Revival of the JCPOA: signatories appear to be closer to a deal - this time!
With a significant loss of global oil supply in the offing due to sanctions imposed on Russia, the West - and the rest of the world too - are scrambling for alternatives in order to keep the impending supply squeeze at bay. The IEA, International Energy Agency, is predicting that that Russia will lose a quarter of its oil exports in the next few months. “The implications of a potential loss of Russian oil exports to global markets cannot be understated,” said the IEA on Wednesday, adding, “while it is still too early to know how events will unfold, the crisis may result in lasting changes to energy markets.” IEA, Russian crude and oil product exports, Jan 2020-Dec 2021, IEA, Paris https://www.iea.org/data-and-statistics/charts/russian-crude-and-oil-product-exports-jan-2020-dec-2021 With these developments, the highly anticipated days of surplus crude oil, forecast by the OPEC+ and of course, the IEA as well, last year, in the markets have vanished into thin air. On the contrary, t