The oil market’s biggest nightmare briefly came true in 2019 — an attack that knocked out more than half of all production in Saudi Arabia, the world’s biggest crude exporter.
But in little more than a week, oil prices were back to where they started. That was partly because of a quicker than expected recovery of the kingdom’s facilities, but also because traders said that fears of oil shortages were hard to sustain in the era of US shale.
They might have a point. Crude prices started 2019 near $60 a barrel and look set to finish the year at roughly that level. The market has taken almost everything thrown at it in its stride.
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