RE:RE:RE:Once againYeah something is seriously wrong with the IEA dataset on which they base their projections and/or their methodology in interpreting the dataset to arrive at reliable projections.
One would think that with Venezuela not coming online anytime soon and the declining US petrodollar thar oil prices should be over $90 wti by now. Demand growth must be softening more than expected. And before anybody jumps all over me I said "demand growth" in that demand is still growing but at a lower rate than expected. If supply is growing at a faster rate then oil prices move down. And because oil is priced in US dollars, as the dollar weakens as it currently is, then oil price should go up because it takes more dollars to buy a barrel of oil all other things being equal.
So, I'm biased towards supply growth being greater than demand growth at a greater spread than being reported. In other words, the factors affecting bte also include macro factors that bte is especially exposed to on a company, more micro level, because their debt service payments that cut into the bottom line are too high in an economic environment with declining revenues leaving less net income and fcf.