The IEA has cut oil demand forecasts as the recent growth in oil prices continues. The agency expects demand to fall in response to high prices, but there are a growing number of analysts who believe that the fundamental drivers of oil demand are undergoing a massive shift. The IEA’s forecast sees a drop in 2018 global oil demand growth to 1.4 mb/d, as the oil price hits a high not seen since 2014. A key concern is international geopolitics, as for example when Total announced it is withdrawing from its Iranian projects, following US withdrawal from the Iranian nuclear deal. Another issue is that many importers of oil are cutting end-user fuel subsidies. It’s not as simple as high prices curbing demand however. The oil majors seem to be undergoing a reassessment of exactly what the future holds, and how far oil extraction and exploitation will continue to […]