My prediction was a bit off as I always said this all should happen about 2022. My resources though are limited and the new date is well….now. The International Energy Agency (link) released its report on the current oil market situation (news link 1) (news link 2) and the growing depletion of the world’s oil fields. The report’s study states that at this current point if demand has not already overrun supply it will shortly.
The report states even with the growth in demand slowing for the third year in a row, the growth of oil demand is still strong at around 1.2% or 1 million barrels per day. The overall oil market report is located here, and more content can be obtained with a subscription. This report is in sharp contrast to OPEC's stated view that the world is well supplied with oil.
The question is this situation being created by OPEC to drive up the price of oil or is there a real shortage developing. If looking outside of OPEC though the evidence seems to push toward the latter hypothesis.
