for Oil Demand
OPEC has few choices at its disposal to manage the swelling oil market surplus, most of which are unpalatable.
The top forecasters for the oil market have repeatedly downgraded their estimates for demand. Absent a turnaround in global growth, the pitfalls for the oil market may only grow worse.
Crude oil could be much more expensive if not for the U.S.-China trade war—but the danger is that the trade war tips the global economy into a deeper downturn.
Reinstituting subsidies could prevent the demand destruction that would otherwise occur from a rise in prices.
The deeper risk from Turkey's economic crisis is if the contagion spreads as major banks are exposed to souring emerging market assets, or because businesses and even entire governments struggle to pay back the mounting debt denominated in U.S. dollars.
Oil majors and NOCs turn to petrochemicals as a safe bet in a potentially decarbonizing world.
NHTSA and EPA's own analysis has found that lightweighting, when done properly, poses no overall increased risk to highway safety. In recent years, record U.S. auto sales have coincided with significant fuel efficiency gains.
Given the natural synergies between autonomous vehicles and EVs, the growing interest and recognition of self-driving cars will spur a greater acceptance of electrification.
Headlines around electric cars and carbon policy suggest our oil dependency is on a slippery downward slope. Recent data from 2016 suggests the opposite: our worldwide addiction is getting stronger.
If refinery utilization remains near current levels, there is the danger of more inventory increases and downward pressure on product prices.