Demand for oil has risen by less than 1% this year—the slowest pace since the financial crisis
, live in a state of uneasy anticipation. Concern about climate change may mean demand for oil wanes in the coming decades.’s power in oil markets is fading fast. On November 13th the International Energy Agency , an intergovernmental forecaster, predicted that by 2030has a more immediate problem at hand.
But such efforts have proved insufficient to lift oil prices. On the face of it, they should have been buoyant. American sanctions have clamped down on exports from Venezuela and Iran, respectively the possessors of the world’s largest and fourth-largest proved oil reserves. Tankers have been seized in the Gulf. Iraq,’s second-largest producer, is at risk of being engulfed by protests. Most notably, in September a drone attack knocked out more than half of Saudi Arabia’s production.
Next year economic growth may tick up. Investors are pressing American shale companies to reduce spending and boost profits. That would result in flatter production and, in turn, help nudge prices higher.
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