdynamik auf den weltweiten Ölmärkten, erschienen auf Gregor.us (16. März 2012). Auf ASPO Deutschland mit freundlicher Genehmigung von Gregor MacDonald veröffentlicht.
In the Spring of 2011, when Libyan oil production — over 1 million barrels a day (mpd) — was suddenly taken offline, the world received its first real-time test of the global pricing system for oil since the crash lows of 2009. Oil prices, already at the $85 level for WTIC, bolted above $100, and eventually hit a high near $115 over the following two months.
More importantly, however, is that — save for a brief eight week period in the autumn — oil prices have stubbornly remained over the $85 pre-Libya level ever since. Even as the debt crisis in Europe has flared. As usual, the mainstream view on the world’s ability to make up for the loss has been wrong. How could the removal of “only” 1.3% of total global production affect the oil price in any prolonged way?, was the universal view of “experts.”
Answering that question requires that we modernize, effectively, our understanding of how oil’s numerous price discovery mechanisms now operate. The past decade has seen a number of enormous shifts, not only in supply and demand, but in market perceptions about spare capacity. All these were very much at play last year. And, they are at play right now as oil prices rise once again as the global economy tries to strengthen.
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