Tristin Hopper: The post\u002DCOVID world is thirsty for oil, and not enough places are pumping it
Simple; there’s not really enough oil to go around right now, so whatever oil there is for sale is getting bid up in price. It’s like that time a drought in California wiped out all the cauliflowers, so all the Arizona cauliflowers got really expensive.
Why isn’t there enough oil to go around? COVID. When we were all working from home and refusing to take vacations, global oil demand dropped off a cliff; meaning a lot of oilfields were forced to close. Now that we’re once again gassing up our cars and cruise ships, those oilfields are taking a bit of time to reopen. And if you’re an OPEC nation, you may be accidentally-on-purpose dawdling on ramping up production because you sort of like the high prices.
Also, when you take the world’s third largest oil producer and crowbar it loose from world trade under an avalanche of sanctions, that’s also going to have an effect on how much oil is available to buy.
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