Good news at last! In recent months, I have endeavored to counter some of the gloom that has pervaded the oil business for the last eight quarters by highlighting fundamentals such as the consistency of long-term demand growth and the reality of larger-than-normal production declines arising from the slump in oilfield spending. This month, I am delighted to report that evidence of these long-term realities is beginning to emerge, with recent data and events combining to create a rosier outlook.
展开▼
