Global demand for oil has not gone down, neither is it predicted to go down.
But the supply of oil is growing faster than the demand.
No, the demand for oil did not drop, but the demand for CERTAIN OIL EMPLOYEES has and that is a good thing. A better comparison than candles is US food production. We used to employ a HUGE MAJORITY of our people just to feed our people. Food demand has NOT gone down, neither here nor worldwide, but technology means that while food demand rises, the demand for certain food workers vanishes, and that is a good thing, for the world, for humanity, for the US.
Is it just the Saudis that have caused this oil price tumble due to their increasing quantity they deliver? Or did they just moved a little which kick us over some tipping point?
Layoffs and downturns are the way of life more magnified in the Oil Patch, due in no small part to slow response when energy tipping points are inevitably reached.
“But the supply of oil is growing faster than the demand.”
There’s a couple of 20 inch pipelines fixing to open early next year and just the fill alone will take several million barrels and it’s going to take awhile to do it. That will make a dent in the surplus. If I remember right it took the Alaskan pipeline a year to a year and a half to fill.