Gregor MacDonald posted this chart over the weekend:
This covers a period when oil rose to almost $150 a barrel, fell back down towards $30 and more than doubled to $80.
You can debate the merits of not counting Russia, which is at times like this (namely, when Opec quotas are in force) the world’s biggest oil producer. But as Gregor points out, this trajectory for some of the world’s best capitalised companies, with access to the best technology money can buy. Of course, it also includes countries like Mexico. The country is seeing a much faster decline in its massive Cantarell field than national oil company Pemex expected.