Hooked on oil

Thomas Callum from Top-down Charts shows in the graph below global oil demand. Not only has demand fully recovered from the fall during the Covid pandemic, but it is also reaching new all-time highs. Unfortunately, it appears the world remains hooked on oil while humanity desperately attempts to move away from fossil fuel. On the supply side, there are limitations due to years of underinvestment and OPEC output cuts. From an investment perspective, we believe that this can only mean higher oil prices and more cash flows for oil producers.