The threat of the world facing a declining supply of oil, so-called peak oil, has given way to a forecast that is calling forth its much more benign cousin: peak demand. The relatively subdued reaction to an agreement this week by the Organization of the Petroleum Exporting Countries to cut oil production beginning in January by 1.2 million barrels per day, or about 3 percent, has shown how far the world’s energy picture has changed since the days when OPEC decisions brought drastic results. While the announcement delivered an immediate modest increase in prices, it’s unclear whether members will hold to the agreement or that those price levels can be sustained. Thanks to improvements in oil extraction technology, rising prices simply open up more oil to be pumped, such as the shale oil deposits in the United States that have been idle because of the […]