The sun sets beyond crude oil storage tanks at the Juaymah tank farm at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018.
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Global benchmark Brent crude falling below $70 a barrel in early September — its lowest in 33 months — is terrific news for consumers, who will consequently see lower prices at the pump.
It’s also the stuff of nightmares for OPEC+, for whom oil revenues are critical.
The oil producer alliance led by Saudi Arabia earlier this month decided to delay oil production hikes for two additional months in an effort to shore up prices, but so far to no avail. Low global demand forecasts, coupled with new oil supply coming from non-OPEC countries, spell a long period of subdued crude prices.
It’s led some in the market to ask the question: Have we officially reached “peak oil”? Has demand growth …