The latest oil shock is different from the previous ones
By Roshan Kishore, Abhishek Jha, Sreedev Krishnakumar
The International Energy Agency (IEA) released its monthly Oil Market Report on Thursday. The opening line of the report states the gravity of the current energy crisis in unequivocal terms. “The war in the Middle East is creating the largest supply disruption in the history of the global oil market”, it says.
Statements from the political leadership of Iran and US – the two countries which matter the most as far as ending the conflict is concerned – does not help optimism on the current disruption. Bloomberg reported US President Donald Trump saying “stopping Iran is greater interest to me than price of oil” and “US makes a lot of money when oil prices go up”, while Iran’s military spokesperson has threatened that price of crude oil will reach $200 per barrel.
Between the energy market outlook and the politics around the conflict, the current oil shock could end up being the most painful for the world. Here is how.
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The IEA’s latest Oil Market Report opens with a stark warning that the war in the Middle East has caused the biggest supply disruption in global oil market history. With Trump downplaying oil price risks and Iran warning crude could hit $200, this shock could […]
[Original post on journa.host]