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Bull Market In Oil Is Over (For Now) | Paul Sankey
Forward Guidance
The Long Term Outlook for Oil Prices
The long term dynamics that is the oil that tends to be set by, has been set in history by productivity. So as productivity is improving or declining, so you'll be in a long term, but or bear cycle. And those cycles essentially ran into the formation of OPEC. You had increased productivity and oil prices under pressure through the 50s and 60s. The formation of OPEC then reduced productivity because the major oil resource was nationalized by OPEC. That was the massive boom that we saw in first great oil shocks of 73 and 79. From that point on, actually had tremendous growth in non-OPEC because of the higher oil prices.
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