Something strange is happening in the oil world. A string of events and developments that should have pushed prices much closer to three-digit territory has, in fact, had only a transient effect on the benchmarks. Could this trend suggest that the boom-bust cycle the oil industry has been following since its inception may be over? U.S. sanctions against Venezuela and Iran have decimated these two countries’ oil production but have failed to push prices higher, the head of the International Energy Agency, Fatih Birol, said at the Baker Hughes AM2020 conference earlier this week. So have the attacks on Saudi oil infrastructure that cost 5.7 million bpd in temporarily lost production capacity and the U.S. assassination of Iranian General Qassem Soleimani. Why are prices not going up? The obvious answer is U.S. oil. While opinions on the longevity of U.S. oil production differ, it is a fact that the […]