View / Hormuz limbo is now global oil’s top risk
Lost supply and a projected demand rebound have placed the oil market in a fragile equilibrium.
Gone are the days when oil gurus agreed “$100 is the new $20”, or intoned that “the age of easy oil is over.” But it is not just prices that entered a prolonged decline, so too did OPEC’s image as market-shaping institution. Since then OPEC has seemed in terminal decline. But, argues Antoine Halff in the Financial Times, it is too early to announce OPEC’s death.
By almost any measure, the world should be suffering a far more severe energy crisis.
The ongoing disruption of oil exports through the Strait of Hormuz has caused a substantial decline in China's crude oil imports.