Eric Nuttall: Biden's emergency crude release is noise — we remain in a multi-year oil bull market

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Amid a strong demand recovery, supply constraints persist

. OPEC+ has refused to expedite the return of curtailed volumes and are methodically adding back 400,000 barrels per day per month, between now and the end of 2022.Article content

Finally, global supermajors continue to prioritize decarbonization over traditional hydrocarbons as the fear of peak demand is leading to the reality of peak supply.Article content Given the enormous capital intensity of the energy industry and the need to continually invest, just to maintain productive capacity, the lack of sanctioned projects in recent years means that meaningful growth from the supermajors relies on new projects yet to be sanctioned.

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