In most industries, higher prices provoke a so-called supply response, giving those who can produce more of the desired goods an incentive to get their skates on. Unfortunately, that doesn’t quite hold true in the oil market.
Conventional projects can take decades to build, from discovery to production, which puts them out of the running in terms of responding to the Iran crisis. And while the US’s shale patches have much faster turnaround times — somewhere between weeks and months — higher prices don’t actually give operators as much of an incentive to let rip as US President Donald Trump may have hoped.
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