It’s all about supply and demand—the first, last, and everything for estimating the projected path of prices. Geopolitics can and does intrude, of course. This is oil, after all. But the raw numbers of economics have the last word eventually—even for the world’s most valuable commodity. The price of Crude Oil has been trending higher this year, but three key events on the supply side will create new headwinds for the bulls. In particular, expectations for higher output in three crucial oil-producing nations: Iraq, Iran, and the US. The catalysts for increased supply are different for each country, but the expected results will be the same: more oil. Say bye-bye to the peak-oil narrative, at least for now. Global production, by the way, has already been bumping up against all-time highs recently, based on the Energy Information Administration’s latest data through October 2013. Total world output of crude […]