Oil Tanker “Over the secular horizon, Oil prices are likely to remain low,” said the PIMCO’s Global Advisory Board (GAB), while assessing global economic trends, according to the PIMCO website . The GAB believes that the major factors that can keep prices down over the long-term are twofold: consistently high production by Saudi Arabia, and on the demand side, the board expects new technologies and a move towards green fuels to “slow oil consumption somewhat”. The GAB members included Dr. Ben Bernanke, former Chairman of the Federal Reserve, Dr. Gordon Brown, former UK Prime Minister and former Chancellor of the Exchequer, and Ng Kok Song, former Chief Investment Officer of the Government of Singapore Investment Corporation. A few of the points mentioned by the GAB don’t add up—let’s analyze both the demand and the supply situation. High oil production by Saudi Arabia Saudi Arabian oil production has gone up […]