1) Most of OPEC is not producing at capacity.
2) Many US wells have been drilled but capped, waiting for a better price.
3) We already have a greatly diminished Venezuelan output and practically nothing from Iran due to sanctions and prices have barely gone up.
There’s a ceiling on the price of a barrel of oil that wasn’t there just 3 years ago.
Anyone know the status of ANWR? Is it still moving forward? How about Iraq? How is the oil production going there?