Oil’s Calm Before the Storm: Hidden Weaknesses, China’s Stockpiles and the Oil Demand Mirage - CleanTechnica

The article from CleanTechnica examines the current complexities and uncertainties in the global oil market, highlighting a paradox where it is unclear whether there is an oversupply or shortage of oil. It revisits the concept of Peak Oil Demand, which suggests that oil consumption may have already peaked due to technological advances and political incentives promoting cleaner energy, contrasting with the traditional Peak Oil theory focused on supply limitations. The author argues that oil demand growth has slowed significantly and may soon stop growing altogether, which would fundamentally alter the economics of oil extraction by driving prices down toward marginal production costs and reducing the influence of oil corporations on policy. The article also discusses the potential for an imminent oil glut caused by increased production from new oilfields in the US, Guyana, Brazil, and Argentina, combined with OPEC lifting production restrictions. This surge in supply is outpacing the modest growth in demand, leading to downward pressure on prices. While geopolitical tensions and seasonal consumption patterns have so far limited price declines, a more stable geopolitical