How Global Oil Trade Could Be Impacted by Attacks on Iran
Following coordinated military strikes by Israel and the United States on Iran, fears of a significant disruption to Middle Eastern oil supplies have heightened, with some arguing that extreme outcomes may push the global economy into recession. Iran, a member of the Organization of the Petroleum Exporting Countries since its inception more than six decades ago, ranks as the 4th biggest producer of oil globally. At the start of this year, the Middle-Eastern country was producing slightly above 3 million barrels of oil per day. For years, energy markets have largely discounted the possibility of a serious supply interruption in the region. However, former White House energy adviser and current head of Rapidan Energy Bob McNally, warns that traders may be underestimating the…