One of the more surprising consequences of the Iran war has been the resilience of global oil supplies, despite disruption around the Strait of Hormuz – the world’s most important oil shipping chokepoint.
While many analysts initially feared far more severe shortages and price spikes, growing oil production across North and South America has helped stabilize global markets and highlighted a broader shift taking place within the energy industry.
According to analysis published by The Conversation, countries including the United States, Brazil, Canada, Guyana and Argentina are rapidly increasing production and exports, helping offset supply disruptions from the Middle East. [Read more…] about Americas oil boom challenges Middle East dominance as global energy markets shift