The effects of a possible oil shock, however, ‘should not be underestimated,’ the Commerzbank economists warned. Many economies have taken strides away from heavy oil consumption, thanks to transport and energy-efficient industries, and alternative sources such as natural gas or renewable energy. (Photo: video screengrab) New York: The past week’s sudden surge in oil prices brought to mind the nightmare of shortages, but it’s not too likely motorists will be queuing to fill up around the world, analysts say. All it took was a September 14 strike on key oil infrastructure in Saudi Arabia to abruptly leave the world’s main supplier producing just half its normal amount. That sent the price of Brent crude flying 15 per cent higher in a single day. The price on a barrel of crude has come back down since then and by Friday was trading around USD 65. Given the slowdown in the […]