A perfect storm is gathering around oil markets, with all evidence suggesting that it is going to be a painful summer ahead for consumers
oilprice.com
According to Bloomberg, the supply situation at the moment is so tight that even if Saudi Arabia and the UAE both deploy their spare capacity, it would not be enough to offset the Russian supply losses. Virtually no one is forecasting a decline in oil prices this time. But a growing number of analysts and observers are beginning to warn about the possibility of a recession.
Russia’s crude oil output could decline by 18 percent by the end of next year, the U.S. Energy Information Administration has forecast
oilprice.com