Energy has been in short supply for most of the year due to supply-side constraints caused by the conflict between Russia and Ukraine and OPEC+’s decision to cut oil production by 2 million barrels/day.
Moreover, with the EU embargo on Russian crude oil expected to kick in from December onward, more supply threatens to be taken off the market as Russia’s oil production is projected to fall to as low as 9 million barrels per day (BPD).
