The 41st OPEC and non-OPEC Ministerial Meeting is scheduled for Sunday, June 7 at the OPEC headquarters in Vienna, Austria.
Conventional wisdom says supply and demand drive oil prices.
It’s wrong.
This chart from The Socionomic Theory of Finance shows global oil production and consumption from 1980 to 2014. The letters mark major turning points in the price of oil. Can you guess which way — and how far — prices moved at each point?
Neither can we.
The actual price moves are listed below.
There’s no consistent link.
So if supply and demand don’t drive oil prices… what does?
Watch this free 30-minute video from Robert Prechter to find out.
