While we expect oil to remain above $50 a barrel in coming months, it is exceedingly unlikely that oil prices will double or triple through the end of next year as some analysts and ôPeak Oilö theorists would have us believe.
Put simply, the world is awash with oil, and if prices do rise, crude supplies can and will increase and alternative energy sources become more viable.
Although a lack of refining capacity, ageing pipeline infrastructure, geopolitics, natural disasters and the continued emergence of Indian and Chinese economies will underpin prices, the high levels of inventories and supplies...
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