Quote Originally Posted by Rick M
If demand is likely to stay up (or even accelerate, as seems pretty certain in Asia and MENA) and if conventional production can barely stay even with depletion, then I don't understand why you say "that does not indicate we are entering a period of sustained high prices." Surely both fundamentals point toward high prices for the foreseeable future (which admittedly is not very far ahead).
Because I do not think that the tame response from the producers is an entirely a forced condition.