New York —
Six weeks ago, the world was practically swimming in crude oil. The market was oversupplied and prices were low and stable. But now, some parts of the energy market are acting like the world is on the verge of running dry.
That’s because the war in the Middle East has sparked the biggest oil supply disruption on record, sidelining an estimated 12 million to 15 million barrels of crude oil per day.
A supply shock of that magnitude is simply not sustainable. Neither emergency oil releases nor promised production hikes from OPEC+ can
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