Keep pulling the thread on Jeff Currie.
The current conflict involving Iran is the largest shock the oil markets have ever experienced in their history.
Fatih Barol of the IEA characterized the current oil market shock as equivalent to the 1973 and 1979 crises combined.
The current geopolitical conflict has created a 20 million barrel per day collapse in global oil supply.
Global oil inventories are expected to be exhausted by mid-to-late April, which will force demand to decrease sharply to align with lower supply.
Global oil inventories are projected to decrease by 440 to 450 million barrels in the current month, even with releases from strategic petroleum reserves.
The current disruption to shipping routes and energy production affects 8% of global trade.
Iran is selectively allowing oil from China, India, and Turkey to pass through the Strait of Hormuz, creating a two-tiered system.
The Rostlefon LNG terminal, the world's largest, has been damaged and will take years to rebuild.
A total of 10 million barrels per day of oil production from fields in locations including Iraq and Kuwait has been shut in.
Following the COVID-19 pandemic, China's manufacturing output grew to be 50% larger than the combined output of the U.S. and Europe.
Germany has converted a Volkswagen automotive factory into a missile production facility.
The 2022 decision by the U.S. and Europe to freeze Russia's central bank assets caused sovereign wealth funds to stop recycling oil windfalls into Western credit markets.