The oil market at a turning point

Oil prices have been rising again since 2016 due to situational factors such as the worsening of the political situation in Venezuela and the renewal of sanctions against Iran. Rising oil prices favor the extraction of shale oil, which has allowed the US to become the world’s largest producer of crude oil. “Peak oil” will result not from the depletion of reserves but from decreasing demand caused by the development of alternative energies.