Time to Plan for Months of Oil, Gas Shortage

Global oil production has been slashed by as much as 11 million barrels daily amid the Middle East war. With the latest attempt at ending the hostilities failing, chances are the supply disruption will last a while, and then it would take months to restore production to its full size, even in the best-case scenario. “Even if there is a durable ceasefire tomorrow and the strait reopens, markets will not return to normal for at least six months,” Rystad Energy’s head of geopolitical analysis told the Financial Times earlier this…