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As the best, most accessible oil will get pumped out, the remaining oil is more difficult to reach, costlier to generate, and often involves new systems or strategies. This is solely a resource depletion concern.
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WTI and Brent oil futures are money contracts that make it possible for participants to speculate on the future price of crude oil.
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(All costs have already been taken from a variety of midstream providers and the costs are the averages They are really purchasing a variety of blends)
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It’s a stark reminder of how rapidly policy decisions can impact oil demand from customers—even right before those impacts clearly show up in earnings experiences or refinery throughput figures.