I just read an article about Saudi Arabia and OPEC wanting to raise oil prices to 60 dollars a barrel. They had to lower it to get rid of US shale oil competition. They also want new oil fields. Problem is that there isn’t enough demand.
For a few years, I remember there being a discussion about Peak Oil. There was a lot of talk about it. Being the end of the world. Causing a collapse. But I stopped hearing about it after 2008. Supposedly demand would outgrow supply and it would result in doomsday or something?