Iraq falling apart may herald another oil price shock
The potential for an oil crisis and global recession are caused not by oil running out, but by conflict running wild.
Markets have been spooked by political uncertainty, but they are paying insufficient attention to energy market risks.
We face a likely oil price shock. World petroleum demand is growing again to 93 million barrels daily, while surplus capacity has almost evaporated. This is due to politics and logistics, and has little to do with ‘peak oil’. The problems are above, rather than below the ground.
Chaos in the Middle East and resource nationalism elsewhere...
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