Baytex Energy Corp T.BTE

BNN BLOOMBERG - INTERESTING

[Trader60]

First time that I have heard a guest on BLOOMBERG state that world oil demand has hit its peak and will slowly, over the years, decline with the price of WTI. There are some signs to support this arguenenr, like the diversifcation of the Arab world away 

" Saudi Arabia’s economy is undergoing a transformation, as it implements reforms to reduce oil dependence, diversify income sources, and enhance competitiveness. This year marks an important juncture as the midpoint of Saudi Arabia’s ambitious Vision 2030 journey. As shown in the latest IMF annual review of the country's economy, progress has been most notably reflected in non-oil growth, which has accelerated since 2021, averaging 4.8 percent in 2022. Despite lower overall growth reflecting additional oil production cuts, non-oil growth will remain close to 5 percent in 2023, spurred by strong domestic demand."

GLTA