Each oil producers’ fortune differs depending on fundamentals. Demand is still extraordinarily high. Inventory remains very high, especially in the U.S. U.S. shale oil and to a lesser extent Russia are emerging as winners. “However beautiful the strategy, you should occasionally look at the results.” — Winston Churchill Everyone knows the story. Saudi Arabia decides not to cut supply in mid-2014, resulting in a spectacular price plunge. Thus begins the oil war. Some thought the worst was over by spring 2015: It was not. Another collapse lead oil prices to $25 in early 2016. Let’s recap the current oil market after two years in the oil war. First, I’ll take a look at current oil supply from China, Iran, Iraq, Nigeria, Russia, Saudi Arabia, the U.S. and Venezuela. Second, I’ll state the current state of oil demand globally. Finally, I’ll take a quick look at global oil inventories as […]