Constantine

Deutsche Bank’s $150 Call: Peak Oil Light

I think calling the behavior of oil exporters "hoarding" is a bit pejorative. What they are doing is husbanding a resource to make it last longer. This will make the peak in oil production flatter which is to everyone's benefit.

In your earlier piece you say, "Those priorities [of the exporters] are different from the traditional oil majors’ concepts of profit maximization via fully robust production investments.

Maybe, but they are definitely behaving as rational economic agents. They expect the resource to be worth much more in the future than it is now. Until a truly convincing strategy for powering transport with renewables is demonstrated, they are correct.