Traders and analysts have been overwhelmingly bearish on oil in the past few months. With a few exceptions, everyone seems to expect dwindling demand and falling prices. Yet it might turn out that the opposite will happen. OPEC has been warning about this for years. Various officials from the cartel have been sounding the alarm that insufficient investment in new oil supply would eventually turn into a future supply squeeze that will push prices significantly higher. Exxon is now joining OPEC in those warnings. In the new edition of its Global…
