Thursday, the U.S. Energy Information Administration raised their estimate for global oil demand for the year from 1.1 million barrels per day to 1.4 Mmbpd.
And even that number may be low, some analysts say. It’s a cautious estimate followed by a cautious theory that demand will drop, or at least plateau again by the end of the year.
We’re not buying it. And neither are the analysts at Tudor Pickering Holt and Co., who say, “recent demand is understated, supply is overstated, or a combination of both.”
Low prices lead to more buying; that’s common sense. And with the possibility that the supply glut versus demand ratio isn’t as dramatic as we thought, the oil market’s recovery is looking closer than ever.
It may still take some time, but it’ll be worth the wait.
Are you ready for a “heroic revision” of these numbers?