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All that is added to what the International Energy Agency already described as the worst global disruption in the energy sector in history, even surpassing the Arab oil embargo of 1973 that caused fuel shortages and led to widespread economic damage.
Dan Pickering, Chief Investment Officer at Pickering Energy Partners, said: “This crisis cannot be overcome by saving. What will happen is that prices will rise to a point that will make people stop consuming.”
So far, the crisis has led the market to lose about 400 million barrels of supply – equivalent to global supplies for four days – resulting in prices rising by about 50 percent.