OPEC is going out of business

Tuesday 12 November 2024

Thankfully, peak oil demand is almost here as China decreases the energy-intensity of GDP, and OPEC has way too much product.

At $70, oil supply is gushing while demand withers.

It’s all coming from non-OPEC.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.