Taken in another context, isn't it more concerning that the price of Crude Oil is still low despite the supply cuts? Because that illustrates that demand is low, and if the demand is low, then that could indicate that a worldwide recession is coming.
No, not concerning at all.
Because of two reasons:
- first is that OPEC cuts, the US pump records:
https://edition.cnn.com/2023/12/19/business/us-production-oil-reserves-crude/index.html- two the major loss in demand is because of China
https://www.koreatimes.co.kr/www/biz/2023/12/602_364682.htmlSo yeah, unless you're one of these morons laughing at Europe freezing and driving donkey carts:
LOL.. so you are saying that Europe will find replacement in the next couple of years. What will they do until then? Maybe they will travel in donkey carts and heat their homes by burning firewood? And there is no guarantee that they will find replacement in the next 24 months. It is very simple. There is not enough supply of oil and natural gas in the world, to replace the supply from Russia. It is Europe that is going to crumble, not Russia.
No reason for concern!