“A lot of people are concerned about higher oil prices and their impact on demand. The evidence really isn’t there,” he added, making a strong case for oil bulls if he were the only analyst with knowledge of the oil market. However, he is not. Earlier this year, the International Energy Agency cut its oil demand forecast for 2018, explaining the revision with higher Brent crude prices. At the time, Brent crude had not even reached its three-year high of US$80, but the IEA cut demand growth projections to 1.4 million bpd from 1.5 million bpd forecast earlier in the year. But, bulls would say, OPEC is keeping its 2018 demand growth projections optimistic, at more than 1.6 million bpd. Bulls would be right, of course, […]