Investment banks expect higher oil prices, despite a recent slump prompted by expectations of an economic slowdown pretty much across the globe
Yet the situation may be a lot more serious with regard to supply, as noted in a recent market commentary by TortoiseEcoFin’s President and Portfolio Manager, Matt Sallee.
OPEC, for example, has zero motivation to try and boost production, Sallee noted in follow-up comments for Oilprice. It would only do so if it knows oil will remain over $100 per barrel for a longer period of time, but there is no way to be confident about this right now. Underinvestment is turning into a thing in U.S. shale as well, at least from the perspective of the White House. According to the Biden administration, all U.S. producers need to do is spend more on additional production. According to the U.S. producers themselves, the long-term outlook for oil demand is too uncertain about investing in more production.
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