Concerted production cuts by OPEC+ and IOCs have largely been canceled out by a sharp fall in global oil demand from a record peak of >100 mbd to a recent low of 70 mbd, while WTI prices appear stuck in the mid-$30/barrel range. Given this backdrop, the last thing on the minds of investors probably is the prospect of the oil markets doing a 180 by going from a supply glut to a supply crunch. Still, it’s worth taking a look at this through a contrarian lens that reveals the unexpected: An oil supply shock is not as far removed from the realm of possibility as we might imagine. Here are some scenarios that would take us from a world awash with black gold to one where pumps start running dry. Falling Oil and Gas Capex Source: NS Energy The epic oil price collapse has triggered a wave of […]