Si el petróleo se estuviese encareciendo como consecuencia de movimientos especulativos, veríamos, probablemente, aumentos de inventarios que, por ahora, no están a la vista. Es verdad que los productores quizás están guardando esos inventarios "en el pozo", es decir, no expandiendo su producción tanto como podrían. Pero esto no puede calificarse de especulación financiera, sino que forma parte de la manera de hacer negocios de esos productores.
This interesting article — "I Got Your Oil Inventories Right Here":
The most popular explanation for the high oil prices is that world demand is rising while supply is stagnating. But suppose that Frankel is right, and that oil producers really are leaving oil in the ground because of the low interest rates. That would mean that some of the apparent stagnation in the supply of oil is just an illusion: oil producers could be keeping up with the rising demand, but the low interest rates are inducing them to keep more oil in the ground, thereby creating the appearance of stagnating oil supply.
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