Last year, a blog post on the IMF Blog claimed that the oil market was facing a “new normal” as “shale oil production has permanently added to supply at lower prices” and going forward “demand will be curtailed by slower growth in emerging markets and global efforts to cut down on carbon emissions.” This wasn’t the first time a new normal for oil was declared, nor was it the last. Barron’s claimed that oil was heading to $20 a barrel at the beginning of 2016, and then Forbes issued a similar forecast at the end of the year. But for…
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