By Nicholas Newman
I should think that oil price will stay much as it is already, because of the following reasons:
- The failure of OPEC production cuts to impact on oil prices.
- The current flat demand for oil.
- The huge amount of oil stored around the world.
- The likelihood, that OPEC member states will increase output in order to maintain market share and government revenues.
- Increasing interest by energy companies in American fracking production.
- The growing number of rigs coming online in the US and Canada, resulting in increasing North American oil and gas output.
- The revival of Mexican oil production.
- Advances in automation and technology are having on demand for oil and oil output.
- The growing use of gas and renewables.
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