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Maroc Maroc - WN.COM - Science - 23/Mar 17:31

The everything shock

The amount of oil currently being held back from the market is about 10 million barrels per day, and will soon rise to 12 or 13 million. To put that in perspective: in a normally tight oil market, prices start climbing with a shortage of just 1 million barrels per day over the course of a year. Fatih Birol from the International Energy Agency has warned that this is the worst energy crisis in decades, “more than two major oil shocks put together”. At the moment, oil prices remain relatively low, but it all depends where you look. Oil futures tell only a small part of the story. Where there is an immediate need, prices are already exploding, with the Oman and Dubai benchmarks reaching record...

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