We are witnessing a fundamental shift in oil markets, a structural phase-change. Oil prices hit their lowest point last week since June 2022, when the market was gripped by fears of a global recession (Figure 1). On September 6, WTI crude price dropped more than $3 below its lower Bollinger…
I am not at all sure that a large fraction of decision-makers understand the whole gravity of the situation. Many of them really believe that this is a leisurely, voluntary transition. While it is nether leisurely, nor voluntary, nor a transition.