Oil Supply Crunch Could Trigger A String Of Energy Crises

While oil markets are concerned about the immediate hit to demand from the Omicron COVID surge and a looming oversupply, officials at oil-producing countries and industry executives have been warning for months of a supply shortage in coming years unless investment in new projects rises materially.  Last year and this year, investment in new oil and gas supply has been lingering at the lowest level in a decade and a half, setting the stage for a supply shortage around the middle of this decade when fewer new projects would have seen the light…